November 15th, 2012 3:27 PM by Brent Ferry
The MLS inventory level stood at 8,094 homes in October down 18.84% from October last year. The current pace of sales translates into 3.33 months of supply.
Orlando home sales (all home types combined) in October were up 14.17% when compared to October 2011 and up 6.01% when compared to September 2012. "Normal" sales transactions were up nearly 30%.
Area wide, the median home price of all existing homes sold in October was 9.24% higher than that recorded in October 2011. Median price on "normal" sales was up 4.61%. The Orlando area has posted 16 consecutive months of year-to-year median price gains.
Buyers who have been holding off purchasing a home because they are waiting for prices to fall further may miss out on the home that they really want. As the chart above demonstrates, the inventory of homes available for purchase is on a steady decline. Also, in the short term rental market at least, it would seem our most popular communities have already bottomed. Home prices have moderated and have even increased in many neighborhoods.
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Data from the Orlando Regional REALTOR® Association and the My Florida Regional MLS