Tuesday, November 25, 2008

Orlando Real Estate Sales Increasing

Metro Orlando's rebound was even stronger, up 18 percent to 1,445, based on the statewide Realtors' numbers, second only to Tampa in total volume. The statewide median sales price for single-family homes was $169,700, down 24 percent from a year ago. Metro Orlando's median, according to the Florida group, was down about the same amount, 25 percent, to $177,900.

Condominium sales statewide were up 5 percent to 2,956, while the median sales price was off 23 percent to $147,600. Orlando's condo sales were up 11 percent to 145 for the month, and the median was $102,000, down 36 percent.Analysts say that foreclosed properties and other stress sales are accounting for a growing share of sales in Florida, powering growth in areas such as Orlando and Tampa, though homes and condos not in stress-sale situations are fetching considerably more than the foreclosure or bank-owned properties.

Nationwide, the Realtors group estimates that sales of distressed properties made up 45 percent of all property sales in October.