Orlando area home sales soared 19.88 percent in November, led by a thunderous 50 percent increase in the number of traditional sales, reports the Orlando Regional REALTOR® Association.
The jump in traditional sales, which typically have steeper price tags than foreclosures and short sales, drove Orlando’s median price to its highest in three years. The November median of $129,000 is 12.17 percent above that of November 2011 ($115,000) and 5.31 percent above that of October 2012 ($122,500).
Orlando’s overall median price has now posted positive year-to-year gains for 17 consecutive months. In addition, the median price has climbed 19 percent since January 2012 and 36 percent since January 2011.
“All of our indicators point to a clearly improving housing market in Orlando,” says ORRA Chairman Stephen Baker, RE/MAX Central Realty. “I’m particularly heartened by the jump in traditional sales, which illustrates a pent-up demand from buyers. This is what owners who want to sell — but have been reluctant to put their homes on the market — have been waiting for.”
All sales types experienced year-to-year increases in median price in November. The median price of normal sales increased 4.76 percent, while the median price of foreclosures increased 12.43 percent and short sales increased 4.76 percent.