Real Estate Market Update Sept 2014

Inventory of Bank Owned Properties continues to shrink very fast in Orlando.  As of this morning, there are only  370 Bank Owned Homes available for Sale in Orlando.  293 Properties under contract for Sale.  800 Bank owned homes have sold so far this year in 2014.  (Data for single family home, 3/2 and built after 1980)

The  number of foreclosures used to be much higher in previous years.    I have also checked this morning in my Bank of America System and they have discontinued the updates.  Most of the properties are assigned to third party vendors and the assisgnements of Bank owned homes are very few.  Properties are also donated to neighbord stabilization programs or sold directly through auction companies to investors.

In regards to Sales Data, The median price of all existing homes combined sold in July 2014 — $171,000 — is an 8.92 percent increase from the $157,000 median price recorded in July 2013.   The year-over-year median price for single-family homes increased by 11.47 percent.    Homes of all types spent an average of 73 days on the market (down from 71 days the month prior) before coming under contract in July 2014, and the average home sold for 96.61 percent of its listing price.

Thanks again everyone and have a great week..:)