The Orlando Florida real estate housing statistics for October 2013 have been released 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 FSBO, courthouse auction, builder sales, or other non-MLS sales.
Month Inventory New Listings New Pendings Closed Sales Median Price
Oct 2012 8094 3332 3253 2582 $122,500
July 2013 8099 4015 3341 2958 $157,000
Aug 2013 8576 3922 3146 2900 $155,000
Sept 2013 9127 3588 2767 2444 $156,000
Oct 2013 9470 3942 3106 2312 $154,500
As of October we had 7 months in a row of slight inventory increases in Central Florida. With 9470 homes currently for sale, this gives a 36% increase in the number of homes for sale since the bottom number of 6937 that we had in March 2013. Inventory has slowly been creeping up due in part to (1) hedge funds have dramatically backed off their purchasing due to increased prices, and (2) interest rates have crept up nearly one whole percentage point. (However rates have declined some the last 2 months now.)
New listings clearly have been outpacing new pending deals during this same period. Which means that if you want to stay competitive, you need to make sure you are pricing your home properly and getting it marketed as aggressively as you can by a top notch agent.
Sales remain brisk still. The inventory supply of homes has increased to 4.1 months' supply. (9470 inventory/2312 sales = 4.1). Under 4 months is a sellers market typically. 4 to 6 months supply makes it more of a balanced market but still on the low end of that range. This means sales have shifted slightly for buyers but the market clearly still favors the sellers. How the temporary government shutdown in October has affected the market is still uncertain but most likely is reflected in the slightly lower number of new contracts and new solds year over year.
Homes under contract continues to reduce and is now at 7099. This trends as a decrease for 8 months in a row now. Short sales are slowly working their way through the system. The market has started recovering and hopefully brighter days are now ahead for the real estate arena.
Interest rates went down slightly last month to 4.28% for a 30-year mortgage. This is a great rate even though it is certainly higher than the previous rates in the 3s. They could not have stayed that low forever. Best to lock in now.
Prices have remained reasonably steady for the last 3 months. The median price in Orange & Seminole County is $154,500. Prices are up an incredible 21.6% since January. However they are up only 1% since June and actually decreased a tiny bit since September.
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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