Inventory of Bank owned single family homes continue to shrink. As of today, the number of Bank owned properties available has decreased to 107 Properties. The number of short sales is currently at 345 Properties currently available. 637 Regular Properties are currently available.
The total number of single family homes available for sale in Orlando is 1089.
The total number of single family homes sold during the month of Feb was 357 properties and 353 properties sold during the month of January. The number of single family homes currently under contract in Orlando is 1089 properties.
Builders have also experienced an increase in transactions. Move Up Buyers are back in the market seeking new and bigger homes.
The condo market is controlled largely by Cash investors seeking rental income. It is nearly impossible to obtain financing for condos so the sales are dominated by foreign Cash Buyers in regards to condos. Buyers are securing these units sight unseen are they are making decisions based on the returns generated. If the numbers make sense, they will make a move. The inventory of these units available also experienced a sharp decline resulting in aggressive offers among investors usually above asking price if the units are in good condition and good location (Bidding wars). Several areas experienced a price increase. The units that are not in good condition are picked up by local investors who seek to flip properties at a profit.
Interest rates for single family homes continue to be at very low rates and they are most likely to stay that way for a while.