The Orlando Regional Realtor Association ® released the latest market statistics for the month ending January 2009. These stats cover Orange County and Seminole County, Florida including Orlando, Winter Park, Ocoee, Apopka, Altamonte Springs, Longwood, Oviedo, and Sanford to name a few places.
Surprisingly some of the numbers actually appear like the market is improving. I've been saying for over a year now that inventory levels have basically flattened off for quite a while. These latest numbers show a clear decrease in inventory which I found to be pretty interesting. You can read the full details at the ORRA website and the abbreviated version below.
The really telling numbers are (1) the number of new listings for January which is always typically a high month but not this January, (2) the days on market and the continued downward trend, and (3) the number of new contracts which is at the highest level since May of 2007. The number of Solds for January is typically much lower than in other months because during December people are concentrating on the holidays and not focusing on buying properties so thus the January closings are nearly always lower than other months.
The more frightening numbers are the median and average sales prices. The median price in January 2008 was $221,500 compared to January 2009 of $148,300. The average price in January 2008 was $312,100 compared to January 2009 of $190,200. Those are very dramatic decreases and the market prices are still decreasing in many areas. I've heard a few smart people say prices are close to the bottom, but who really knows for sure.
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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, Notary Public
407-389-7318 / 1-877-389-7318 www.SDRhouses.com We Buy Houses Florida
We sell foreclosures, short sales, and bank owned REO properties throughout Central Florida. We sell and list Central Florida real estate and Orlando real estate. Free list of foreclosure and short sale houses available.
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