(December 13, 2010 – Orlando, FL) Members of the Orlando Regional REALTOR Association reported an increase in the number of home-sale contracts they filed in November, with 3,243 newly filed contracts topping last November’s tally of 3,023 by 7.28 percent.
The area’s pending sales statistic — like new contracts — is also an indicator of future sales activity. A total of 8,998 homes are currently under contract and awaiting closing. This number is also an increase (of 4.23 percent) over the 8,633 homes that were under contract in November 2009.
Members of ORRA recorded completed sales on 1,848 homes in November, which is a 20.65 percent decrease over the November 2009 tally of 2,329 sales. To date, Orlando area home sales are up 21.55 percent over this time in 2009.
“Uneven sales patterns are to be expected over the next months,” explains ORRA Chairman of the Board Mike McGraw, McGraw Real Estate Services. “We are experiencing aftershocks from slowdowns caused by the homebuyer tax credit ending and the temporary foreclosure stoppage. But at the same time, buyers who are responding to record-low interest rates and enticingly low home prices are contributing to a push-pull effect on Orlando’s housing market.”
The median sales price of all homes sold in the Orlando area held steady at $105,000 during November, the third month in a row. According to ORRA the current median price remains 5.11 percent higher than the $99,900 median price recorded in August 2010 and is 14.63 percent below the median price of $123,000 recorded in November 2009.
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