The real estate market in Orange County mirrors the improvements shown in the Orlando MSA with the number of sales increasing and declining inventory. It’s just what the doctor ordered. I sure hope this trend continues.
Probably the best news is that the inventory is less than a year now and currently stands at 11.9 months. We’ve been hovering around the 2 year mark for quite some time so nearly a 50% drop in inventory means we’re well on our way to recovery.
The number of sales are show improvement as well. It’s increased 46% in the first quarter of 2009 with 1,145 sales in March.
The activity is certainly going up, but pricing is going in the opposite direction and sellers are getting about 93% of their asking price. Hey, at least they’re selling… it’s a hell of a lot better than last year.
All in all, I’m glad to see the strides toward recovery. I just hope we keep moving this direction.