Home sales in Orlando jumped 19.88% in November, while traditional sales leaped 50% the same month, reports the Orlando Regional Realtor Association.
This boost in traditional sales, which typically include high price tags than distressed sales, is a driving force behind Orlando seeing its highest median price in three years. The November median rose 12.17% year-over-year to $129,000.
November marks the 17th consecutive month for positive year-over-year gains for Orlando’s overall median price.
“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.”
All categories of sales experienced year-to-year improvement in median price last month. The median price for normal sales rose 4.76% while the median price of foreclosures and short sales increased 12.43% and 4.76%, respectively.
“This is what owners who want to sell — but have been reluctant to put their homes on the market — have been waiting for,” Baker noted.