Orlando housing and market conditions

The Orlando Realtor Association released Orlando housing statistics for July. In keeping with the ongoing theme of positive attitude attracts positive results, the organization predicted pending sales as being a sign of upcoming improvement of market conditions.

The numbers reported indicated:

• July sales fell below Junes by 3.56%
• Sales are down this year by 24.52% from 2007
• Orlando median sales price for July $207,500.
• Homes spend an average of 117 days on the market

The Association predicted that the increase in new or pending business over the past 3 months as compared to the same time last year is a sign that the market is improving. Unfortunately this new business may consist of short sale transactions that have a harder time making it successfully to the closing table.

Related Florida real estate views:

Appraisals + short sales = no sale

Real estate values in Orlando Florida

Orlando home sellers: giving in, selling or losing their home?

- Greg Staker - Watson Realty Corp. - 407-304-0255

Orlando home sellers: giving in, selling or losing their home?

ORRA released a new set of numbers dealing with the Greater Orlando housing market. It was noted as a positive that the listings inventory has dropped by 46% since January.

• 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 MLS reports indicate that 821 Orlando homes were withdrawn from the market in June, 792 in May and 747 in April.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

National real estate market nowhere near the bottom?

I found this interesting real estate housing article written by Caroline Baum, a Bloomberg News columnist. This quote stood out for me:

While homebuilders are pressuring Congress to enact a tax credit for first-time
buyers, they are resisting the one thing that requires no legislative action to
spark buyer demand, according to Thomas Lawler, founder of Lawler Economic and
Housing Consultants in Leesburg, Virginia: Cutting prices.

Orlando real estate then and now

In November of 2005 it had become readily apparent that there was a change happening the Central Florida real estate market. The bubble bursting debated was in full swing.

I compared the slowing of home values then to a baseball runner getting caught between bases.

That post is as relevant now as it was then and worthy of a second look.

Florida real estate bubble


Related Florida real estate views:

Orlando housing

The market, then and now. Has anything changed from 2005-2008

Housing slowdown slows paint sales


- Greg Staker - Watson Realty Corp. - 407-304-0255

Orlando home sales down 71%

Closed sales reported for the city of Orlando for the first week of 2008 are 71% below the numbers reported during the first week of 2007.

A search conducted for reported home sales in Orlando during this first week of 2008 as compared to the first seven days of 2007 found that in the first week of 2007, 104 homes were reported sold in Orlando as compared to just 30 homes during the first week of 2008.


Related Florida real estate views:

Orlando home sellers: giving in, selling or losing their home?

Orlando homebuyers have a good selection of affordable homes.

Mortgage Banker Association expect home sales to bottom out in 2008


- Greg Staker - Watson Realty Corp. - 407-304-0255

August home sales in Orlando lowest of the year

Information provided by the Mid-Florida MLS today reported 571 closed sales in August. This is the lowest monthly units reported thus far for the year. Past months reports sales as follows:

• January 687


• February 754


• March 806


• April 686


• May 738


• June 674


• July 647

Related Florida real estate views:

Where can you find a foreclosed home in Florida?

11,643 homes for sale in Orlando

Orlando home sales in February

- Greg Staker Watson Realty Corp. 407-304-0255