Sales dropped in Central Florida by quite a bit in September.
Orange County saw a 43.5% drop in overall sales this week which was the worst of all of the Central Florida Counties. The total number of Active Listings dropped by a net of 314 (or 1.94%) in Orange County over the same period but was dwarfed by the sales drop.
Lake, Osceola, Seminole and Volusia Counties also saw drops in inventories followed by much bigger drops in Sales. Overall the absorption rate (expressed in months of inventory) increased across the board showing that market time is still growing and the market is still in a downturn.
Yet another reason to get out there and buy something. Just as the bubble boom didn't last, neither CAN this downturn. We could see a turn around or flattening as soon as 90 days or longer like 12 months.
Who knows! It will happen eventually. I hope these numbers help to educate.