Orlando real estate statistics for August 2009

Another month has passed and the real estate numbers for Orange County and Seminole County Florida have been released by the Orlando Regional Realtor Association.

Here is a direct link to the full details of these market statistics.

ORRA Originated Sales

The inventory of properties for sale decreased yet again from July by nearly 900 properties. New pending contracts are down slightly and closings are down slightly from July, but this is typical because in most areas of Central Florida school started up in mid-August which effects the number of buyers willing to move. Average days on market dropped to just 93 days which is the lowest this number has been since March 2007.

The number of properties under contract has spiked to a huge 8,237. This is reflecting the giant backlog of short sale properties that take many months to get bank approval and oftentimes never make it to a closing - on average less than 20% of all short sales ever close.

Prices continue to go down. The median sales price is down to just $128,000 and the average price is just $159,700. The big effect on prices is of course the flood of foreclosures still on the market. And there are thousands of more foreclosures still on the horizon. Because of these surging foreclosures, I'm of the opinion that this decrease in inventory is most likely only temporary. As more and more short sales turn into REOs, the market is going to have to get flooded with inventory yet again. I keep hearing rumblings from various circles that the $8000 tax credit is going to be extended, so make sure not to miss out on yours during this fabulous buyer's market.