Orlando Home Inventory Falls as Demand Rises

Favorable market conditions are returning to Central Florida, spearheaded largely by a dramatic increase in purchased homes in Orlando. Home sales rose 14 percent over the year in October, alongside an average price increase of 9.24 percent. This makes the 16th consecutive month where median home prices have shown a positive gain.

“We’ve seen significant, steady improvements in sales and median price throughout 2012, and Orlando’s housing market recovery should continue through the coming years,” said Orlando Regional Realtor® Association Chairman Stephen Baker.

Homes are spending less time on the market, with an average of 79 days in October versus 106 days a year ago. All types of home sales saw increases, with normal sales showing a 4.61 percent rise, foreclosures an 8.44 percent rise, and short sales increasing by 7.37 percent. In addition, the number of completed traditional sales rose a considerable 29.86 percent over last year.

Total inventory for Orlando continued its steady decline, falling nearly 20 percent from last October to 8,094 homes. Single-family home inventory is down 21.49 percent. At the current rate of sales, there is about a 3.33-month supply of homes, well below the 6-month supply that indicates a balanced market.

All signs point to now being the time to sell your home. With inventory on the decline, and prices on the rise, your home will get the attention and the price it deserves. Want to find out more information on how your home will fare in today’s rebounding market? We’ll be happy to provide a free home evaluation!