- It is possible that more sellers are giving in or that the listing agents are giving up and if the home is priced to high, they are being taken off the market. MLS reports indicate that 821 Orlando homes were withdrawn from the market in June, 792 in May and 747 in April.
- The ORRA report also noted that June saw a 7% increase in sales over May. That is great news and something we have not seen in some time. The hope is that this trend will continue upward regardless of how slightly throughout the year and in to 2009.
- Another sad truth is that more people are losing their homes in the Orlando area. Recent reports indicate that Orlando ranks higher than most metropolitan areas in foreclosure rates. The foreclosures will pull down the listing inventory temporarily only to see these same homes reappear months later as bank owned listings.
These are 3 good reasons why the inventory is dropping in the Orlando area. What it means long term is still to be determined.
Related Florida real estate views:
You can afford an Orlando home
Orlando will lead Florida in population, employment and personal income gain
Buyer's demand for new homes remain low during peak season
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