Wondering if the the Orlando real estate market has stabilized? Watch the Central Florida Market Update Video provided by the Orlando Regional Realtor Association and learn more:
Here is a quick summary of the Orlando real estate market video:
- Sales in January 2010 are up 66% compared to January 2009.
- January 2010 was the 17th consecutive month where we have seen more sales than the year ago.
- 54% of homes sold were below $140,000 (due to first time home buyer and investor demand).
- The overall median sales price was down 30% compared to 2009 from $148,274 to $103,000. This has improved affordability which means new opportunities for buyers.
- Even though homes are more affordable there are less homes to choose from. Inventory has dropped dramatically from the last year from 22,613 to 15,911 homes in the Orlando real estate market. That is an almost 30% drop! This amounts to about 9 months of supply as opposed to the 21 months supply of homes the year before.
- Decline in inventory and increase in sales means it is taking much less time to sell a home than it used to, making it 90 days in today’s market, a drop of 12% compared to the average days on market a year ago.
So altogether, not bad news for Orlando’s real estate market! Let’s see how the soon expiration of the first time home buyer tax credit affects market activity. What we have noticed lately is: there really are not many homes to chose from in the market! It is becoming very hard to find a home in the $200,000 – $300,000 price range in the Sanford/Lake Mary area. So if you are a home owner and have been thinking about selling, now may be the time! And obviously, if you are a first time home buyer, buyer (who qualifies for the $6,500 expanded tax credit) or investor in the Orlando area: now is the time to buy!
