Central Florida Real Estate Market Update – Apr’09
Has the Central Florida real estate market hit bottom yet? Not sure, but we are definitely on the right track. The Central Florida real estate market receives, yet again, more good news in it’s monthly housing sales according to the Orlando Regional Realtor Association’s (ORRA) latest monthly statistics. Once again, the number of homes that sold in March 2009 outpaced the number of homes sold in March 2008 by a whopping 47.59%. March 2008 sold 1,120 homes and March 2009 sold 1,653 homes. It’s getting hotter out there! Temperature wise and real estate market wise! With our areas median price dropping yet again to $137,000 and interest rates dropping yet again to below 5% and along with the incentive of the $8,000 tax credit for first time home buyers, we are set and ready to gain even more sales in the coming months. Spread the word: “It’s a great time to buy!”
ORRA stats show that March 2009 median price is now 37.73% below March 2008 median price. Our ‘Pending’ sales increased again in March 2009 and are still going very strong with 4,906 homes under contract which represents over double the number of homes under contract in March 2009 than in March 2008 having only 2,398.
Another positive note for March’s numbers is that we decreased by another 720 homes on the market compared to the previous month of February 2009 numbers. We are now over 4,000 less homes on the market in March 2009 than in March 2008 continueing to decrease our inventory. We are currently at 21,448 homes for sale in March 2009 compared to 25,472 homes for sale in March 2008. Single family homes make up 15,407 of the 21,448 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. 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.
