The residential real estate market here in Orlando continues it’s trend toward stability. While none of us have a crystal ball that tells us where the bottom of the market is, the signs are beginning to appear.
The number of homes on the market has dropped 27.5% over the past 12 months and sales have jumped 35.3% in the same period according to the stats for Orange county.
When you look back 15 months, the improvement becomes clearer with the number of homes dropping 34.6% and sales increasing 97.7%.
We’ll have to wait and see how much the home buyer tax credit affected these numbers. My guess is that there’s quite an influence here since many of the sales that I’ve been witnessing even here in Dr. Phillips and Windermere, where the average prices typically are above the price limits set in the tax credit, have been towards the lower price ranges.
In any case, there’s no doubt the market is improving and beginning to stabilize.
Let’s just hope we keep this up.