Tuesday, November 10, 2009

October Market Statistics for Orlando Real Estate

Many positive things occuring in Orlando Real Estate with normalizing of the market occuring.  If you are thinking of buying a home and thinking prices are still dropping, think again, if you wait you will loose out. October 2009 Pending Sales up 54.72% from October 2008.  October 2009 most pending sales this year at 9,050.  October condo sales up 236.89% from October 2008. Median price of a home up $130,000 (4%) from $125,000 September 2009. And most of all our inventory of home is decreasing representing a 7.14 month supply (6 months is normal).  With tax credit extension available for both first time home buyers and current home owners.  It will be no time at all clearing out of inventory will occur.  However, it is predicated that another wave of short sales and bank owned properties will occur as a result of the unemployment rate, rather than bad loans.

Here is the market statistics produced by Orlando Regional Realtor Association for October 2009.
  • Average Mortgage Rate: 5.02%
  • Inventory:  15,743
  • New Listing:  4,165
  • New Contracts:  3,864
  • Under Contract: 9,050
  • Back on Market: 857
  • Expired:  924
  • Withdrawn:  646
  • Sales Closed:  2,206
  • Average Days on Market:  98
For historical months, please click here.