Central Florida Real Estate 360

The Central Florida real estate market has continued to heat up!  Sales are up nearly 80% over last October 2008 and inventory is continuing to decrease.  According to the Orlando Regional Realtor Association (ORRA), the monthly supply of housing inventory now reflects only a 7.14 month supply where a 6 month supply indicates equal balance between buyers and sellers.  Add this news to the government extending and expanding the Tax Credit for 1st Time Home Buyers and current owners who lived in their homes 5 consecutive years out of the past 8 years and the real estate market should expect additional good news through early part of 2010.  Current home owners who qualify for the tax credit should also be able to take advantage of tax portability whether upsizing or downsizing (Please visit your counties tax appraisers website for more info).  You can read more on the Tax Credit from previous blog entry.  Click Here to read the full media release by ORRA.  Click Here to read ORRA Talking Points.

The Central Florida real estate market is still becoming more balanced between buyers and sellers.  According to the Orlando Regional Realtor Association (ORRA), the monthly supply of housing inventory now reflects only an 7.74 month supply where a 6 month supply indicates equal balance between buyers and sellers.  Spread the word, “It’s an incredible time to buy Central Florida real estate and time is running out for first time home buyers to take advantage of the government’s $8,000 1st Time Home Buyer Tax Credit!”

According to ORRA, the number of homes that sold in August 2009 outpaced the number of homes sold in August 2008 by over 65%.  August 2008 sold 1,280 homes and August 2009 sold 2,112 homes.  The median price for the area drop slightly by 3.76% compared to previous month of July’09, however, the majority of that price drop is indicative of the sales of bank owned properties and distress properties.  The homes that sold as a normal sale stayed the same at a median price of $165,000.

Our ‘Pending’ sales increased again in August 2009 and are still going very strong with now 8,237 homes under contract.  We are still experiencing over double the number of homes under contract than we did a year ago.  This is more evidence of greater sales occurring in the coming months.

For a consecutive 7 months running, the number of homes for sale have now decreased by another 870 homes on the market compared to the previous month numbers.  We are now 8,473 less homes on the market from this time last year.  We are currently at 16,361 homes for sale in August 2009 compared to 24,834 homes for sale in August 2008.  Single family homes make up 11,910 of the 16,361 homes on the market, while the remaining numbers are comprised of condos, duplexes, town homes and villas.  Click Here to visit ORRA’s web site for even more stats.

Our sales continue to be strong as well as our median price holding steady for the first time in a long time.  Spread the word, “It’s a great time to buy Central Florida real estate and time is running out for first time home buyers to take advantage of the government’s $8,000 1st Time Home Buyer Tax Credit!” 

According to the Orlando Regional Realtor Association (ORRA), the number of homes that sold in May 2009 outpaced the number of homes sold in May 2008 by nearly 38%.  May 2008 sold 1,347 homes and May 2009 sold 1,854 homes.  ORRA updated the median price for April’09 numbers to reflect $130,000 instead of originally having a median price of $132,900.  This makes the median price for April’09 the same as the median price with May’09 and is 38.51% below May 2008 median price.

Our ‘Pending’ sales increased again in May 2009 and are still going very strong with 6,603 homes under contract.  We are still experiencing over double the number of homes under contract than we did a year ago.  May 2008 had only 3,225 homes under contract.  This is more evidence of greater sales occurring in the coming months.

For a consecutive 5 months running, the number of homes for sale have now decreased by another 1,071 homes on the market compared to the previous month of April 2009 numbers.  We are now a little over 5,800 less homes on the market from this time last year.  We are currently at 19,123 homes for sale in May 2009 compared to 25,015 homes for sale in May 2008.  Single family homes make up 13,734 of the 19,123 homes on the market, while the remaining numbers are comprised of condos, duplexes, town homes and villas.  Click Here to visit ORRA’s web site for even more stats.  Your business and referrals are extremely important to my business.  Please do not hesitate to contact me if you or someone you know is interested in buying or selling real estate in the Central Florida area.