It’s been a crummy year for the real estate market in SW Orlando as well as many parts of the country. While there’s been a lot of talk about a deteriorating market, the market stats are remarkably stagnant in SW Orlando. Stagnant is better than declining is the way I see it.
The zip codes included in the following stats include: 32811 (Millenia Mall area), 32819 (Dr. Phillips), 32821, 32824 (Williamsburg), 32830, 32835 (Metrowest), 32836 (Dr. Phillips), 32837 (Hunters Creek), 34786 (Windermere), and 34787 (Winter Garden).
There were 5,191 homes for sale, 256 homes sold, and 20.3 months of inventory in July 2007 and 5,294 homes for sale, 249 homes sold, and 21.3 months of inventory in July 2008. Perhaps a little worse, but pretty similar numbers from a year ago. The market’s not great, but not getting much worse. Considering the economic environment, I see it as a positive.
One glaring statistic is the decline in median price from $298,000 to $230,000 in the same 12 month period. That’s a drop of over 22% in a year. While it sounds like a big drop, it’s a sign that prices are coming down to reflect changes in the market and the march towards stabilization.
Hopefully the stagnation will continue signaling market stabilization in SW Orlando. Prices will have to stop declining for us to get there and the inventory needs to get thinned out a bit. As far as supply, a stable market in SW Orlando typically has 6 months of inventory. We’re a long ways off, but the supply is not going up.