Orlando Homes for Sale Inventory, Up by 659 Units in July 2010 – The number of unsold homes in the Orlando MSA increased for the third straight month, adding 659 more homes for sale, bringing the total number of unsold homes to 21,226. This brings the housing inventory months on hand (MOH) to 7.42 MOH, which is up from 5.61 MOH last month.
Unsold Homes – July 2010 (21,226): The inventory level of unsold homes increased by 659 homes in July to 21,226, up from 20,567 in June, which was up from 20,343 in May. This increase in the number of homes for sale is expected to continue for the near future. With the Home Buyer’s Tax Credit behind us, some buyers are expected to wait for the next government stimulus program, before they buy. If no new stimulus programs are offered within the next few months, we expect buyers to return to a more natural housing market.
Sold Homes – July 2010 (2,861): The number of homes sold in July was down substantially to 2,861, compared to 3,668 homes sales in June. This represents 807 fewer home sales in July, a 22% reduction in home sales compared to June. This decrease in the number of homes sold was expected due to end of the Home Buyer’s Tax Credit.
Unsold Homes, Months on Hand (7.42 MOH): In July Orlando’s housing market returned to a stronger buyer’s market, with the inventory months-on-hand rising from 5.61 in June, to 7.42 MOH in July. Six months-on-hand (MOH) is considered a balanced buyer/seller market, so the 7.42 MOH in July indicates a more favorable housing market for buyers.
Median Home Price July 2010 ($110,000): Orlando’s Median Home Price dipped to $110,000 in July, which is down 5.13% from June’s $115,950 median home price.
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 and Metrowest are now considered to be seller’s markets.
Hunter’s Creek and Metrowest remain our hottest selling, featured communities, with inventory months on hands at 2.96 and 3.75 respectively.
Forecast: With the home buyer’s tax credit behind us, we expect the market to slow over the next few months.
Communities in Focus: June home sales and inventory levels in our featured communities are as follow:
| Active Listings | Properties Sold | MOH | |
|---|---|---|---|
| Orlando MSA | 21,226 | 2,861 | 7.42 |
| Altamonte Springs | 486 | 81 | 6.00 |
| Apopka | 796 | 91 | 8.75 |
| Casselberry | 320 | 34 | 9.41 |
| Celebration | 180 | 19 | 9.47 |
| Clermont | 917 | 84 | 10.92 |
| Davenport | 980 | 142 | 6.90 |
| Kissimmee | 2,528 | 395 | 6.40 |
| Lake Mary | 369 | 70 | 5.27 |
| Longwood | 560 | 48 | 11.67 |
| Maitland | 225 | 30 | 7.50 |
| Montverde | 46 | 7 | 6.57 |
| Mount Dora | 379 | 32 | 11.84 |
| Ocoee | 315 | 44 | 7.16 |
| Orlando | 6,650 | 1,165 | 5.71 |
| Oviedo | 461 | 79 | 5.84 |
| Sanford | 712 | 88 | 8.09 |
| Sorrento | 115 | 10 | 11.50 |
| St. Cloud | 679 | 76 | 8.93 |
| Windermere | 512 | 57 | 8.98 |
| Winter Garden | 400 | 70 | 5.71 |
| Winter Park | 704 | 89 | 7.91 |
| Winter Springs | 367 | 54 | 6.80 |
| COMMUNITIES | |||
| Avalon Park | 264 | 59 | 4.47 |
| Baldwin Park | 78 | 17 | 4.59 |
| College Park | 197 | 12 | 16.42 |
| Conway Area | 154 | 18 | 8.56 |
| Dr. Phillips Area | 346 | 59 | 5.86 |
| Heathrow | 73 | 11 | 6.64 |
| Hunter's Creek | 146 | 49 | 2.98 |
| Isleworth | 43 | 1 | 43.00 |
| Keene's Point | 69 | 11 | 6.27 |
| Lake Nona | 225 | 38 | 5.92 |
| Metrowest | 195 | 52 | 3.75 |
| Waterford Lakes | 121 | 17 | 7.12 |
