The Central Florida real estate market statistics for the month of March 2011 have been distributed by the Orlando Regional Realtor Association. Here is a direct link to the full MLS statistic details. Below is a summary breakdown of the market stats. This covers Orange & Seminole Counties Florida, including the cities of Apopka, Ocoee, Winter Park, Maitland, Orlando, Altamonte Springs, Longwood, Sanford, Casselberry, & Winter Springs.
Inventory New Listings New Pendings Under Contract Closed Days on Market
Mar 2010 16,223 5282 4662 10,179 2610 91
Dec 2010 14,993 3444 3196 8363 2467 97
Jan 2011 14,398 3478 3747 8777 2041 96
Feb 2011 13,480 3202 3777 9223 2170 99
Mar 2011 12,533 4152 4526 9510 2485 103
Inventory levels took another significant drop in March from 13,480 to 12,533 which is an over 7% decrease in the number of properties available since February. The number of new listings has continued to decrease for nearly 9 straight months (except for January when this number typically spikes after the holidays) as the level of foreclosure and short sales continues to decrease. Even with monthly new listings increasing by nearly 900 properties from February to March, this inventory level is still the lowest level we have seen in over 5 years.
The number of properties under contract has been steadily increasing for the last 3 months. We hit a low of 8363 pending deals in December 2010 and by March we are now at 9510. Many of these properties are short sales which tend to take 3-6 months to close and thus backlog this statistic especially during these Spring months.
Sales prices rose a slight bit since February. The median home price in Orlando went up from $95,000 to $103,000 from last month and the average home price increased from $133,000 to $136,800. This is partly because there is simply less availability of the lower end condos that dominated the market during the latter half of 2010.
Here are some additional reviews put out by the Orlando Realtor Association for you also. It is a little hard to believe, but we are down to just slightly over 5 months of inventory in the Orlando area. March had 2485 sales out of 12,533 properties available. That means if there were no new properties listed, that the inventory would be completely depleted in 5 months from now. Typically anything over a 6 month's supply is considered a buyers market while less than 4 month's supply is considered a seller's market. Right now we are in the middle and what some people might call a normal market, but it is really far from normal. Prices are way down from what they were and good deals are almost hard to find unless you make a lot of offers.
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