Orlando
The numbers tell the story in this Florida city that has been plagued with foreclosures. Increases in both pending sales and sold transactions paint a picture of a market coming back to life.
August saw 109 pending sales in the $500,000-to-$1 million price bracket in Orlando’s Orange County — an impressive number considering that from January to July there were only 233 sales. In the $1 million-to-$3 million bracket, 47 sales are pending, compared to only 78 transactions for the first seven months of the year. The one price bracket where buyers and sellers still haven’t come back onto the playing field is the $5 million-and-up range.
First-time buyers and the number of short sales and foreclosures are fueling strong activity in the lower end of the market. “In the $300,000-and-under price range there have almost been bidding wars,” says Reeta Casey, a broker with Stockworth Realty Group in Orlando.
In the upper end, price reductions translate into growing demand for lakefront and golf communities, while overseas buyers continue to be a market force. Inquiries are traditionally a good predictor of future activity. Orlando ranked ninth among 145 metros for increases in searches on Realtor.org in July with a 110-percent increase.
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