A sharp decline in the sales of foreclosure homes contributed to a drop of 17.83 percent in Orlando's overall sales for January, despite increases in the number of both short sales and normal sales. Foreclosure sales in January decreased by 57.61 percent when compared to January of 2011, while short sales increased 23.69 percent and normal sales increased 19.92 percent.
The increase in short sales and normal sales — with the higher prices these sales types typically command — plus a nice increase in the median price of foreclosure sales, lifted Orlando’s overall median price 13.80 percent over that in January 2011 ($108,000 in January 2012 and $94,900 in January 2011).
However, the January 2012 overall median price is 9.24 percent lower than it was in December 2011. That decline is somewhat expected, says Baker. "There has been a five-year trend of median price decreases from December to January, starting back in December of 2007.”
The January 2012 median prices of both normal sales and short sales dropped in comparison to January 2011: normal sales by 2.10 percent (from $143,000 to $140,000) and short sales by 5.26 percent (from $95,000 to $90,000). The median price of foreclosure sales, however, increased by 13.33 percent in January 2012 (from $75,000 to $85,000).
opyright © 2011 Orlando Regional REALTOR® Association. All rights reserved.