Orlando home prices at three-year high

Orlando home prices at three-year high

The median price for existing home sales in the core Orlando market

during November was $129,000 – a 5 percent increase from the month before and 12 percent increase from a year earlier.The midpoint price was at its highest level in three years.

Members of the Orlando Regional Realtor Association sold 2,430 houses during November, which was down 6 percent from a month earlier and up about 20 percent from November 2011.

Homes of all types spent an average of 83 days on the market before coming under contract in November 2012, and the average home sold for 96.27 percent of its listing price. In November 2011 those numbers were 99 days and 95.19 percent, respectively.

The average interest rate paid by Orlando homebuyers in November, 3.47 percent, set yet another record as lowest average interest rate since ORRA began tracking the statistic in 1989. A year ago, homebuyers paid an average interest rate of 4.10 percent.

Short sales, which take much longer to process from contract to close, made up 67.37 percent of pending sales in November 2012. Normal properties accounted for 21.04 percent of pendings, while bank-owned properties accounted for 11.60 percent.

The number of existing homes available for purchase in Orlando was 7,847, down from a peak of 26,330 in October 2007. The inventory of single-family homes is down by 26 percent from November 2011; condo inventory has decreased by 3.71 percent during that time.

The month-of-supply increased a bit in November when compared to last month. The market had enough home listed for sale to last 3.2 months, up from 3.1 in October but down from 5 months a year earlier.

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