The June 2011 monthly Central Florida / Orlando real estate market statistics have been reported by the Orlando Regional Realtor Association. Here is a direct link to the full MLS statistic details. Below is a breakdown of the numbers. This covers Orange County and Seminole County FL, including places like Orlando, Winter Park, Maitland, Windermere, Apopka, Ocoee, Altamonte Springs, Longwood, Sanford, Casselberry, Oviedo, Winter Springs, & Lake Mary, FL.
Inventory New Listings New Pendings* Under Contract Closed Days on Market
June 2010 16,304 4470 3736 9625 3059 85
Mar 2011 12,533 4152 4526 9510 2613 103
Apr 2011 11,480 3391 4228 9955 2464 104
May 2011 10,969 3145 3960 10,210 2486 104
June 2011 10,559 3204 4141 10,087 2418 103
*New Pendings for the above information includes properties listed as "active with contract".
Inventory levels in Orlando continue drop now for 12 straight months. In part because of the robo-signing foreclosure scandal last Fall and in-part because of high demand for cheap real estate from investors, new pendings have outpaced new listings significantly ever since January of this year. First time home buyers are having more and more difficulty finding decent properties as cash investors often make properties get bid up over asking price with multiple offer scenarios. In June our office sold a condo in Lake Mary for nearly $3,000 over asking price after getting 7 cash offers within the first 3 days of the unit being on the market.
Sales remain relatively steady as short sales continue to eventually close. Orlando now has a 4.4 month supply of inventory which puts it at Fall 2005 levels (the height of the market). Days on market has steadily increased this year to a little over 100 days on market and has been hovering around this number. This is probably due to buyers being reluctant to make offers on short sales but then finally giving in when they learn that short sales are pretty much all they get to pick from unless they want to get in a bidding war.
Prices continue to remain relatively steady. The median price remained steady month over month at $110,000 while the average price went up slightly from $145,000 to $153,000. These numbers actually reflect little change from June of 2010 when the median was $115,000 and the average was $159,600. The doomsday preachers might still want you to believe that prices are in a free fall, but these statistics show that prices have remained basically flat for quite awhile now. Of course nobody knows what the future holds.
Here are some additional analysis put out by the Orlando Realtor Association and the Orlando Sentinel for you to review as well. It is a great time to buy. Prices are still very low and inventory is still plentiful. It is truly surprising how cheap houses are selling for. I have personally bought several properties this year and all of them were decent nearly liveable homes that I bought for between $11,000 and $40,000. Hard to believe.