Hurricane Sandy’s immediate impact on real estate in the hardest hit Northeastern neighborhoods has become painfully evident, from New Jersey shore houses completely swept away by the sea to entire neighborhoods like Queens’ Breezy Point tragically leveled to the ground. But this latest natural disaster won’t just affect certain ZIP codes, it will weigh on America’s housing market as a whole, according to Forbes.com.
In many parts of the country a housing recover has begun. Nationally, home sales have been notably higher this year as compared to last. In September, existing home sales were up 11% year-over-year and pending sales up 14.5%, according to the National Association of Realtors. Prices have risen too, with the national median sales price $183,900, or about 11% higher than September of 2011. Inventory has fallen drastically in many parts of the country, fueling the uptick in prices. The rising numbers have helped housing become a bright spot in recent economic reports, with analysts projecting that residential investment will positively contribute to gross domestic product this year for the first time since 2005.
Now, that rosy recovery is sure to dampen. “This will certainly create a negative in the short term,” says Lawrence Yun, chief economist of the National Association of Realtors. “The bottom line is we clearly anticipate a slowdown, but it will be temporary.”
Take a look at sales figures in our local real estate market for October.
Orange County Real Estate Sales Statistics – October 2012
Orange County saw 191 more homes sold in October 2012 than 2011, a 12 percent increase. The average sales price increased by 6 percent and the median sales price increased by 2% from October 2011. Market times decreased by 25 days or 15 percent.
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Osceola County Real Estate Sales Statistics – October 2012
Osceola County homes saw home sales decreased by 1 homes, a 0.2 percent decrease. Prices increased with the average sales price up 0.5 percent and the median price increased by 7 percent. Market Times decreased by 31 days compared to October 2011.
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Seminole County Real Estate Sales Statistics – October 2012
Seminole County residential sales increased by 19 percent with 115 more homes sold in October 2012. The averages sales price increased by 6 percent, and the median sales price increased by 14 percent compared to October 2011 levels. Market times decreased by 30 days or 18 percent.
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Lake County Real Estate Sales Statistics – October 2012
Residential sales in Lake County increased with 89 more home sold a 21 percent increase. The average sales price increased by 7 percent, while the median sales price increased by 9 percent during the same time period. Market times decreased by 24 days.
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Polk County Real Estate Sales Statistics – October 2012
Polk County saw 186 more home sold in October 2012 compared to 2011. The average sales price increased by 0.3 percent, while the median sales price increased by 7 percent. Market times decreased by 3 day compared to October 2011.
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Now is the time to get your best price on an Orlando home, before the prices move upward.
Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 17 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.
You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently. You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.