Orlando & Orange County FL market stats for September 2008

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

The September 2008 real estate statistics were released from the Orlando Regional Realtor Association.  The juicy details with lots of charts & graphs are available at ORRA's website. These figures cover Orange and Seminole Counties in Central Florida.

There is not too much exciting to see here. Despite the crazy economy and the roller coaster stock market, the Central Florida real estate numbers have been pretty steady for over a year now.  The inventory of listings have been slowly decreasing since June '07 and they went down just a bit since last month.  The number of new contracts ticked up a little bit since last month as did the number of sales closed.

The Orlando Sentinel and the Orlando Business Journal have their own reviews on these latest figures.

As I have been saying for nearly a year now, the Central Florida real estate market bottomed out towards the end of 2007.  This is reflected by the flattening off of the inventory numbers and closed sales. 

The purchase prices are another story, they are still declining and may continue to do so.  This is because all the competing sales are of bank foreclosures and short sales which are artificially depressing prices.  Obviously foreclosure properties are going to sell for less than a normal arm's length transaction. You can actually buy re-sale homes for nearly 50% (in some instances) of what it would cost for a builder to build them new.  That to me is a clear sign that prices are artificially depressed.  At some point I may write on that subject at length.  Until then, below are the numbers ...

  

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

Rob Arnold - Your full service and investor friendly Realtor in Orlando and Central Florida.

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

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

Learn to invest in Central Florida real estate and Orlando real estate. Investor mentoring and counseling available. We sell properties, list properties, and we buy houses cash throughout the Central Florida & metro Orlando area.  

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.

 

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Location:
Florida Orange County
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Orlando Real Estate
Central Florida
Florida Real Estate Market Reports
University Of Central Florida Knights Active Rainers
Tags:
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Rainmaker
236,386
Debbie Summers
Charles Rutenberg Realty - New Smyrna Beach, FL

Rob - What do you think about days on the market... I think that it's wrong, properties that are entered with 0 days are skewing the numbers.  What do you think?

Oct 09, 2008 03:29 PM #1
Rainmaker
1,013,271
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

Debbie - I'm not sure how they calculate the DOM figure.  Those numbers can definitely be manipulated.  Also the number of pending listings is distorted because many of the short sales are pending simply because of the MLS rule and not because they are approved by a lender and actually scheduled for closing.

Oct 10, 2008 02:05 AM #2
Rainmaker
530,430
Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner
Chris Brown | Certified Mortgage Planners - Orlando, FL
Chris Brown 407.367.2974

Pendings and DOM aside, there are some encouraging stats in there.  Rob, did you read the Sentinel today?  Looks like they have come around to report some good news too!

 

Chris the implementer

 

btw, Debbie [above] just hit her 100,000 point mark!

Oct 10, 2008 06:52 AM #3
Rainmaker
1,013,271
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

Chris - The Sentinel has actually been positive on the Orlando real estate market for several months now. 

Oct 10, 2008 07:27 AM #4
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Rainmaker
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Rob Arnold

Metro Orlando Full Service - Investor Friendly & F
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