The Orlando FL May 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
May 2012 8243 3471 3675 2469 $120,000
Feb 2013 7183 3213 3250 2317 $133,000
Mar 2013 6937 3446 3455 2710 $140,000
Apr 2013 7202 3852 3435 2768 $143,700
May 2013 7272 3841 3519 2855 $148,000
Orlando inventory increased slightly again in May. This is 2 months in a row that inventory has risen. Spring and Summer are typically the "selling season" . Many sellers have been made aware of just how hot the Florida real estate market is and more and more of them are listing their homes in hopes of finally being able to sell. Additionally banks continue to unleash their REO foreclosure inventory. New listings also exceeded new pendings for 2 months in a row which shows supply is slightly outpacing demand when it comes to new inventory. However low inventory is still a problem especially in the lower priced properties. Multiple offers are still the norm in the lower priced market of homes under $150,000. Hedge funds are still buying properties for rental purposes. Home builders have cranked up new construction again. Fears of a bubble are still a long way off because there is still plenty of buyer demand for homes.
Sales continue to increase as well. There were 2,855 sales in Orange & Seminole Counties in May. This is the highest number of sales we have seen since June 2010 - that was the last month that the federal government was issuing $7500 tax credits to first-time buyers which meant a mad rush to close deals. Whether this pace will continue is anybody's guess. But our month's supply of inventory has now dwindled to a mere 2.55 months (7272 inventory / 2855 sales = 2.55).
Properties under contract continues to hover at just under 9000 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 have started to tick back up. Most conventional loans have gone back into the 4s now. Still a great rate, but it shows the rates probably bottomed out last year and are headed back to more normal numbers.
Median prices continued to increase to $148,000 in May. This is up 23.3% since May 2012 and a 16.5% increase just since January 2013. That is an amazing price increase. Seems a little bit like 2005 except that the prices are still below replacement value.
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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