Orlando FL Real Estate Market Trends for June 2014
July 25th, 2014 by tisnerIf you sold your primary residence and made a profit, you may be able to exclude that profit from your taxable income. Here’s how it works.
Individuals can exclude up to $250,000 in profit from the sale of a main home (or $500,000 for a married couple) as long as you have owned the home and lived in the home for a minimum of two years. Those two years do not need to be consecutive. In the 5 years prior to the sale of the house, you need to have lived in the house for at least 24 months in that 5-year period. In other words, the home must have been your principal residence.
Just like calculating capital gains, the formula for calculating the gain or loss involves subtracting your cost basis from your selling price.
The formula for calculating your cost basis on your main home is as follows:
Purchase price
+ Purchase costs (title & escrow fees, real estate agent commissions, etc.)
+ Improvements (replacing the roof, new furnace, etc.)
+ Selling costs (title & escrow fees, real estate agent commissions, etc.)
– Accumulated depreciation (for example, if you ever took the office in the home deduction)
= Cost Basis
And then calculating your profit or loss would be:
Selling price
– Cost Basis
= Gain or Loss
Take a look at how many homes sold in our local Orlando real estate market for June 2014.
Orange County Real Estate Sales Statistics – June 2014
Orange County saw 14 fewer homes sold in June 2014 than June 2013, less than a 1 percent decrease. The average sales price increased by 1.1 percent and the median sales price increased by 1.1 percent from June 2013. Market times decreased by 7 days or 1.3 percent.
| Orange County |
Homes Sold |
Average Sales Price |
Median Sales Price |
Average Market Times |
| June 2014 |
1,623 | $222,574 | $177,000 | 59 |
| June 2013 |
1,637 | $210,540 | $158,375 | 52 |
Osceola County Real Estate Sales Statistics – June 2014
Osceola County homes saw home sales increased by 86 homes, a 1.8 percent increase. Prices increased with the average sales price up 1 percent and the median price increased by 5 percent. Market Times decreased by 9 days compared to June 2013.
| Osceola County |
Homes Sold |
Average Sales Price |
Median Sales Price |
Average Market Times |
| June 2014 | 555 | $165,954 | $148,000 | 69 |
| June 2013 | 469 | $164,289 | $140,000 | 60 |
Seminole County Real Estate Sales Statistics – June 2014
Seminole County residential sales increased by 1 percent with 64 more homes sold in June 20June 2014 levels. Market times increased by 5 days or 8 percent.
| Seminole County |
Homes Sold |
Average Sales Price |
Median Sales Price |
Average Market Time |
| June 2014 | 673 | $221,624 | $182,000 | 62 |
| June 2014 | 609 | $202,434 | $157,470 | 57 |
Lake County Real Estate Sales Statistics – June 2014
Residential sales in Lake County increased with 34 more homes sold, a 6 percent increase. The average sales price increased by 4 percent, and the median sales price increased by 7 percent for the month compared to June 2013. Market times decreased by 7 days or 7 percent.
| Lake County |
Homes Sold |
Average Sales Price |
Median Sales Price |
Average Market Time |
| June 2014 | 543 | $163,196 | $149,900 | 87 |
| June 2013 | 509 | $155,598 | $140,000 | 94 |
Polk County Real Estate Sales Statistics – June 2014
Polk County saw 16 more homes sold in June 2014 compared to June 2013. The average sales price increased by 8 percent, and the median sales price increased by 1 percent. Market times decreased by 3 days compared to June 2013.
| Polk County |
Homes Sold |
Average Sales Price |
Median Sales Price |
Average Market Time |
| June 2014 | 755 | $130,354 | $121,000 | 83 |
| June 2013 | 780 | $120,231 | $105,000 | 86 |
It’s still a great time to get your best price on an Orlando home.
Information provided by Teri Isner, Orlando Avenue Top Team, Keller Williams At The Lakes.