According to the Orlando Regional Realtors Association, the median price of a home in the Orlando metro area was $160,000 through March, 2014. Sales of homes are 14% lower than this time last year as some institutional groups slowed acquisition of homes. Short Sales in particular were down nearly 70% as exemptions from taxes on deficit balances expired. Normal sales were 4% higher than last year.
The real story is inventory. Inventory is nearly 50% higher than this time last year from a combination of increased foreclosures (a lot of older deals finally working through the pipeline, mostly), and increased normal listing (many homeowners are finally above water and are able to test the market). I wonder how big the impact will be from the normal listings though should those homeowners successfully exit their existing home and buy a new one.
Interesting to note. While foreclosure inventory is 125% higher than this time last year, prices are also higher. The listing prices by many banks are sky high compared to last year leaving fewer great deals for investors to take advantage of.
See below for the graphic (which is nicely done) by the Orlando Realtors Association.
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