About 30% of local homes sell in a week

The Metro Orlando housing market heated enough during May that about 30 percent of home sales landed a contract within about a week of being listed, according to the Orlando Regional Realtor Association.

Central Florida’s dynamic job growth, combined with relatively few listings, drove a fast-paced sales arena that was reminiscent of peakmarket conditions from more than a decade ago, said Bruce Elliott, president of the real estate group.

“Orlando homes are selling at the quickest clip since the red-hot market of 2005,” said Elliott, an agent with Regal R.E. Professionals LLC.

Orlando-area residential real estate prices, including houses, townhomes and condos, reached a midpoint of $218,000 in May, up 7 percent from a year earlier and up about 1 percent from a month earlier. Prices for single-family homes in that area were $235,000.

The association reported 3,817 sales of all home types by its members in May, which was up 14 percent from a year earlier and up 24 percent from a month earlier. Sales rose as interest rates edged down. The average rate slipped to 4.09 percent in May from 4.11 in April.

Prospective buyers had 8,781 properties from which to chose during May, which is down 17 percent from May 2016 and up 1.2 percent from April. The condo market became more strained with 22 percent fewer listings compared to 16.2 percent fewer single-family homes from a year earlier.

The market had enough supply to meet current demand for 2.3 months. Supply was 3.15 months a year ago and 2.81 months in April.

Orlando real estate broker Frederik Eriksson suggested buyers consider new construction or fixer uppers to avoid competing in multipleoffer situations. “Homes that are move-in ready in the $100,000 to $300,000 range will have multiple offers within days,” said Eriksson, of Owners.com.

Baldwin Park’s ZIP code was the highest ranking within Central Florida for median prices during the first quarter of this year, according to a new report by PropertyShark.com. The midpoint price in that area east of downtown Orlando was $410,000 for the quarter, which ranked 46th for ZIP codes within the state. Florida’s most expensive ZIP was Miami Beach, which was $3.4 million, the property research group reported. It cited low inventory and job growth for pushing home prices higher across the state.

Carmendy Square Acquisition LLC of Kansas City, Mo., purchased Carmendy Square Townhomes, with 152 units at 367 Sunny Oaks Way in Lady Lake for $16.45 million. Berkadia’s Orlando Senior Managing Director Cole Whitaker and Director Mary Beale. Berkadia represented the seller, Chicagobased Carmendy Square Properties LLC. Built in 1999 and 2002, the townhomes were 94 percent occupied at the time of sale.

Holliday Fenoglio Fowler represented TriGate Capital in its $4 million sale of Celebration Village, a retail center with 20,750 square feet in Kissimmee. Tenants of the 2.35-acre property include Sherwin-Williams and Domino’s Pizza. A private investor purchased the asset free and clear of existing debt.