Orlando’s annual median home price ($149,625) finished out the year 23.66 percent higher than the 2012 annual median price ($121,000), thanks to significant median price improvements every single month in 2013. In fact, Orlando’s median price (all sales types combined) has now posted positive year-to-year gains for 29 consecutive months, and has risen 68.76 percent since January 2011.
In addition to median price gains, sales for 2013 finished 6.54 percent greater than in 2012. The closings of “normal” homes skyrocketed 41.90 percent in 2013, while short sales dropped 33 percent and foreclosures dropped 11.56 percent.
“Homeowners who were waiting for seller-favoring conditions to put their “normal” homes on the market found what they were looking for in 2013,” says Orlando Regional REALTOR® Association Chairman Zola Szerencses, RE/MAX 200 Realty. “Buyers spent the year competing fiercely for available properties, and the resulting bidding wars helped reverse underwater mortgage conditions for many owners.”
“Orlando REALTORS® anticipate the coming year to be less stressful for buyers as our painfully thin inventory continues to fill out and the market as a whole moves toward a healthy balance,” continues Szerencses. “We expect more traditional sales to continue contributing to inventory increases as sellers seek to capitalize on the still-strong buyer demand, and a fresh influx of foreclosures to provide additional opportunities for buyers in 2014.”