Orlando Florida Lowest House Prices in Years

  • 15 years ago
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12/12/2009– Property prices in Orlando are at their lowest levels since 2001 with the average house price at $123000 (approx £75,650) according to reports from Florida based Orlando Sentinel. The news comes as the Orlando Regional Realtor Association report that  home sales have doubled from a year ago

International investors and those seeking to buy a second home in the sunshine state seem set to get more for their money compared to the boom days when Orlando average house prices were at $264,436 in July 2007.

The pace of sales last month actually fell slightly from October, to 2,238 from 2,319, but the November total was up more than 100 percent from the same month a year ago, an indication of how much sales activity has been improving for more than a year now. So far this year, Orlando Realtors have reported selling 21,420 homes, compared with 13,435 homes through the first 11 months of 2008.

Closer examination of the median house sale prices reveal that different types of sale produce different median house prices. The Orlando Realtors group broke down the prices paid for single-family homes and condo units in November by the level of financial distress involved: The median price for “normal” sales was $173,960, a 3 percent decrease from October to November; the median price for “short sales” was $122,000, down 2 percent from October; and the median for bank-owned properties was $84,000, up 5 percent from October.

Florida bumped California in November to earn the No. 2 rank nationally for the rate of foreclosures, with one in every 165 homes in danger of becoming bank-owned, according to a report to be released today by Irvine, Calif.-based RealtyTrac.
It bucked the national trend, which has seen four months of foreclosure decreases, including an 8 percent drop in November compared with October.
Statewide, Florida foreclosures increased 2 percent in November over October, and about 8 percent compared 

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