Heard about the resurgence in Orlando home sales? Well, the proof is in the pudding…check out these numbers! In the past 60 days alone, East Orlando has seen $71,000,000 worth of real estate sales. Since we essentially have two real estate markets running parallel of each other today (normal vs distressed), sales need to be reported as such.
Normal sales
- 152 single family homes sold for an average of $208,000 (115 days average to close)
- 13 townhomes sold for an average of $161,000 (123 days average to close)
- 5 condos sold for an average of $66,000 (163 days average to close)
Distressed sales (bank-owned or short sale)
- 202 single family homes sold for an average of $161,000 (149 days average to close)
- 23 townhomes sold for an average of $104,000 (170 days average to close)
- 42 condos sold for an average of $52,000 (82 days average to close)
Distressed homes came out an extreme discount for buyers – buyers of distressed homes bought at an average of 27% less than buyers of normal homes. However, these cost savings came at a price to homebuyers - additional time. Buyers of distressed single family homes took an additional 33 days to close and buyers of distressed townhomes took an additional 47 days to close on average.
An agent’s view on these trends: first and foremost, I am pleased to see inventory being cleared out, particularly distressed sales. These distressed sales that presently dominate our market depress everyone’s home value including mine. I want to see these distressed sales gone and closed, so we can get back on track to ‘normal’ home appreciation. This cannot happen until these stagnant, poor condition, low priced distressed sales are wiped out. Second, I would use this info to counsel buyers – do you want a cheap home, go for a distressed home. Do you want a quick home – go for a normal home. Cheap and quick don’t go hand in hand. If you want cheap, buyers will need to bide their time. If you want quick, buyers will need to pay a premium.
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