The Orlando Regional Realtor Association released the latest statistics for Orlando today and it shows some promising signs. For the first time this year, the inventory of homes is less than the level seen in the same period for 2007. There’s currently 19.6 months of inventory on the market which seems like a lot, but at least we’re headed in the right direction.
The number of total properties under contract show a distinct trend upward in the graph and the number of sales has increased every month in 2008. We had 1,276 sales and 3,225 properties under contract in May 2008. I believe this means more homes are selling.
Another promising statistic is that fewer homes are coming on the market. We definitely don’t need to add to the glutton of inventory already on the market, so I’m excited to see this. For the market to truly reach a point of stabilization, we really need to see an inventory level that’s far less then 19.6 months.
We’re not there yet, but the statistics show that there definitely is a steady march towards improvement underway for the real estate market in Orlando.