A look at the most recent stats for the real estate market here in SW Orlando shows we’ve come a long way from a year ago and perhaps even at a stable market already. The zip codes included for these stats include: 32819 (Dr. Phillips), 32835 (Metrowest),32836 (Dr. Phillips),32837 (Hunters Creek), 32811 (Millenia), 32821, 32824 (Wiliamsburg), 32830,34786 (Windermere), and 34787 (Winter Garden).
Probably the most glaring stats are the inventory and number of sales.
A year ago, the inventory stood at an astounding 19.4 months and now stands at only 5.7 months. That’s a pretty significant drop that’s new good news for the market. A stable market typically has 6 to 7 months of inventory, so by this measure we’re already in a stable market.
At the same time, the number of sales ballooned from 272 sales per month a year ago to 535 sales per month as of the most recent stats. That’s about an increase of 95%. Holy smokes that’s good news.
I’m sure you’re wondering why these numbers are so much better. The answer’s simple. Prices are a lot more attractive to buyers today than they were a year ago. The average sales price was $266,000 a year ago, but now stands at $164,000.
This also tells me that the lower end of the market is doing a lot better than the rest. I’m sure the first time home buyer tax credit as well the government’s push for FHA financing has a lot do with this stat. For once, there’s a government program that’s actually accomplishing what it’s set out to do.
The average list price is still hovering around $484,000 and actually higher than a year ago so I believe most of the improvement has been in the lower end of the market.
Either way, I love the new lower inventory and increased number of sales. Sure hope it spreads to slightly higher price ranges as well.