The Orlando Florida real estate housing statistics for October 2014 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 2013 9470 3942 3106 2384 $160,000
Aug 2014 13,084 4002 2711 2540 $163,900
Sept 2014 12,316 4017 2666 2770 $167,100
Oct 2014 12,507 4125 2645 2807 $160,000
After a slight drop in inventory in September, the October inventory rose slightly. Typically the market cools off some during the Autumn months as we head towards the holidays. Inventory rose by 191 units last month. However, the gap between new listings 4125 and new pendings 2645 is still a big chasm. Far more properties are getting listed each month than are going under contract. There were 56% more new listings than new pendings in October.
Back on market properties have been high for 5 months in a row now. Expireds/withdrawns continue to rise as well. Properties are simply harder to sell now than they were back in the Spring.
On a positive note, October sales were up to the 2nd highest number in 2014. Only June was higher. The months' supply of homes remains steady at 4.5 month's. (12,507 inventory / 2,807 sales = 4.46 months' supply). We are in a softer seller's market which will hopefully remain steady as the holidays approach.
Interest rates have stayed low and continue to decrease. The rate of just 4.05% for a 30-year mortgage is pretty amazing. Definitely lock in this low rate while you can. Refinance everything that you have not already or buy and lock it in for long-term. The Fed did announce that they will end quantitative easing in 2015 so rates have nowhere to go but up.
Prices have slowly increased during the first half of 2014 and have decreased some since Spring. The median price in Orange & Seminole County is $160,000 which is the same as it was 12 months ago.
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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