Hojin's SW Orlando Real Estate Scoop

Celebration has seen an incredible rise in supply of homes alongside diminishing demand during the period between May 2006 and July 2007. Inventory has increased from 1,100 to 1,411 homes on the market in the past 15 months. There are 42.8 months of inventory based on home sale numbers and 28.2 months of inventory based on pending sale numbers. Either way, the numbers are much worse than the Orlando MSA. 85 properties sold in Celebration in May 2006 and only 33 properties sold in July of 2007. The average days on market increased 27% during the same period. The sale of condos were much weaker than single family homes just as in the rest of the region. The recent drop of the fed funds rate should help thing turn around but the supply needs to come down quite a bit for any significant changes to happen. Click this link to the National Association of Realtors forecast for 2008.