As you may see from the graph provided by zillow.com (the real estate web site), the real estate market in Orlando, Florida has been steadily declining for the last four year now. Unlike Broward, Palm Beach, Tampa the Orlando market might not have turned the corner on prices at this point. It is hard to say because the sales figures seem to be clouded by the high number of short sales and foreclosures in the area. Around the end of 2010 it appeared that real estate prices were on the upswing but in recent months , prices have taken a dip.
But if you read on below the graph the president of the Orlando realtor association provides reasons why.
The increase in overall median price is attributable in the latter part of last year and in March of this year was attributed in part to an increase in the number of “normal” home sales being sold, which have higher selling prices than foreclosures or short sales. The number of "normal sales" in March (733) is 28.15 % higher than in February (572).
“Short sales and foreclosures continue to dominate and account for 70.50 % of sales in March,” says Mike McGraw, McGraw Real Estate Services and chairman of the Orlando Regional Association. “A consistently high percentage of these sales types is something that we want to see; the sooner they flush through the system the sooner we can get back to a market based on normal sales with normal sellers.”
The lower median price of foreclosures and short sales drags down the overall median price.The median price for bank-owned sales in March is $80,000 and the median price for short sales is $102,500. The median price for “normal” existing homes sold in March is $152,500.
The number (9,510) of homes under contract for purchase in March is a decrease of 6.57 percent compared to those awaiting closing in March 2010. However, there are 3.11 percent more homes currently under contract than were last month (9,223), most likely the first sign of the market’s typical spring/summer swell.
Sounds like the market is repairing itself and there are some deals out there for buyers!
Things to Do in Orlando: Doesn't this go without saying!
Walt Disney World Orlando - World Famous Disney World in Orlando, Florida. I have the various theme parks listed below. Enjoy
Magic Kingdom - Enchanting entertainment, classic attractions, beloved Disney Characters and spectacular parades and fireworks in a place where fairytale dreams can come true.
Epcot Center Orlando - Attractions and entertainment dedicated to technological innovation and the culture and cuisine of 11 nations.
Disneys Typhoon Lagoon - Attractions for the whole family—from fast waterslides to a children's area with pint-sized raft rides. Catch 6-foot waves in the Surf Pool and snorkel Shark Reef—with real sharks!
Disney Orlando Animal Kingdom Park - The world's largest animal-themed park full of attractions, adventure and fantastic animals. This is my personal favorite because you have the animals and also a bunch of great rides. The ride inside this giant tree is fantastic
Disney's Universal Studios - Shows, attractions and tours offering behind-the-scenes glimpses of Hollywood-style action. This theme park is geared more towards adults and teenagers.
Disney Orlando Blizzards Beach - Featuring one of the world's tallest and fastest waterslides, as well as slides and rides for the whole family.
Demographic Information for Orlando - Here is a helpful page provided by http://www.city-datea.com This page supports the graph like the one from zillow up above that Orlando has not had the upward turn in prices like other parts of the states such as Fort Lauderdale or West Palm Beach. Perhaps like Tampa there is still a lot of foreclosures and short sales being flushed through the system that are keeping home prices level.
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