The summer is always a great time for real estate sales in Orlando and across the country. Many home buyers make a move during a summer vacation while kids are out of school or they have free time to search and make the move. This summer was no different. The numbers for August have been published and we see increases in the number of sales and the median sales price from August 2011 to August 2012.
The number of home sales in Orlando was up over 5% in August from the year before. In even better news, the number of “normal” home sales was up by over 23% from last year! Normal sales are traditional sales made by sellers who usually have equity in their homes as opposed to distressed properties. Distressed properties can refer to pre-foreclosure sales, those homes in-foreclosure, or bank owned properties. Since regular sales usually sell for more than distressed properties, the median price in Orlando is also on the rise and causing the housing market in Orlando to feel much more stable and healthy.
The median home price last month was $120,550, up 5% since last year! The median “normal” sales price is up 2% since last year at just over $158,000. Steady increases make for a more stable market for home buyers and sellers and for overall.
However, if you are a home-buyer you will find heavy competition out there. The only thing that has been on the decline is the number of homes for sale. With fewer options to choose from you will see heavy competition for homes priced right and in good condition through the rest of the year as home buyers continue to take advantage of interest rates. The average interest rate in Orlando is down to only 3.78% last month!
There are opportunities for buyers and sellers as we head into fall. Are you thinking of buying or selling this Fall? Give us a call 1-800-859-5714 ext. 0 or email us at info@ThinkLiveBe.com to find out if now is the right time for you too!
Image Credit: Staring at the Sun via the Creative Commons License