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Is the Orlando market showing signs of recovery?

It is certainly true that a single month's numbers should never be looked at in isolation, but today the December 2008 numbers for Orlando housing were released and while they continue to show the trend of slow recovery, the biggest three numbers - inventory, under contract and closed sales - have all shown dramatic improvements over 12 months ago.

It has long been thought that a ballanced market in the Orlando area has meant around 7,000 homes for sale. At its peak, we had more than 26,000 in Orange and Seminole counties and for the past 12 months we have been hovering between 24,000 and 25,000. However in December of 2008, inventory was down by almost 2,000 to 22,524 homes for sale.

Next we must look at how many homes are under contract but not yet closed - future closings if you like. A year ago this number was just over 1,000 homes and has been up as high as 2,000 in the last 12 months. The December 2008 number was 1,871 - UP 848 over the same month in 2007.

Finally actual closed sales is also dramatically up. While the 2008 peak month was June with 1,489, the December 2008 figure of 1,305 represents an increase of almost 300 over the same month in 2007.

These trends are important numbers to watch - especially for those seeking to find the bottom of the market. It is impossible to time the market that well as the only true way to know where bottom WAS is to look back and see it. It is certainly a great time to buy a home if you look at the cost of property and the cost of money right now. If you are looking for a home, then this is probably as good a time as there has been in several years. If you an investor looking to time it right, then certainly there will be no quick flips out there right now.

If you are looking for expert advice in the Orlando area, then look no further. Give me a call on 407 876 8200 or 321 624 3174 or visit www.simonconway.net

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Simon Conway is the winner of the FIVE STAR

Best in Client Satisfaction for Real Estate Agents in the Orlando area.

Please give me a call if you have questions about the Central Florida real estate market. You can reach me on 407 876 8200. Also visit my web site at www.simonconway.net or www.move2orlando.net

Posted by Simon Conway on 01/12/2009 11:27 AM

Comments (8)

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8 Comments on Is the Orlando market showing signs of recovery?

JAN

Simon it is going to be hard to tell if it's picking up or is it just a blip. Chances are it will be picking up well before one can detect it.

Simon,

We are seeing signs of a recovery in our market here in Dyersburg,Tn.

Simon,

Are you cautiously optiistic? I see Mike feel it the same way too. Cool, maybe we are getting closer to decent times, and those with better eye sight start seeing the light at the end of the tunnell?

Simon, hello my friend...long time no hear! Our market is holding but not improving. Let's keep a good positive outlook and maybe the numbers and sales will follow. I just wanted to wish you a Happy New Year and let you know I've missed hearing from you!

I TOO have missed seeing you around the Rain. I've been ought of touch myself until this past weekend. NOW, I'm ready to hit the ground running.

Our market here in North Texas is also holding its own. Unfortunately, as Deb said, BUT NOT improving yet. Our inventory is so very low right now and should be great for a Seller's Market...BUT...
we don't have buyers EITHER, so that makes it a wash.

2009 is GOING to be a better year for us all....it just has to.

Happy New Year to all. Optimistic in Paradise......Texas that is.

JAN

Happy New Year Simon. The market is recovering in Florida. People are now beginning to see hope that one can afford to buy real estate again and now that even property appraisers are reducing the tax bills for many.

JAN

I love stats. Both coasts went down first, so thats where we can look for the start of the recovery.

FEB

The stats are encouraging. The stabilization and rise of a down cylce is always marked by a rash of new investors and we've certainly seen that going on here in the last few months, haven't we? I've got investors coming out of the woodwork!!!

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