The Orlando Florida real estate housing statistics for November 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
Nov 2013 9609 3109 2578 2130 $155,000
Sept 2014 12,316 4017 2666 2770 $167,100
Oct 2014 12,507 4125 2645 2888 $160,000
Nov 2014 12,121 3128 2341 2243 $165,000
The market inventory appears to have plateaued this Fall. Inventory was up in August, then down in September, up in October, and down again in November. Hopefully this is a positive sign that the growing inventory has flattened off for a while and will remain more steady without the crazy ups and downs. New listings were down in November but were very similar to what they were 12 month's previously which indicates the decrease is more of a seasonal change than a market trend. The huge chasm between new listings3128 and new pendings 2341 was down quite a bit in November. Hopefully this trend continues because in previous months this gap has been very wide.
Back on market properties decreased slightly in November but are still significantly higher than they were a year ago. Expireds/withdrawns were down slightly as well but also quite a bit higher than November 2013. Properties are simply harder to sell now than they were back in the Spring.
Sales were down slightly in November but it is historically a slower month of the year. We now have a 5.4 month supply of homes available for sale. (12,121 inventory / 2,243 sales = 5.4 months' supply). We are in a softer seller's market which will hopefully remain steady through the end of the year.
Interest rates have stayed low and continue to decrease. The rate of just 4.01% 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 basically been flat ever since. The median price in Orange & Seminole County is $165,000 which is $10,000 higher than 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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