Orlando’s Housing Market Continues To Move Closer To A Balanced Buyer/Seller Market – The number of unsold homes in Orlando decreased significantly in April by 939, bringing the total number of unsold homes to 19,797. This brings the housing inventory months on hand (MOH) to a new low of 6.10 MOH, down from 6.57 MOH in March.
Unsold Homes – April 2010 (19,797): The inventory level of unsold homes decreased by 939 homes in April to 19,797, down from the 20,736 in March. While this decrease in homes for sale is very positive for home sellers, the tax credit that expired in on April 30th may have skewed these numbers.
Sold Homes – April 2010 (3,248): The inventory of unsold homes dropped in April to 6.10 MOH, down from 6.57 MOH in March. The increase in buyer activity in April resulted in 92 more home closings than the 3,156 closing in March.
Unsold Homes Months on Hand (6.10 MOH): In April Orlando’s housing market moved even closer to a balanced market between buyers and sellers at 6.10 MOH. (6 MOH is considered a balanced buyer/seller market).
Median Home Price April 2010 ($113,000): The median home price was down slightly in April to $113,000, a $2,000 decrease from the $115,000 median home price in March. We believe this decrease in the median home price is the normal ebb and flow of Orlando’s housing market.
Summary: We continue to see a number of indicators that point to a healthier and more balanced real estate market. In fact, we now have some communities that are now hot seller’s markets. Avalon Park, Heathrow, Hunter’s Creek, Metrowest and Waterford Lakes are now considered 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 home buyer’s tax credit behind us, we expect the market to slow over the next month.
Communities in Focus: April home sales and inventory levels in our featured communities are as follow:
| Active Listings | Properties Sold | MOH | |
|---|---|---|---|
| Orlando MSA | 19,797 | 3,248 | 6.1 |
| Altamonte Springs | 580 | 94 | 6.17 |
| Apopka | 736 | 83 | 8.87 |
| Casselberry | 264 | 37 | 7.14 |
| Celebration | 173 | 22 | 7.86 |
| Clermont | 826 | 123 | 6.73 |
| Davenport | 834 | 170 | 4.91 |
| Kissimmee | 2145 | 434 | 4.94 |
| Lake Mary | 394 | 68 | 5.79 |
| Longwood | 528 | 63 | 8.38 |
| Maitland | 234 | 29 | 8.07 |
| Montverde | 46 | 7 | 6.57 |
| Mount Dora | 375 | 32 | 11.72 |
| Ocoee | 282 | 60 | 4.70 |
| Orlando | 6238 | 1344 | 4.64 |
| Oviedo | 427 | 65 | 6.57 |
| Sanford | 645 | 104 | 6.20 |
| Sorrento | 96 | 16 | 6.00 |
| St. Cloud | 633 | 101 | 6.27 |
| Windermere | 503 | 59 | 8.53 |
| Winter Garden | 366 | 91 | 4.02 |
| Winter Park | 741 | 94 | 7.88 |
| Winter Springs | 299 | 49 | 6.10 |
| COMMUNITIES | |||
| Avalon Park | 243 | 57 | 4.26 |
| Baldwin Park | 86 | 22 | 3.91 |
| College Park | 186 | 26 | 7.15 |
| Conway Area | 152 | 17 | 8.94 |
| Dr. Phillips Area | 357 | 60 | 5.95 |
| Heathrow | 72 | 10 | 7.20 |
| Hunter's Creek | 143 | 49 | 2.92 |
| Isleworth | 43 | 2 | 22.50 |
| Keene's Point | 77 | 8 | 9.63 |
| Lake Nona | 223 | 36 | 6.19 |
| Metrowest | 168 | 78 | 2.15 |
| Waterford Lakes | 117 | 32 | 3.66 |
