Market statistics for April 2008 in Orange & Seminole County FL

By
Real Estate Agent with Sand Dollar Realty Group, Inc. BK627826

The latest monthly market statistics for Orange County and Seminole County, FL have been posted by the Orlando Regional Realtor Association for the month ending April 2008.  Link to statistics.   

The trend from previous months has continued, and that is a good thing in my opinion.  The overall listing inventory has declined for the 4th month in a row and has not increased beyond the 26,000ish mark for now 10 months in a row.  This trend of a decline is very slight, but it is a decline.  Unfortunately, the decline is mainly from listings expiring or getting withdrawn and not from properties selling.  However, I think most Realtors(R) would agree that a big percentage of the listings on the market are either short sale listings or overpriced listings, and in both cases they will most likely never sell.  These listings are artificially raising the inventory numbers and causing the legitimate listings to get lost in the shuffle like a proverbial needle in a haystack.

Another interesting statistic is the number of new listings.  For the 4th month in a row, the number of new listings is significantly lower each month than in 07.  Compare the 2008 numbers with last year's numbers: January 2007 with 6630 new listings, Feb 2007 with 5566 new listings, March 2007 with 6426 new listings, April 2007 with 5832 new listings.  This is a good sign.

Also the number of new contracts has increased for 4 months in a row.  Last year from January to April, the new contract numbers were basically flat and then dropped drastically in the Fall.  Here are the statistics that show last year's number.  The contrast in the numbers is obvious.

The number of sold properties is still quite low, but they have increased for 3 months in a row now.

To me these numbers appear to show that the Orlando market bottomed out sometime around November-December 2007 and is slowly plateauing and adjusting into a flat market.  We have a long long way to go before the market starts booming again (possibly several years), but if we have hit bottom at least the mortgage market should begin to correct itself.  Mortgage rates are low, inventory is still plentiful, and sellers are very negotiable.  It is a great time to buy and hold.

Also more positive news from the Orlando Sentinel.  Is the media actually coming around to our side?

 

 

 

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(Copyright © 2008. Sand Dollar Realty Group, Inc. All rights reserved.)

Rob Arnold, ABR, CPL, CRB, GRI, Managing real estate broker, Licensed mortgage broker, Notary Public

407-389-7318 / 1-877-389-7318    www.SDRhouses.com/   www.WeBuyHousesFlorida.com/

Your full service and investor friendly Realtor in Orlando. Learn to invest in Central Florida real estate and Orlando real estate. Investor mentoring and counseling available. I also provide flat fee MLS listings, For Sale By Owner, and menu-based services in most parts of Central & South Florida, the Space Coast, and the Treasure Coast including Orlando, Winter Park, Maitland, Ocoee, Winter Garden, Apopka, Altamonte Springs, Casselberry, Longwood, Winter Springs, Oviedo, Lake Mary, Sanford, Deltona, Debary, Deland, Mount Dora, Eustis, Clermont, Kissimmee, Winter Haven, Lakeland, Tampa, Sarasota, Bradenton, Miami-Dade, Fort Lauderdale, West Palm Beach, Port Saint Lucie, Melbourne, Daytona Beach, Ocala, Gainesville, Volusia, Brevard, and more.

We sell properties, list properties, and we buy houses cash throughout Central Florida and the metro Orlando area.

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Anonymous
Scott

Rob,

Thanks for your thorough analysis.  I agree that these are encouraging numbers no matter how small the increase.  Every month we see positive numbers equates to good news and perhaps more buyers will take note and get back into the market.  Keep up the great work on communicating this information. It's very helpful.

Sincerely,

Scott     

May 15, 2008 06:04 AM #1
Rainmaker
4,798,675
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Bob.  Thanks for keeping us informed about the real estate market for Orange & Seminole County FL.

 

Jun 15, 2018 05:08 AM #2
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Rainmaker
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Rob Arnold

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