Central Florida & metro Orlando real estate services

The Orlando Regional Realtor Association released their monthly housing statistics for Orange County and Seminole County for the month of September 2009 (area covers Orlando, Altamonte Springs, Lake Mary, Winter Garden, Winter Park, Longwood, etc.).  Here is a link to the full housing report.

ORRA Originated Sales

Inventory levels dropped slightly from 16,361 in August to 15,967 in September.  This continues the decline that started around summertime 2008. 

The number of properties currently sale pending is at the highest level ever seen with 8,790 properties under contract. In September 2008, this figure was just 3,256 and in September 2007 it was just 2,012.  Big change.  However, as of this morning 4,371 of these pending sales were short sales which presently have less than a 1/3 chance of making it to closing.  :-(

For the 3rd month in a row, the number of expired and withdrawn listings 1,860 (ones that did not sell and fell off the market) were less than the number of sold listings 2,151.  While this number of solds is lower than the June, July, and August numbers it is still very strong considering that the market typically slows down once school starts back up.

The average and median sales prices declined slightly yet again.  This is caused by the all the bank owned REOs and the short sales that are driving prices downward.  Median price was $125,000 and Average price was $156,400 for September 2009.

The Orlando Sentinel had an article on these figures today if you want to read up on more details.  The $8000 tax credit will be expiring in 6 weeks. So it if you want to tap into it, you must do so immediately.