Thursday, July 16, 2009

Are prices/inventory stabilizing?

If you are contemplating about buying your first home, investment home, or second home, now is the time to buy.

The following statistics are courtesy of the Orlando Regional Realtor Association:

  • A steady increase in the pace of Orlando home sales activity is creating conditions that are within striking distance of a balanced market. Inventory level reflects an 8.37-month supply at the current pace of sales; a market with six months of supply is considered by housing economists to be balanced between buyers and sellers.
  • In June 2009 there were 43.12 percent more homes SOLD than in June of last year, contributing to the area’s year-to-date sales increase of 43.76 percent
  • There were 2,131 closings in June. Of those June sales, 45.99 percent of the homes were either bank-owned or distressed
  • The median price of all Orlando homes sold in June is $131,200 (a 39.26 percent decrease compared to June 2008).
  • Pending Sales in June = 7,230
  • The area’s average interest rate increased in June to 5.48 percent
  • There are currently 17,831 homes available for purchase through the MLS. Compared to last year, the June 2009 inventory level is 27.44 percent lower than it was in June 2008 (24,575).
  • The inventory level’s 8.37-month supply is the lowest since July 2006.

If you would like more statistics or would like to schedule an appointment, please contact us.