Well…we have been saying that it’s true, but now we have the stats to back it up. Median home prices in Orlando are up 22% over March 2012…that is an absolutely insane year over year increase, and it hasn’t showed any signs of slowing down. As noted in the graph below, these drastic price increases can, in part, be attributed to the current historically low inventory. Additionally, we have seen a nearly 50 percent increase in the number of non-distressed “normal” home sales, which has greatly assisted in boosting sale prices.
A few notes to consider…
- Orlando home sales (all home types combined) in March 2013 were up 6.98 percent when compared to March of 2012 and up 12.43 percent when compared to February 2013.
- Of the 2,605 sales in March, 1,483 normal sales accounted for 56.93 percent of all sales, while 556 bank-owned and 566 short sales respectively made up 21.34 percent and 21.73 percent.
- The number of normal sales in March increased by 49.20 percent compared to March 2012, while short-sales decreased 29.86 percent and foreclosures decreased by 12.30 percent.
- The median price of all existing homes combined sold in March 2013 — $140,000 — is a 21.74 percent increase from the $115,000 median price recorded in March 2012.
- There are currently 6,937 homes available for purchase through the MLS. The March 2013 overall inventory level is 19.95 percent lower than it was in March 2012.
I had some “criticism” about my blog post which noted NOW as a great time to buy. “How could you possibly say this is a BUYER’S MARKET?!” Here’s why…if you don’t do it now, and you are ready and able to buy, when will you do it? When prices increase another 22% for the same home in the same neighborhood? When interest rates rise? When sellers get smart and don’t offer incentives like closing costs and warranties? Yes, I do agree that the conditions of this market do lend more towards a seller…however the points I make about buying a home now are also true. For Orlando’s Premier Bail bondsman Contact GetOutaJail Bail Bonds
If you are considering jumping into the housing market as a SELLER, please do…our market is starving for more inventory! Also, it probably wouldn’t hurt to get more money in your pocket as a result of these increasing prices! Please call or email me if you have any questions…I’m always here and happy to help!