It’s been a long time since I’ve been able to write about some improvements in the real estate market here in Orlando and it’s finally time. The Orlando Regional Realtor Association just released their stats for the first quarter of 2009 and shows a healthy boost in home sales.
1,653 homes sold in March 2009 representing a 25% increase from the previous month, a 57% increase since the beginning of the year, and a 47% increase compared to the same time last year. Any way you slice it, things are looking up.
Add declining inventory levels into the mix and you’ve got yourself a full blown change for the good in the market. Inventory levels have dropped 5% in 2009 and 15% when compared to the same time last year meaning one of the main culprits of the real estate downturn is starting to go away. As they say on the Sopranos, get da hell outta here.
The inventory has been hovering around a 2 year supply level for quite some time, but the latest figures show only a year’s worth of inventory. I’m talking I had to do the math a couple of times to make sure I didn’t screw up the calculations, but I did it right the first time. If we keep this up, we’ll be back to a stable market in no time.
Believe me, I’ve been wanting to blog about something good in the market and finally got it. I sure hope this trend continues for a while. I think we all need it.