Thursday, January 11, 2007

Orlando Real Estate - 2nd Best Year Ever

As widely predicted, existing-home sales in the core Orlando market last year were the second-best in history, topped only by 2005's frenzied market, the Orlando Regional Realtor Association reported.The 27,378 homes sold through members of the association in 2006 were down from the record of 31,230 in 2005 but ahead of the 26,088 transactions recorded in 2004.And despite the drop in sales from 2005 to 2006, the median sales price in the core market – mainly Orange and Seminole counties – continued to rise. The December median – half sold for less and half for more – rose to $250,00, up 4.21 percent from December a year ago.Local Realtor President Randy Martin said home sales are now being driven by economic fundamentals, rather than speculative buying, so the slower pace of home price appreciation is a "sustainable price growth trend, good for the long term." Courtesy Orlando Sentinel 1/10/07.