Central Florida's residential real estate is affecting all types of home sales. This cause the local home-builders association to change their sales pitch. They will be investing hundreds of thousands of dollars this month on a campaign to gain consumer interest. It is interesting to note too that the inventory in Central Florida area has doubled and the average time needed to sell a listing doubled last year.
These days though, condo owners are feeling the pinch. The sentinel noted that part of the reason is that the buy-and-flip investors who flooded the market during the hight of the home-buying frenzy in 2005 have evaporated which cause a shrinking in the pool of prospective customers.
Mike Blinn, head of research for the Orlando Regional Realtor Association said that the number of active condo listings at the end of December was a staggering 3,238, which is up more than 17% since June. There could also be more condos out there for sale which are listed by owners. These counts would not be part of the MLS.
Sellers will continue to have difficulties selling these properties unless the inventory gets lower. Right now, the market is too saturated because many investors also jumped onto the condo bandwagon.
Across the US, the inventories of condos for sale have a record of 9.2-month supply in November, which is the latest month for which figures are available this according to the National Association of Realtors. While the single family inventory amounted to a 7-month supply.
Comments(0)