Orlando’s Housing Market Moves Closer to a Balanced Buyer/Seller Market – While the number of unsold homes in the Orlando ticked up slightly in February to 20,529, the housing inventory months on hand (MOH) actually declined to 8.71 months on hand from the 9.71 MOH in January.
Inventory of Unsold Homes: The inventory level of unsold homes increased by a mere 54 homes in February to 20,529, up from the 20,475 in January. While this may appear negative at first glance, there is a really positive in the other key indicator, which is the inventory months on hand (MOH).
Months of Unsold Homes on Hand (MOH): In February Orlando’s housing market moved closer to a balanced market between buyers and sellers (6 MOH is considered balanced). The housing inventory of unsold homes in February dipped to 8.71 MOH, down from 9.97 MOH in Janruary. The increase in buyer activity in February resulted in 304 more home closings than the 2,053 closing in January.
Median Home Prices: The median home price was up to $110,000, a $7,000 increase from January’s median home price of $103,000. We believe this increase in the median home price is yet another indicator that the buyer/seller market continues to balance out.
Summary: We are seeing a number of indicators that are pointing to a healthier real estate market in the Orlando area. In fact, we are seeing some communities switch from a strong buyer’s market to a seller’s market. The housing inventory in Metrowest fell to 2.74 MOH, which is a strong seller’s market. Who would have thought that possible just one year ago.
Forecast: With the government involved in so many aspects of the economy and offering one program after another, we will no doubt be seeing spikes and dips in the market until things are left to take a more natural course. Also, financing continues to be a major barrier. We have many buyers that are really interested in purchasing homes and condos, but simply can’t obtain the financing. Many of these buyers would have qualified for homes twice the value two years ago. We are seeing FHA returning to the condo market, approving some buildings and doing spot approvals in others. We are seeing light at the end of Orlando’s housing tunnel.
Communities in Focus: February home sales and inventory levels in our featured communities are as follow:
| Active Listings | Properties Sold | MOH | |
|---|---|---|---|
| Orlando MSA | 20,529 | 2,357 | 8.71 |
| Altamonte Springs | 477 | 69 | 6.91 |
| Apopka | 725 | 67 | 10.82 |
| Casselberry | 264 | 33 | 8.00 |
| Celebration | 175 | 15 | 11.67 |
| Clermont | 859 | 93 | 9.24 |
| Davenport | 940 | 134 | 7.01 |
| Kissimmee | 2341 | 363 | 6.45 |
| Lake Mary | 367 | 41 | 8.95 |
| Longwood | 523 | 40 | 13.08 |
| Maitland | 226 | 20 | 11.30 |
| Mount Dora | 376 | 28 | 13.43 |
| Ocoee | 313 | 36 | 8.69 |
| Orlando | 6625 | 940 | 7.05 |
| Oviedo | 376 | 53 | 7.09 |
| Sanford | 672 | 69 | 9.74 |
| Sorrento | 99 | 7 | 14.14 |
| St. Cloud | 674 | 48 | 14.04 |
| Windermere | 507 | 44 | 11.52 |
| Winter Garden | 409 | 71 | 5.76 |
| Winter Park | 750 | 48 | 15.63 |
| Winter Springs | 313 | 30 | 10.43 |
| COMMUNITIES | |||
| Avalon Park | 270 | 36 | 7.50 |
| Baldwin Park | 107 | 11 | 9.73 |
| College Park | 205 | 8 | 25.63 |
| Conway Area | 139 | 7 | 19.86 |
| Dr. Phillips Area | 356 | 28 | 12.71 |
| Hunter's Creek | 191 | 34 | 5.62 |
| Isleworth | 44 | 1 | 44.00 |
| Keene's Point | 78 | 3 | 26.00 |
| Lake Nona | 233 | 25 | 9.32 |
| Metrowest | 181 | 66 | 2.74 |
| Waterford Lakes | 104 | 11 | 9.45 |
