The Orlando Regional Realtor Association just released the latest statistics for the Orlando real estate market and some facts about are just obvious from these graphs below. Properties are taking longer and longer to sell. The average days on market has jumped from 73 days a year ago to 112 today. The number of new contracts is down about 50% from a year ago and the inventory remains at a staggering 26,330 meaning the Orlando real estate market has over 2 years of inventory even with relatively low interest rates. Whoa. Prices are dropping to adjust for the market but the number of new contracts are not responding yet, so the prices must drop lower to begin increasing sales. Well, at least we have the new property tax bill that will be on the ballot in January to boost our market. If the bill passes, it will definitely increase the pool of home buyers out there which is a good thing folks.
Market Statistics for the Orlando Real Estate Market Released on November 8, 2007
November 9th, 2007 · No Comments
Tags: Market Statistics