The Orlando Regional Realtor Association just released the latest figures for the Orlando real estate market and things are looking up. The inventory of homes on the market dropped again to 16,361 from the 17,231 in the previous month meaning there’s just shy of 8 months of supply. A stable market typically has 7 to 8 months of inventory so it looks like we’re close to being in a stable market. Phew!
We even had a spike in buying during the summer which typically happens in this market, but has been absent for the past couple of years. Maybe that’s a sign things are getting back to normal. The first time home buyer tax credit may have helped but I’ll take any good news after the past few years.
Not only are more homes selling, they’re selling more quickly. The average days on market is now 93 days. It’s been over the century mark for quite some time, so more good news.
We’ll have to wait and see but it looks like the market is finally stabilizing.
All you home buyers I’ve been working with out there, I think it’s time. Just don’t think you’re gonna flip anything. Those days are long gone. As long as you have at least a 3 year and preferably a 5 year or longer time horizon, it’s a great time to buy and even better if it’s your first.
You guys have been nagging me about when the bottom is and it looks pretty good from these numbers.