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The median price of all homes sold during the month of August dropped to $128,000, a trend that Les Simmonds, L.G. Simmonds Real Estate Corp., president of the Orlando Regional REALTOR® Association, expects to continue as the tremendous backlog of bank-owned and distressed home sales work their way though the transaction process.

“Research by the National Association of REALTORS® shows bank-owned and distressed homes typically sell for 20 percent less than normal homes,” explains Simmonds, “and with these types of homes accounting for nearly 50 percent of sales in Orlando, they are naturally creating a downward distortion in median price. It’s important for owners to keep in mind that the distorted median price doesn’t equate to a similar loss of values for traditional homes in good condition.”

The reported $128,000 median price encompasses all types of sales situations. The median price for “normal” sales is $165,000 (holding steady from last month). The median price for bank-owned sales is $84,050 (down a fraction from last month’s 84,500), and the median price for distressed sales is $125,800 (down 9.82 percent from last month’s $139,500).

The $128,000 median sales price of all existing homes sold in August declined 3.76 percent from the $133,000 recorded in July. That same median price is a decrease of 36.00 percent compared to August 2008’s median of $200,000.

Members of the Orlando Regional REALTOR® Association in July sold 65.23 percent more homes than in August of last year, contributing to the area’s year-to-date sales increase of 49.40 percent. There were 2,115 closings in August, which brings the year’s total to 14,496, while a total of 9,703 homes had changed by this time last year. Of those August sales, 49.08 percent of the homes were either bank-owned (850) or distressed (188). The remaining (1,077) “normal” sales made up 50.92 percent. complete story

Source: Orlando Realtor Association 

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Posted by Orlando Realty Experts on September 27th, 2009 10:33 PMPost a Comment (0)
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