The Orlando Florida March 2013 real estate statistics have been published by the Orlando Regional Realtor Association. Here is a direct link to the full MLS statistics details. These numbers are for Orange County and Seminole County in Florida and show properties sold via the MLS. They do not include for sale by owner, courthouse auction, builder sales, or other non-MLS sales.
Month Inventory New Listings New Pendings Closed Sales Median Price
Mar 2012 8666 3386 3805 2435 $115,000
Dec 2012 7384 2278 2497 2505 $132,500
Jan 2013 7336 3361 3314 2015 $127,000
Feb 2013 7183 3213 3250 2317 $133,000
Mar 2013 6937 3446 3455 2605 $140,000
Orlando inventory is down again for the 6th straight month. 6937 homes were for sale in the MLS at the end of March. This is significantly less than the 8666 that were available a year ago in March 2012. It has become more and more difficult for first time home buyers using low down payment financing like FHA and VA loans to buy a property. You have to move very quickly and even then, often find that the home you are interested in has multiple offers on it.
New pendings exceeded new listings again in March which shows that inventory is rapidly going under contract as quickly as Realtors can list the homes. Good deals often go in days rather than weeks. Sales continue to be very strong. There were 2605 homes sold last month. This has reduced the inventory to just a 2.7 month supply (6937 inventory / 2605 sales) which is an extreme seller's market. Days on market is down to just 80 days from listing to contract. Anything under 90 days on market is considered strong.
Properties under contract continues to hove at just over 8000 homes. This is caused by the backlog of short sales. Short sales make up over 60% of the under contract properties. Contrast that to about 25% of the active listings.
Interest rates ticked up a little bit, but still remain very low. The average rate in March for a 30-year loan is 3.65% - pretty unbelievable. Do not miss out on these low rates!
Median prices continued to increase to $140,000 in March. This is up 21.7% since March 2012. That is one heck of a price increase.
You can read another detailed analysis from the Orlando Realtors at this link. If I can help you buy or sell your property, please contact me or one of our agents and we will take great care of you and your real estate needs in Central Florida.
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