Orlando Florida housing statistics June 2011

Real Estate Agent with Sand Dollar Realty Group, Inc. BK627826

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.


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Rob Arnold

Metro Orlando Full Service - Investor Friendly & F
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