May wasn’t to shabby of a month for Orlando home sales as they hit one of the highest recorded at 2951 properties sold. Even though it was a little short of the previous two months sales figures, it’s still greater than 20% more closed sales than February. The available inventory did remain relatively steady, just increasing 73 units. This yielded an approximately 4 months supply of inventory. The Average List and Sales Prices both dipped a little bit from the previous month. Yet, the Median Sales Price rose again to levels not seen since 2008! The Average Days on the Market dropped to 72 days from 79, further proving the strength of the market. All in all this shows well for a healthy Greater Orlando real estate market!
A couple of definitions are in order. The median sales price means that 50% of the homes sold for more and 50% of the homes sold for less during a certain period of time – in other words, it’s the midpoint of sale prices. So basically what this means, is that the median sales price is showing market activity in that it’s specifically indicating which price range is more active.
The average sales price, as opposed to the median sales price, is the total volume of sold properties divided by the number of properties sold.
There needs to be a disclaimer here. These stats are only telling us what it being purchased and happening at a certain period in time. It needs to be fully understood that not only is real estate local, but it is hyper-local. What this means is that the trends that we hear about are overall. Let’s put it this way, what’s happening in one neighborhood may not be realized in the neighborhood next door.
Additionally, these are only monthly statistics and to get a better scope of what is happening, you need to look at a longer period of time. More high-end homes might be sold in one month as opposed to another. By looking at a longer period, you will get a better overall picture. It is all relative and this has to be understood when utilizing these stats.
For information on Seminole County real estate and Seminole County homes for sale in addition to Seminole County relocation contact Marc Grossman, your Seminole County Realtor @ 407-463-1034. Additional information is available for Seminole County real estate, Orange County real estate, West Volusia County and South Lake County.
To learn more about Marc and the services he has to offer, visit his website.
Marc Grossman, GRI - http://www.OrlandoHomes-4u.com/ - 407-463-1034
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