Major Jump In New Sales Contracts In Orlando Metro Area!

Members of the Orlando Regional REALTOR® Association filed 4,043 new sales contracts in the month of February, the greatest monthly tally since 2005!  That is a jump of 66.1 percent from last February’s numbers. 

“The new-contract statistic is an important indicator to consider in our current market, as it reflects real-time buyer interest. I expect activity in this category to continue to pick up into late spring as buyers take advantage of the tax credit before its April 30 deadline”, said ORRA Chairman of the Board Kathleen Gallagher McIver, RE/MAX Town & Country Realty. 

More good news:  the median price of all existing homes combined sold in February 2010 increased 7.06 percent from January 2010.  February’s median price was $109,200, which includes all types of sales situations (bank-owned, short sales and “normal” sales). The median price for “normal” sales is $168,100 (an increase over last month’s $165,000). 

Orlando REALTORS® recorded 1,847 closings in February.  That’s 39.71 percent more than in February 2009.  All types of homes spent an average of 93 days on the market before closing in February 2010.  That’s a decrease from last February’s 100 days.  Another positive indicator is that in February 2010, the average home sold for 94.76 percent of its listing price while in February of 2009 homes sold for 93.14 percent of listing price.

Another indicator of positive change is the decrease in homes listed through the MLS.  This February the MLS had 25.76 percent less homes listed than last February.  This means that the supply is decreasing and the supply/demand ratio is approaching a more desirable level. 

Looks like Florida is finally seeing some major positive changes in the real estate market!