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Orlando Real Estate Distressed Sales Dominate January 2011 Sales

By Gitta Urbainczyk

Republish: EasyPublish™ Published: 20Mar2011 Word count: 1339 Viewed: 456 time(s) Get Free Content For Your Site

Orlando real estate sales continue to be saturated with bank owned homes and short sales despite a hold on foreclosures due to the robo signing issues. Orlando is ranking at the top in distressed property inventory in the greater Orlando area, comprising of 5 counties, where 71% of the housing inventory is either owned by a bank or in short sale position. This is still a conservative number as some real estate agents may not report the bank owned properties in the MLS. There are a total of 10,057 homes, condos and townhomes for sale in Orlando and based on last month sales pace there is about 10 month unsold housing inventory available.

The median home price was $81,950 a 4% decline over the prior year same period and the per sq. ft. price also declined by 8% from $61.13 to $56.36. Days on the market also increased from 79 days in 2010 to 92 days. Unemployment is one of the root causes of the ongoing ailing Orlando housing market and until this is fixed we will see continued stress and pain in the already aching Orlando real estate market. Here are some of the other areas of Orlando real estate market:

Osceola County Statistics:

Osceola County real estate has 5,144 active homes and condos for sale, 69% of the inventory is either short sales or bank owned. 396 distressed homes sold in January. Osceola County is Disney Country and international vacation home buyers are buying up the inventory which is at bargain prices.

Sales increased from January 2010 by 24%

• Median price decreased from $ 94,250 in 2010 to $89,250 in 2011
• Per sq. ft. price increased by 10%
• Days on market decreased by 8%

Lake County Statistics:

Lake County real estate, home of some of the most magnificent lakes and such towns like Clermont, Montverde, Leesburg and retirement heavens like The Villages has taken a strong hit in sales and prices declined in January over the same period of 2010. Home sales declined by 4% and the median price declined by 15% to $113,500. Only 40% of the housing inventory is in financial distress, which is low in comparison to other areas.

• Sales decreased over 2010 by 5%
• Median price deceased by 15% from $130,586 to $113,500
• Per sq. ft. price decreased by 12% from $68.77 to $61.32
• Days on Market decreased by 3%

Seminole County Statistics:

Seminole county real estate has actually seen a remarkable increase in sales over January 2010, home sales increased by 14% over the same time last year. Seminole county has such cities as Lake Mary, Longwood, Oviedo, Altamonte Springs and Sanford. It offers great job opportunities because of some great office parks and has a great school district. It has seen some growth in the commercial business. 61% of the Seminole County residential real estate is in financial distress.

• Sales increased over 2010 by 14%
• Median price decreased by 30% from $119,250 to $99,000
• Per sq.ft. price decreased 21% from $78.54 to $64.80
• Days on the market decreased by 1%

Orange County Statistics:

Orange County real estate, the job engine for the greater Orlando area has seen a strong 12% increase in real estate sales in January of 2011, home of such cities like Orlando, Apopka, Windermere, Winter Garden and Gotha has an overall 67% distressed housing inventory. The median home price declined from $95,000 in 2010 to $94,000 in 2011 which is insignificant, but still a decrease. The per sq. ft. price however increased by 2% from $60.00 to $62.19. 1,386 homes changed hands in January, 694 were bank owned and 344 were short sales.

• Sales increased over 2010 by 12%
• Average price decreased by 1% from $95,000 to $94,000
• Per sq.ft. price increased by 2% from $60.99 to $62.19
• Days on the market increased by 14%

Orlando Real Estate:

Orlando real estate has shown a sizable increase in sales in January by 6%. Home prices have taken another turn for the worst, down by 4% and the average sq. ft. price also declined by 8%. Days on the market increased by 14%. Overall the Orlando real estate market is challenged by a 71% finically distressed housing inventory and high unemployment which is not going to go away any time soon. The long awaited Lake Nona real estate development and medical city is coming along, however the real impact will not be felt for at least another year. The amount of Orlando Short Sales which closed were 261 properties in comparison to last year were 230 short sales closed in the Orlando MLS. Bank owned properties sold, 552 units in 2010 and 540 units in 2011, a slight decline. How much lower can prices go, well until the Orlando real estate market has absorbed more of the oversupply of inventory, this will continue to be a challenge and prices will decline further.

• Sales increased over 2010 by 6%
• Average price decreased by 4% from $84,950 to $81,950
• Per sq.ft. price decreased by 8% from $61.13 to $56.36
• Days on the market increased by 14%

Oviedo Statistics:

Oviedo real estate, the home town of the University of Central Florida had a significant increase in real estate sales in January of 2011. Sales increased by 37% from 32 sales in 2010 to 51 home sales in 2011. Oviedo's housing inventory has 640 properties and 58% are in financial distress. Despite the strong increase in sales the median home price declined by 8% and the average price per sq. ft. declined by 20%. Much of the sale increases were caused by strong REO sales and short sales in the condo area.

• Sales increased over 2010 by 37%
• Average price decreased by 17% from $74,429 to $70,000
• Per sq.ft. price decreased by 17% from $50.84 to $43.61
• Days on the market increased by 20%

Deltona Statistics:

Deltona real estate has been hit hard and there is no end in sight as supply outstrips demand and home prices are continuing to decrease in this rural town area. 70% of the housing inventory is in financial distress and unemployment is very high. Sales in 2011 decreased by 37% over the same time last year and the median price per home decreased by 6% and the average per sq. ft. price decreased by 17%.

• Sales decreased over 2010 by 16%
• Median price decreased by 6% from $74,429 to $70,000
• Per sq.ft. price decreased by 17% from $50.84 to $46.31
• Days on the market increased by 20%

Lake Mary Real Estate Statistics:

Lake Mary real estate also experienced a decline in sales over January 2010 by 7%, however the median home price showed a slight increase of 1% from $180,289 to $182,371 while the per sq. ft. price declined from $87.25 to $83.74 or 4%. Lake Mary is home of such companies as Paycheck, Convergys, Hyatt, Westin, Integrated Solutions at AT&T, Advanced Auto Parts, Merrill Lynch Wealth Management, Dixon Ticoderoga, New Port Group , Computer Sciences corporation and the future looks bright.

• Sales decreased over 2010 by 10%
• Average price increase by 1% from $180,289 to $182,371
• Per sq. price decreased by 4% from $87.25 to $83.74
• Days on the market decreased by 20%

Winter Park Statistics:

Winter Park real estate, the crown jewel of the Orlando real estate market and the home of such exclusive development like Windsong had a huge increase in sales of 60% and also an increase in the median home price of 4% from $118,600 in 2010 to $124,000 in 2011. However, the average price per sq. ft. decreased by 8% while the days on the market increased by 52%. 42% of the housing inventory in Winter Park is in distress and there are 895 homes, condos or townhomes for sale. One good thing to note, most of the home sales in Winter Park in January were none distressed home sales.

• Sales increased over 2010 by 60%
• Median price increased by 4% from $118,600 to $124,000
• Per sq.ft. price decreased by 8% from $70.00 to $64.78
• Days on the market increased by 52%

Dates collected and provided by the author. Sales statistics are derived from MLS sales only and do not represent all real estate sales in the greater Orlando area, the statistics and numbers deemed to be correct but are not guaranteed.

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