The Orlando Florida real estate housing statistics for May 2014 have been released by the Orlando Regional Realtor Association. Here is a direct link to the full MLS statistics details. These numbers are for Orange County and Seminole County in Florida and show properties sold via the MLS. They do not include for sale by owner FSBO, courthouse auction, builder sales, or other non-MLS sales.
Month Inventory New Listings New Pendings Closed Sales Median Price
May 2013 7272 3841 3519 2984 $145,100
March 2014 10,343 4406 3659 2435 $160,000
April 2014 10,647 4401 3604 2698 $162,500
May 2014 10,908 4693 3275 2651 $165,000
The inventory numbers continue to creep upwards. We have 50% higher inventory than we did 12 months ago. Low end houses priced under $100,000 are still selling with multiple offers. But mid to higher ranged houses in the $250,000-$1,000,000 have slowed down quite a bit - price drops come more often than not.
There is some concern for sellers that there were some 4693 new listings in May. This was the highest number of new listings that we have had since April 2010 when we were in the throws of the foreclosure market. While at the same time new pendings went down to 3275. This puts a 1408 gap in the number of new properties versus properties pending. Inventory is growing. Fortunately the month's supply of homes is at 4.1 months which is still considered a seller's market. (10,908 inventory / 2651 sales = 4.1).
Interest rates have decreased several months in a row to 4.16% for a 30-year mortgage. It is an incredible time to lock in the low rates while you can.
Prices were relatively flat during the second half of 2013 but have slowly increased since the first of they year. The median price in Orange & Seminole County is $165,000. This is the highest median price we have seen since 2008.
You can read another detailed analysis from the Orlando Realtors at this link. If I can help you buy or sell your property, please contact me or one of our agents and we will take great care of you and your real estate needs in Central Florida.