Foreclosures down, traditional sales up

The residential real estate market in Orange and Seminole Counties continued to get healthier over the first six months this year as existing home sales and prices showed marked improvement over a comparable period last year, according to the 2013 Mid-Year Hillman Report published by Fannie Hillman + Associates.

Overall transactions for single-family homes (9140) were up 10.6 percent with sales of homes priced from $300,001 to in excess of $1 million up and average of 48.1 percent. Higher priced condos also did well with sales of those priced from $200,000 to in excess of $500,000 up an average of 53.4 percent.

“On the surface everything in the local real estate market is going well. Although overall sales and prices have shown marked improvement in almost every category, my concern continues to be one of available affordable product which, when combined with rising mortgage interest rates, is a dilemma for most first-time buyers trying to find a home at an affordable price point,” said Scott Hillman, president of the 32-year-old Winter Park firm that twice a year takes a comprehensive look at existing home and condo trends in Orange and Seminole counties by employing information based on My Florida Regional MLS Database.

“There continues to be a very limited supply of affordable homes priced under $300,000 and few available condos under $200,000, said Hillman said, noting sales of homes under $300,000 showed only a four percent hike year-to-year, while sales of condos under 200,000 were down five percent.

One the other hand, lakefront properties in the area continued to perform extremely well over the first six months, especially in Winter Park (zip 32789) where sales of 11 homes on the Chain of Lakes were up 267 percent and sales of 12 homes on other lakes were up 140 percent. Sales of seven lakefront homes in Colonialtown and Orlando (zip 32803) were up 40 percent, despite a 177 percent increase in median price, while sales of 18 lakefront homes in downtown Orlando (zips 32801 and 32806) were up 80 percent, despite a five percent increase in median price.

Topping the list of best selling condo areas was College Park and Orlando (zip 32804) were sales of 33 condos was up 50 percent, despite a 46 percent increase in median price.

A member of the Orlando Regional Realtor Association, Fannie Hillman + Associates is listed in Who’s Who in Luxury Real Estate. The company maintains a global presence through affiliations with Luxury Portfolio, and Chicago-based RELOHomeSearch, a website run by Leading Real Estate Companies of the World®, the world’s largest network of premier independent residential real estate firms representing 600 companies with 5,000 offices and 150,000 sales associates in more than 30 countries. Fannie Hillman+ Associates is located at 205 W. Fairbanks Avenue. For more information call (407) 644-1234 or visit the company’s web site at fanniehillman.com.