The Orlando Florida November 2012 real estate statistics have been published by the Orlando Regional Realtor Association. Here is a direct link to the full MLS statistics details. These numbers include all of Orange and Seminole Counties including Orlando, Winter Park, Winter Garden, Apopka, Altamonte Springs, Lake Mary, Oviedo, and Longwood.
Month Inventory New Listings New Pendings Closed Sales Median Price
Nov 2011 10,136 3045 2887 2027 $115,000
Aug 2012 8128 3459 3393 2702 $120,300
Sept 2012 8073 3086 3104 2296 $124,900
Oct 2012 8094 3332 3253 2582 $122,500
Nov 2012 7847 2890 2936 2430 $129,000
Inventory continued its gradual decline in November. As the inventory number dropped below 8000 for the first time since October 2005, buyers continue to struggle to buy properties. New pendings slightly outpaced new listings last month which has been the trend most of 2012 and a big reason for the declining inventory.
Closed sales remain strong. 2430 houses sold in metro Orlando last month. This puts us at a 3.2 month supply of homes currently available which is considered a seller's market. (7847 inventory / 2430 sales = 3.2 months) .
Interest rates are continue to remain low. The average mortgage rate on a 30-year fixed loan in November was 3.47%. It is a great time to lock in your interest rate either on a new purchase or a refinance. Personally, I have refinanced several properties this year to take advantage of these amazingly low rates.
Median prices went up slightly in November. The lack of inventory has created bidding wars which are in turn driving up prices.
You can read another detailed analysis from the Orlando Realtors at this link. If I can help you buy or sell, please contact me or one of our agents and we will take great care of you and your real estate needs.