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).