Real estate market stats for April 2011 have been released by the Orlando Regional Realtor Assn. Here is a direct link to the full MLS statistic details. Below is a quick breakdown of the numbers. This covers Orange & Seminole County Florida, including the cities of Orlando, Apopka, Ocoee, Winter Park, Maitland, Altamonte Springs, Longwood, Sanford, Casselberry, Lake Mary, and Oviedo.
Inventory New Listings New Pendings Under Contract Closed Days on Market
Apr 2010 15,766 5116 5221 10,832 2644 81
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 2613 103
Apr 2011 11,480 3391 4228 9255 2388 104
Inventory levels dropped by over 1000 listings between March and April which is a 9.1% decrease in the number of properties for sale. The marks 10 months in a row that the inventory levels have dropped. This inventory level is the lowest level we have seen since late 2005.
In April, the MLS created a new status category, "Active with Contract" which is sort of a sale pending lite. For the above analysis, I am lumping the Active with Contracts in with the New Contracts to show the "New Pendings" each month. As you can see since January, the new pendings have outpaced the new listings every single month. Buyer are out there making offers and buying up all the great deals in sight. As you can see from the amount of homes under contract, there are still a ton of short sale deals waiting and waiting to finally close. From my estimates over 68% of the properties currently showing under contract are short sale deals. Enjoy the wait.
Sales are a different story though. Their are 11,480 homes for sale as of the end of April, and 2388 sold that month. That makes just a 4.8 month supply of homes available. A 4 to 6 month's supply is considered a normal market but under 4 month's is considered a seller's market. Surprisingly the market is tipped closer towards sellers having the advantage over buyers. You don't hear that in the news media.
Sale prices dipped down to the lowest they had been in years back in February but ever since then, they have been slowly rising. The median home price in Orlando went up from $102,000 in March to $105,000 in April. The average home price went from $135,500 to $147,800.