Orlando Florida real estate market statistics for June 2010

By
Real Estate Agent with Sand Dollar Realty Group, Inc. BK627826

The Central Florida real estate market statistics for the month ending June 2010 have been released by the Orlando Regional Realtor Association.  Here is a direct link to the detailed report . Below is a short breakdown of these numbers. The stats cover Orange County & Seminole County Florida, including the cities of Orlando, Winter Park, Maitland, Apopka, Ocoee, Altamonte Springs, Longwood, Lake Mary, Sanford, Casselberry, Oviedo, and Winter Springs Florida.

                 Inventory    New Listings    New Pendings   Under Contract     Closed    Days on Market

June 2009     17,831        3921                 3686                 7230                 2220          104

Apr 2010       15,766        5116                 5221                10,832               2644           81

May 2010      15,963        4304                 3669                10,351               2783           83

June 2010     16,304        4470                 3736                 9625                 2834           85

After months of declines, Orlando inventory numbers have increased 2 months in a row now.  There was a big spike in new listings this Spring. This is my take on this inventory increase. Part of this can be attributed to people scrambling to put their house up for sale prior to the $8000 tax credit expiring at the end of April.  Another part of this can be attributed to the so-called "shadow inventory" of homes - properties that owners have been holding off the market until they thought things were rebounding.  Also because the tax credit expired, new pending deals decreased significantly in May and June (during February, March, & April new pendings were in the 4000-5000 range).  Now that demand has eased, inventory has crept upwards.  The same thing happened in the car business after the "Cash for Clunkers" program ended.

Washington did extend the $8000 tax credit closing deadline until September 30, 2010, so this will most likely keep closings strong through September but otherwise I expect to see a continued lull in pendings and closings through the end of 2010. Pendings will most likely stay lower than they were, inventory will continue to creep up slightly, and days on market will stay flat or increase slightly.  Those are my projections for whatever they are worth. :-)

Prices did increase ever so slightly again in June. The median sales price was $116,000 and the average sales price was $154,600.  This is 6 months in a row of slight price increases (except in April where the average price dipped slightly).

Here are market analysis put out by the Orlando Realtors and the Orlando Sentinel for you to review as well. Enjoy.

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Topic:
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Florida Seminole County Altamonte Springs
Groups:
Orlando Real Estate
Central Florida
Florida Real Estate Market Reports
Seminole County Florida
Florida Real Estate Investors
Tags:
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Rainmaker
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Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS

Good to see the days on market decreasing - always indicates to me that sellers are pricing more realistically, which is a necessary component to reduce inventory.

Jul 19, 2010 12:48 AM #1
Rainmaker
671,938
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Hi Rob, The numbers for 2010 certainly are promising, however I do agree that there was quite a spike in buyers due to the first time homebuyers tax credit.  We experienced a short lull, after it expired, but things seem to have stabilized and the phones started ringing again, so business has remained fairly consistent.

Jul 30, 2010 09:18 AM #2
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Rainmaker
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Rob Arnold

Metro Orlando Full Service - Investor Friendly & F
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