Homes in Orlando are coming under contract an average of 25 percent faster than this time last year — and at a speed not seen since the tail end of the red-hot market in 2005-2006 — reports the Orlando Regional REALTOR® Association. Homes spent an average of 79 days on the market in October, which is a 25.47 percent drop from the 106 days homes spent on the market in October 2011.
In addition, buyers are purchasing more homes and paying more for them. Sales of homes in the Orlando area jumped 14 percent in October when compared to October of last year, boosted by a nearly 30 percent leap in the number of normal sales transactions. The median price increased 9.24 percent to $122,900, from October 2011’s median price of $112,500.