Central Florida Real Estate Snapshot
February 2012
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Home Prices:
The January 2012 median sales price of all existing homes (traditional, short-sale and foreclosures) in the Orlando area was $108,000 which is a 13.8% increase from January 2011.
The largest change was the sales price of bank-owned (foreclosure) properties, which increased 13.33%. Traditional sales increased 2.1% in the same period and short sales actually dropped 5.26%.
For more detail please watch this short video produced by the Orlando Region Realtor Association (ORRA).
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Inventory increased slightly to 5.52 Months Supply:
There are currently 9,258 homes available for purchase in the Orlando Area. The slight increase is a result of a slower sales pace for the winter months. As active buyers enter the market for the spring season we are hopefull this number will remain steady or drop slightly.
Low inventory levels are typically a good leading indicator of future prices. Low inventories = higher prices; typically anything below 6 months is considered positive for the housing market.
Historical perspective: The lowest inventory for the Orlando market was 2,956 homes in March 2005, that level and pace of sales equated to 1.15 months supply.
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Average 30 Year Mortgage Interest Rates:
The Orlando area average 30 year mortgage interest rates (as indicated in the ORRA February 2012 Market Pulse): 4.01%.
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Florida and National Market Overview:
The Florida median sales price for single family homes increased 1% from the same time last year. The median sales price of existing condos increased 4% for the same period.
The National median sales price for single family homes decreased 4.9% from the same time last year. The median sales price of existing condos decreased 3% for the same period.
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The information in this snapshot was from the ORRA Market Pulse:
Market Pulse™ data represents all listings taken or sold by ORRA brokers, regardless of location and is exclusive to residential property, which includes townhomes, duplexes, single-family homes, and condos. It does not include vacant land or commercial transactions.
Complete stats and data may be found under Housing Statistics at orlrealtor.com.
Orlando Regional Realtor Association Market Pulse January 2012
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