Orlando’s Housing Market Adds More Homes For Sale in May – The number of unsold homes in the Orlando MSA increased by 546 homes in May 2010, bringing the total number of unsold homes to 20,343. This brings the housing inventory months on hand (MOH) to 6.14 MOH, up slightly from 6.10 MOH in April.
Unsold Homes – May 2010 (20,343): The inventory level of unsold homes increased by 546 homes in May to 20,343, up from 19,797 in April. The increase in the number of homes for sale was expected by most experts, as the buyer’s rush to take advantage of the Home Buyer’s Tax Credit passed, with the end of the tax credit on April 30th.
Sold Homes – May 2010 (3,315): The number of homes sold in May was up slightly to 3,315. This is an increase in the number of homes sold over April’s 3,248 units. The increase in buyer activity in May resulted in 67 more home closings than the 3,248 home closings in April.
Unsold Homes Months on Hand (6.14 MOH): In May Orlando’s housing market MOH stayed close to a balanced buyer/seller market, although the 6.14 MOH in May was slightly higher than the 6.10 MOH in April (6 MOH is considered a balanced buyer/seller market).
Median Home Price April 2010 ($115,900): The median home price was up in April to $115,900, a $2,900 increase from the $113,000 median home price in April. We believe this increase in the median home price is the result of buyer’s last minute surge to benefit from the Home Buyer’s Tax Credit.
Summary: We continue to see a number of indicators that point to a healthier and more balanced real estate market in the Orlando MSA. In fact, we now have some communities that are now hot seller’s markets. Avalon Park, Baldwin Park, Hunter’s Creek, Lake Nona, Metrowest and Waterford Lakes are now considered to be seller’s market. The housing inventory in Baldwin Park, Hunter’s Creek, Metrowest and Waterford Lakes, 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: May home sales and inventory levels in our featured communities are as follow:
| Active Listings | Properties Sold | MOH | |
|---|---|---|---|
| Orlando MSA | 20,343 | 3,315 | 6.14 |
| Altamonte Springs | 598 | 94 | 6.36 |
| Apopka | 754 | 112 | 6.73 |
| Casselberry | 275 | 49 | 5.61 |
| Celebration | 170 | 21 | 8.10 |
| Clermont | 881 | 127 | 6.94 |
| Davenport | 865 | 155 | 5.58 |
| Kissimmee | 2203 | 425 | 5.18 |
| Lake Mary | 406 | 64 | 6.34 |
| Longwood | 530 | 63 | 8.41 |
| Maitland | 240 | 38 | 6.32 |
| Montverde | 45 | 5 | 9.00 |
| Mount Dora | 382 | 37 | 10.32 |
| Ocoee | 269 | 62 | 4.34 |
| Orlando | 6388 | 1390 | 4.60 |
| Oviedo | 429 | 63 | 6.81 |
| Sanford | 663 | 94 | 7.05 |
| Sorrento | 96 | 13 | 7.38 |
| St. Cloud | 652 | 88 | 7.41 |
| Windermere | 503 | 53 | 9.49 |
| Winter Garden | 397 | 96 | 4.14 |
| Winter Park | 728 | 87 | 8.37 |
| Winter Springs | 330 | 58 | 5.69 |
| COMMUNITIES | |||
| Avalon Park | 259 | 54 | 4.80 |
| Baldwin Park | 80 | 28 | 2.86 |
| College Park | 201 | 21 | 9.57 |
| Conway Area | 144 | 15 | 9.60 |
| Dr. Phillips Area | 354 | 59 | 6.00 |
| Heathrow | 70 | 9 | 7.78 |
| Hunter's Creek | 157 | 53 | 2.96 |
| Isleworth | 43 | 0 | - |
| Keene's Point | 70 | 8 | 8.75 |
| Lake Nona | 225 | 45 | 5.00 |
| Metrowest | 169 | 77 | 2.19 |
| Waterford Lakes | 110 | 30 | 3.67 |
