January 2012 Ocoee Real Estate Market Conditions

January 25, 2012

Current Single Family Housing Stats for Ocoee, FL:

Number of homes for sale December 2011: 130

Number of homes sold for December 2011: 56

Number of homes sold in 2011: 567

Average days on the market for homes sold in Dec. 2011: 92 days

Average days on the market for homes sold in 2011: 93 days

Median price of homes currently for sale $183,780

Median price of homes sold in 2011: $148,000

In 2011Orlando's housing market continued to show signs of a long awaited recovery. Home prices climbed again in December. The median sales price increased 24% in 2011from $94,900 in January to $118,000 in December. Not since 2005 have priced increased so greatly within a year's time. This signifies a true recovery here and also let's would be buyers know that this is the best time to buy. Some buyers who are trying to save more money for their down payment, will quickly see that with price increases projected to continue to climb here in the next 12 months, that waiting to save the extra money to save on their payments with the price increases over that same time may well make it better to purchase now with a lower down payment if possible. With news of Central Florida's housing market bubble topping out and falling so low, many investors are gobbling all the deals which is also contributing to a lower inventory of homes. According to our local Board of Realtors here, the inventory we currently have shows favor to sellers. They say a balanced market is about a 6 month supply of homes and we are well under that in market absorption. Orlando home buyers today don't have as many choices that they once did. Just 4 years ago there were over 24,000 listings in the MLS. Today we have less than 10,000 homes available. Compared to last year, available MLS inventory here has dropped by 35%.

In 2011 the percent of sales that were bank foreclosures dropped by more than 27% compared to 2010. In 2011 one in 3 sales were foreclosures. In 2010 one in every two homes sales where foreclosures.

Almost 1 out of every 2 homes purchased in 2011was a cash purchase transaction. By comparison, in 2007 that number was 1 in 10. This shows us that the amount of buyers are cash investors now who know the time to buy is now. Investors are snapping up homes to fix up and flip and also to hold long term as rentals as many formerly distressed homeowners, who are now without a house, need places to rent here.The rich will certainly get richer. Orlando is predicted to lead the nation in 2012 in house price gains.

Clear Capital, a California real estate research firm, has forecast that Orlando will lead the nation in 2012 for home-price gains, according to a report released this month. The analytics firm projected home prices in greater Orlando area will increase 11.7 percent during the year. That in comparison to the 2.1 percent increase projected for the nation overall.

Ocoee is a suburb of Orlando, located just NW of Orlando and is approximately a 15 minute drive from downtown Orlando and 20 minutes to Disney Theme Parks. Without having to spend a great deal of time commuting, buyers can find many options here at much more affordable prices that other parts of Orlando and neighboring communities. I recently listed a bank foreclosure which was 3,825 sq. ft. of heated/air conditioned living area for only $209,900. Imagine those lucky buyers who snatched this deal up?

September 2011 Ocoee Real Estate Market Conditions

October 13, 2011

West Orange Bike Trail

Current housing stats for Ocoee, Florida:

Number of homes for sale September 2011: 151

Number of homes sold for September 2011: 54

Number of homes sold in 2011: 500

Average days on the market for homes sold in Sept. 2011: 83 days

Average days on the market for homes sold in 2011: 93 days

Median price of homes currently for sale $168,500

Median price of homes sold in 2011: $154,000

West Orange Bike Trail

Known to many local residents but unknown to most others, The West Orange Bike trail meanders through Ocoee's neighborhoods and surrounding communities. Unused railroad tracks were converted into useful trails for cyclists, joggers and nature lovers. Among other awards, it was named 1 of 25 of America's Best Enhancement Projects by the National Department of Transportation. One ride along this 22 mile stretch of paved trail which offers diverse urban and rural scenery and you'll see why. Stop at Oakland Nature Preserve to witness some of Florida's pristine floral and fauna and wildlife on the shores of one of Florida's largest lakes, Lake Apopka. There are 4 rest spots along the stretch of trails that offer water fountains, rest room facilities and shady resting spots with benches. If you don't have a bicycle, don't worry. The Kilarney Station offers reasonably priced bike rentals for you to use. They can be reached at (407) 877-0600.

Eventually the current 22 miles of trails will connect to a planned 200 mile trail which eventually will connect the Lake Minneola Scenic Trail to the West and Rock Springs, Kelly Park to the North.