Is the real estate market improving in Central Florida?
Buyers and sellers are wondering if the real estate market is improving in Central Florida. After several years of dropping prices and fewer homes selling is the market improving in 2010? There is good news being reported along with news that indicates we still have a ways to go.
Florida real estate market
According to the Florida Association overall sales throughout Florida increased in January 2010 compared to January 2009. However home prices fail by 6% with the new median price of 130,900 compared to $139,400 a year ago.
Orlando real estate market
In the Orlando market area the Orlando Association reports that home sales have increased from January 2009 to January 2010 by over 65%! Home sold median prices during this comparison period dropped by 30%.
Market condition
The drop in prices and increase in sold units are considered a direct result of the number of foreclosure, bank owned property and short sales listed throughout the area. The continued increase of sales driven by these distressed properties will eventually work to stop the falling of home prices. As efforts to keep homeowners in their homes become more successful along with tax credits and incentives bringing more buyers into the market place supply and demand will become balanced.
Real estate markets are traditionally localized. If you are planning on selling or buying a home in Florida and want to find out if now is a good time for you, give me a call to discuss your situation. 407-304-0255
Source: http://www.gregstaker.com/is-florida-real-estate-market-improving.html
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