Trendgraphix just released their latest number for Orange County Florida and their numbers tell a similar story of improvement like the numbers recently released by the Orlando Regional Realtor Association.
While prices are still declining, they’re falling at a slower rate. The number of sales on the other hand have risen 66% compared to the same time last year and resulted in 1,423 sales in July 2009.
The National Association of Realtors statistics show that about a 1/3 of all sales last month involved distressed properties so we’ll have to see if these numbers continue to improve when fewer foreclosures are on the market.
There’s also the last minute buyers coming into the market trying to capitalize on the first time home buyer tax credit which expires at the end of October.
Everything looks to be improving. A couple concerns that I have about the real estate market and economy in general is how the Federal Reserve will work to control inflation after printing so much money for the bailouts of financial institutions and automakers as well as how the government will deal with the Social Security dilema which we’ll see about 3 years down the road as the baby boomers begin to retire.
After the past few years, I’ll take this good news about the market. I just hope it’s not an artificial spike.
Nonetheless, it’s a great time to buy provided your time horizon is at least 5 years and preferably 10 years. The days of flipping houses will not be around for a long time and buying real estate should be a long term deal.