The Orlando Regional Realtor Association released their latest statistics for the housing market in Orlando this past week which shows a slight decline in market for the first month of 2011.
Orlando saw 1,950 sales in January 2011 which is a marked improvement from January 2010 which saw 1,820 sales, but month to month saw a significant decline from the 2,467 sales in December 2010.
As far as the number of homes for sale, Orlando currently has 14,298. We had 15,911 homes for sale in January 2010 so there’s a lower supply than last year. It’s definitely a good thing.
But, there’s always a but…. the supply of homes when factored in with closed sales is on the rise and currently stands at just above 7 months. It’s not healthy for the market to see rising supply but it’s only 7 months. Historically, a stable market in Orlando typically has 6 to 7 months of supply, so it’s not too far from the norm.
The average days on market currently stands at 96 days and mortgage rates remain at historic lows although far fewer consumers can actually qualify.
I expect rates to rise some time in the next five years because of all the money that was printed during the bank bailouts a few years back so it appears we’re pretty close to bottom if not already there.