The Orlando Florida real estate housing statistics for August 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
Aug 2013 8576 3922 3146 2900 $155,000
June 2014 11,518 4267 2701 2834 $168,500
July 2014 12,093 4265 2745 2542 $171,000
Aug 2014 13,084 4002 2711 2449 $165,000
Inventory has been skyrocketing the last few months. We increased 991 new properties between July and August. Hopefully this trend continues because now the inventory is at about the same level it was back in February 2011. New listings continue to hover just above 4000 new properties each month while pending deals remain just over 2700. That is quite a large gap each month between what comes in and what actually goes out. Instead the number or expired and withdrawn properties continues to tick upwards. This is concerning also because as we enter the Autumn months, historically the market slows down and continues that way until after the holidays.
Sales went down slightly in August. We now have a 5.3 month supply of homes available (13,084 inventory / 2,449 sales = 5.34 months' supply). We are in a softer seller's market. When supply increases to over 6 months (which will probably occur in the next month or 2), we will transition into a balanced market where buyers have more equal negotiating power in the transaction.
Interest rates have kept quite low. We have a rate of just 4.16% for a 30-year mortgage. Definitely lock in this low rate while you can. Refinance everything that you have not already or buy and lock it in for long-term.
Prices have slowly increased during the first half of 2014 and have remained basically steady since June. 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.