The November 2010 monthly Orlando real estate market statistics have been reported by the Orlando Regional Realtor Association. Here is a direct link to the full report details. Below is a breakdown of the numbers. This covers Orange County and Seminole County Florida, including the cities of Orlando, Winter Park, Maitland, Windermere, Apopka, Ocoee, Altamonte Springs, Longwood, Sanford, Casselberry, Oviedo, Winter Springs, and Lake Mary.
Inventory New Listings New Pendings Under Contract Closed Days on Market
Nov 2009 16,002 3758 3023 8633 2329 85
Aug 2010 16,535 4146 3892 8945 2566 83
Sept 2010 16,359 3984 3654 8713 2374 87
Oct 2010 15,441 3650 3466 8817 1953 91
Nov 2010 15,192 3346 3243 8998 1848 97
The November numbers are an extension of what happened earlier in the Fall with the "robo signing" scandal that made news headlines in late September / early October as well as the final September 30, 2010 deadline for people to close and still receive an $8000 government tax credit. Many buyers have sat on the sidelines and taken a wait-and-see attitude and I expect this to continue until after the holidays are over. Once you get into mid-November most people are thinking more about eating turkey, putting up Christmas trees, and shopping at Wal-Mart than they are about buying real estate. Thus sales tend to decrease during the end-year months and then spike again during the Spring.
Orlando prices remained basically flat for the 3rd month in a row. The average sales price in metro Orlando decreased slightly from $143,800 to $141,500 while the median price remained constant at $105,000 (the same as September and October). There are still many great deals out there and the best time to buy is when everyone else is selling and few are buying. I am personally making several offers every week trying to find great investment properties to buy. We bought one in Ocoee the first week of December (4/2 bank owned REO for $44K) and are actively looking for more.