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January Update From Short Term Rental Land…

The opening month of 2011 saw 194 homes sell across the short term rental communities tracked by myself. 896 homes remain under offer/contract and 189 homes withdrew from the market having failed to achieve a sale. The average days that a home now takes to sell records as 145 with the average price being achieved standing at 96.62% of the listed price. Total inventory levels fell slightly during the month to 1948 homes from the December figure of 2065. At the current sales pace January overall listed inventory totals would suggest a 10.04 month supply of available homes listed for sale.

Orlando…

The Orlando median price of an existing home finished last year up from $105,000 in November to $106,000 in December according to the monthly report collated by the Orlando Regional Realtor Association. In total, local Realtors sold 2,368 existing homes in December compared with 1,936 in November the report also stated. Overall  2010 home sales were assisted during the earlier spring months by the Federal Tax Credit which increased demand and helped lift the median price to a years high of $115,000 in April through to June. Orlando home prices reached a median low point of $99,900 in August but have edged up since then. December mirrored most of 2010 in that distress related sales continued to influence and define the overall Orlando market which has been one of the hardest hit in the country by foreclosures with more than 68% of all homes sold in the area last month being of a distressed nature. The median price achieved for a ‘normal’ existing home sale recorded as $160,000. For bank owned homes this was $75,000 and for short sales the figure recorded as $100,000.  The short sale process is used if the current owner and lender can reach agreement to sell the home for less than the current capital loan balance.  The average days on market that a home takes to sell increased in the latter stages of the year to 96 days which was a week longer than figures achieved earlier on in the year. The average price achieved of a sold home recorded as 94% of the listed price. The Orlando total inventory figure for December shows 14,993 homes as listed which was down 1.3% from November and 3.6% lower than the corresponding figure for December 2009.