The Orlando Regional Realtor Association just released the latest statistics for the real estate market in Orlando and they look a little better. The number of sales increased from 1,110 sales in November 2008 to 1,305 sales in December 2008 and the inventory dropped from 24,408 to 22,524. Not bad, but we’re still looking at about 17 months of inventory. Don’t get me wrong, it’s much better than the 2 years of inventory we’ve been hovering at for the past year. Perhaps things are turning around.
The news that even New York market which has been immune to this downturn is now starting to show signs of slowing could be an indicator that things are changing. My humble prediction is that prices will stabilize sometime this year and stay stagnant for while. I’m only saying this because that’s what happened the last time we had a real estate slump.
The mortgage rates have been dropping like the gas prices and hopefully it’ll speed up our march towards stabilization. 2009 is not going to be a great year for real estate, but it could mark a turning point which would be a welcome event for many of us.