The 34786 zip code commonly known as Windermere has some improvement in the real estate market over the past year. I know with all the bad press out, it’s hard to imagine but considering the fact that the inventory of homes on the market has dropped to 18.2 months from it’s peak in January 2008 of 40.6 months… I’d say there’s been an improvement. The market’s not good by any means, but it’s better than it was before.
Perhaps some of the improvement can be attributed to more realistic pricing. The price per square foot has dropped from $238 a year ago to $142 which represents a drop of 40.4%. I’m not paying too much attention to the number of pendings these days because many of them are short sales which typically stays pending 2 to 3 months only to come back on the market again.
Windermere is definitely an upscale area with many of Central Florida’s most exquisite and also the most expensive homes. I don’t have a crystal ball, but it’s a pretty safe bet that this area will be one of the first to rebound when the market recovers.