Orlando real estate market statistics for the month ending July 2010 have been released by the Orlando Regional Realtor Association. Here is a direct link to the detailed report . Below is a breakdown of these numbers. This covers Orange County & Seminole County, including the cities of Orlando, Winter Park, Maitland, Apopka, Ocoee, Altamonte Springs, Longwood, Lake Mary, Sanford, Casselberry, and Oviedo Florida.
Inventory New Listings New Pendings Under Contract Closed Days on Market
July 2009 17,831 4158 3696 7713 2299 101
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 3059 85
July 2010 16,563 4388 3793 9133 2387 85
As you can see from these latest numbers, there has been a slight dip in the market since the tax credit expired at the end of April. Inventory numbers have been slowly creeping up for 3 months in a row now. New listings and sale pendings have remained steady though. This is a good sign that the market is still stabalizing.
The under contract numbers has been steadily decreasing. A big chunk of this number represents many of the short sales that seem to take forever to finally get approved. The fact that they are slowly getting smaller each month is a good thing.
The number of closed deals is significantly down from June. However there was a huge spike during April, May, and June for closed deals which was for the most part caused by people trying to buy a home before the tax credit expired. If you remove March to June 2010 and December 2009 from the equation, the July 2010 sold number of 2387 is the highest number of solds we have seen since the year 2006. So numbers are still reasonably strong even without the tax credit.
Prices did go down a little in July as well. The average sales price in Orlando was $150,000 and the median price was $109,900. Although a little discouraging, these numbers are still higher than they were in February 2010.
Only time will tell where the market is headed. The big test will be once we get through the slower holidays/winter season from November 2010 to February 2011. Then we will really have a good grasp on where the market is truly at.
Just from personal experience, the market still seems busy. Most of our retail priced properties that are priced right and in decent areas are selling within a few weeks at most. Many of our junker wholesale deals are selling within days and often with multiple offers.
Here is additional analysis put out by the Orlando Realtors for you to review as well. Enjoy.