Orlando FLorida July 2012 real estate statistics have been provided by the Orlando Regional Realtor Association. Here is a direct link to the full MLS statistics details. Below is a summary breakdown of their numbers. This covers Orange and Seminole County Florida, including cities like Orlando, Winter Park, Apopka, Ocoee, Altamonte Springs, Longwood, Lake Mary, and Oviedo.
Inventory New Listings New Pendings Closed Sales Median Price
July 2011 10,559 3204 3680 2611 $110,000
Apr 2012 8642 3432 3497 2463 $117,000
May 2012 8243 3471 3675 2337 $120,000
June 2012 8136 3214 3289 2614 $125,000
July 2012 8106 3409 3281 2355 $125,600
Inventory in Orlando continues to gradually reduce. July was actually the first time since November that new listings actually exceeded new pendings. One reason for this is simply a lack of quality inventory. There is only a 3.4 month supply of homes available in the area and about half of those are beat up foreclosures or are prolonged closing short sales. So the regular old traditional sales get bought up very fast leaving many buyers high and dry.
The breakdown of what is selling. Is 22% of the sales in July were bank owned foreclosures, 29% were short sales, and 49% were regular sales. Those are some great numbers especially considering that is 2010 about 2/3 of all sales in Orlando were distressed. Now it is only 49%. Shadow inventory is slowly selling off in the form of short sales so that inventory is slowly depleting as well.
Also keep in mind interest rates are at rock bottom lows. You can get a 30-year mortgage for a fixed rate around 3.5%. Definitely time to buy and hold. And definitely time to refinance your old loan. The HARP 2.0 program allows you to refinance your current loan with no appraisal, no closing costs, and no re-amortization (certain restrictions apply of course) - but WOW !!!
You can read a detailed analysis from the Orlando Realtors and the Orlando Sentinel at these links. If I can help you buy or sell, please contact me or one of our agents and we will take great care of you and your real estate needs.
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