I know, you’ve heard this before and are wary, but here are some Florida and Greater Orlando stats to think about! Year over year data show that approximately 38% more homes closed in September than a year earlier. Additionally, they rose 4.3% from August to 1335 properties. This has generally been consistent throughout the Greater Orlando area except for Lake County, which sold less home in September as opposed to August.
Now, I haven’t seen the figures for September, but according to RealtyTrac, Florida foreclosures dropped 4% from July to August while the national trend rose 12% during that period. Yet, I do have an issue with their methodology. They report the number of filings not foreclosures. While a property may have some sort of foreclosure filing, many are never foreclosed upon due to a short sale or some sort of lender negotiation. But nevertheless, this does show a trend of sorts.
Overall, I’ve noted an inverse relationship between the average & median prices and the number of sold properties. Last week, I published the market sales statistics and comparative analyses for Orange and Seminole counties and 11 cities within those two counties. One of the statistics that I produce is the month over month changes in the average sales price, median sales price and sales volume. In the majority of those reports I noted a general trend in that if there were a decrease in the average and median sales price, there was an inverse increase in the sales volume and vice versa. This may not appear obvious on the outset, but when you look at it, a lower price means a home is more affordable, therefore raising the areas affordability index.
I’ve been of the belief that the best indicator of trends is closed sales volume, but it should be noted that many industry analysts believe that a better predictor is New Contracts/Pendings, properties under contract. While I understand that this shows a possible trend for future closings; it must be also understood that many, and especially in our current market, never make it to the closing table.
If you’d like more information or more complete data for the Greater Orlando Central Florida area, contact me – it’s just a simple email or phone call!
Marc Grossman, GRI - http://www.OrlandoHomes-4u.com/ - 407-463-1034
Marc donates 10% of his net proceeds to Hospice of the Comforter.
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