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?
