The Orlando Regional Realtor Association just released their latest stats for the real estate market in Orlando and 2009 seems to show a bit of an improvement from 2008 if that seems at all possible with all the stuff going on in the economy.
First off, the inventory of homes on the market has dropped from 25,984 a year ago to 22,168 which represents a drop of 14.69%. This kind of drop is a good thing. Did I also mention the number of sales increased 28% in the same period? That’s also good, because it means there’s only a 18 month supply of homes on the market.
Actually, it’s not that good but it’s a heck of a lot better than it has been… fosho. Half the sales are probably foreclosures but we gotta get the inventory down somehow.
Pending home sales are another interesting stat these days. It’s actually doubled in the past year and it’s not good news. It means there’s a bunch people upside down on their homes and attempting short sales. This number is high because the banks take months and months to give an answer in such a situation.
The banks are no where near organized enough to deal with the number of short sales at the moment and if they can get their act together, it would represent a tremendous boost to the housing market. I mean there’s 4,348 homes pending at the moment and even if they approve half of them, it would triple the number of sales and reduce the inventory by a heck of a lot.
All I can say is, the numbers show improvement and I’ll take it in this economy.