The latest real estate market statistics were released by the Orlando Regional Realtor Association for the month ending September 2008. You can read all the details with lots of charts and graphs at ORRA's website.
There isn't too much exciting to see here. Despite the crazy economy and the roller coaster stock market, the Central Florida real estate numbers have been pretty steady for over a year now. The inventory of listings have been slowly decreasing since June '07 and they went down just a bit since last month. The number of new contracts ticked up a little bit since last month as did the number of sales closed.
As I have been saying for nearly a year now, the Central Florida real estate market bottomed out towards the end of 2007. This is reflected by the flattening off of the inventory numbers and closed sales.
The purchase prices are another story, they are still declining and may continue to do so. This is because all the competing sales are of bank foreclosures and short sales which are artificially depressing prices. Obviously foreclosure properties are going to sell for less than a normal arm's length transaction. You can actually buy re-sale homes for nearly 50% (in some instances) of what it would cost for a builder to build them new. That to me is a clear sign that prices are artificially depressed. At some point I may write on that subject at length. Until then, below are the numbers ...
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Rob Arnold - Your full service and investor friendly Realtor in Orlando and Central Florida.
ABR, CPL, CRB, CSP, GRI, Managing real estate broker, Licensed mortgage broker, Notary Public
407-389-7318 / 1-877-389-7318 www.SDRhouses.com/ www.WeBuyHousesFlorida.com/
Learn to invest in Central Florida real estate and Orlando real estate. Investor mentoring and counseling available. We sell properties, list properties, and we buy houses cash throughout the Central Florida & metro Orlando area.
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