Orlando’s Housing Market Makes a Big Move Closer to a Balanced Buyer/Seller Market – While the number of unsold homes in the Orlando ticked up slightly for the second month in a row to 20,736 in March, the housing inventory months on hand (MOH) actually declined to a near balanced market of 6.57 MOH, down from the 8.71 MOH in February.
Inventory of Unsold Homes (20,736): The inventory level of unsold homes increased by 207 homes in March to 20,736, up from the 20,529 in February. While this increase in unsold homes may appear negative at first look, the actual MOH of unsold homes has declined, which indicates a more balanced buyer/seller market.
Sold Homes in March 2010 (3,156): The housing inventory of unsold homes in March dropped again to 6.57 MOH, down from 8.71 MOH in February. The increase in buyer activity in March resulted in 799 more home closings than the 2,357 closing in February.
Unsold Homes Months on Hand (6.57 MOH): In March Orlando’s housing market moved even closer to a balanced market between buyers and sellers (6 MOH is considered balanced).
Median Home Price March 2010 ($115,000): The median home price was up in March to $115,000, a $7,000 increase from February’s median home price of $110,000. We believe this increase in the median home price is yet another indicator that the buyer/seller market continues to balance out.
Summary: We continue to see a number of indicators that point to a healthier Orlando real estate market. In fact, we now have a number of communities that are now hot seller’s markets. Avalon Park, Heathrow, Hunter’s Creek and Metrowest are now considered by most to be seller’s market. The housing inventory in Hunter’s Creek and Metrowest fell to below 4.0 MOH, which is considered a strong seller’s market.
Forecast: With the end of the home buyer’s tax credit about two weeks away, we expect the market to slow over the next month since many buyers scramble to execute a home buying contract prior to the April 30th deadline.
Communities in Focus: March home sales and inventory levels in our featured communities are as follow:
| Active Listings | Properties Sold | MOH | |
|---|---|---|---|
| Orlando MSA | 20,736 | 3,156 | 6.57 |
| Altamonte Springs | 590 | 87 | 6.78 |
| Apopka | 754 | 111 | 6.79 |
| Casselberry | 269 | 32 | 8.41 |
| Celebration | 178 | 26 | 6.85 |
| Clermont | 874 | 110 | 7.95 |
| Davenport | 895 | 157 | 5.70 |
| Kissimmee | 2308 | 378 | 6.11 |
| Lake Mary | 396 | 66 | 6.00 |
| Longwood | 550 | 58 | 9.48 |
| Maitland | 231 | 35 | 6.60 |
| Montverde | 49 | 5 | 9.80 |
| Mount Dora | 379 | 35 | 10.83 |
| Ocoee | 310 | 44 | 7.05 |
| Orlando | 6611 | 1345 | 4.92 |
| Oviedo | 404 | 54 | 7.48 |
| Sanford | 667 | 87 | 7.67 |
| Sorrento | 104 | 19 | 5.47 |
| St. Cloud | 667 | 77 | 8.66 |
| Windermere | 502 | 55 | 9.13 |
| Winter Garden | 424 | 63 | 6.73 |
| Winter Park | 761 | 80 | 9.51 |
| Winter Springs | 311 | 34 | 9.15 |
| COMMUNITIES | |||
| Avalon Park | 274 | 66 | 4.15 |
| Baldwin Park | 102 | 11 | 9.27 |
| College Park | 193 | 18 | 10.72 |
| Conway Area | 143 | 18 | 8.94 |
| Dr. Phillips Area | 368 | 55 | 6.69 |
| Heathrow | 70 | 12 | 5.83 |
| Hunter's Creek | 176 | 53 | 3.32 |
| Isleworth | 44 | 1 | 44.00 |
| Keene's Point | 80 | 6 | 13.33 |
| Lake Nona | 232 | 25 | 9.28 |
| Metrowest | 194 | 61 | 3.18 |
| Waterford Lakes | 121 | 16 | 7.56 |
