Orlando real estate statistics January 2011

The January 2011 monthly Central Florida / Orlando real estate market statistics have been reported by the Orlando Regional Realtor Association.  Here is a direct link to the full MLS statistic details. Below is a breakdown of the numbers. This covers Orange County and Seminole County Florida, including the cities of Orlando, Winter Park, Maitland, Windermere, Apopka, Ocoee, Altamonte Springs, Longwood, Sanford, Casselberry, Oviedo, Winter Springs, and Lake Mary.

                 Inventory    New Listings    New Pendings   Under Contract     Closed    Days on Market

Jan 2010       15,911        4279                 3579                 8590                 1820           89

Oct 2010       15,441        3650                 3466                  8817                1953            91

Nov 2010       15,192        3346                 3243                 8998                 1936           96

Dec 2010       14,993        3444                 3196                 8363                 2467           97

Jan 2011       14,398        3478                 3747                 8777                 1950           96

Inventory levels continue to decrease.  Typically January shows a big increase in the number of new listings, but this January was different. January 2009 had 4340 new listings and January 2010 had 4279 new listings, but January 2011 was only at 3478.  This has helped lower inventory levels and more normalize the balance between buyers and sellers. 

Closed deals were down from December, but January is typically a slower month for closings.  Closings typically occur 30-60 after a deal goes pending which means the January closings were pending deals back during the Thanksgiving and Christmas holidays which is historically not as busy as other months.  January sales were 130 sales higher than in 2010.

Prices continue to trend downward though. The median price in January was down to $94,950 while the average price was down to $134,700.  The Orlando Sentinel reports that this is the lowest price point since 1997 some 14 years ago.  Talk about cheap.  The reason for this is because some 75% of the sales in January were either foreclosures or short sales.  Many of those were super cheap junker houses and condos.  

Here are some additional analysis put out by the Orlando Realtor Association and the Orlando Sentinel for you to review as well. It is a great time to buy.  Prices are still very low and inventory is still plentiful.  Buy a piece of paradise today.