The latest numbers for the real estate market in Orlando from the Orlando Regional Realtor Association were recently released for August 2011 and the most promising figure again proves to be the declining inventory. A shorter supply with level demand typically means prices will increase. Based on the 2,017 sales that took place last month, the supply of homes on the market stands at 4.82 months…. that’s low. A stable market in Orlando typically has a 6 month supply of homes on the market.
Based on the number of sales the past year, demand has been fairly constant with the number of sales remaining about the same for that period.
I’ve had a lot of comments that the numbers are skewed because there’s a backlog of foreclosures coming on the market. The latest estimates that I’ve been hearing about has been around 20,000. Heck, there’s only 10,349 homes on the market now. What does that mean?
I look at homes for sale all the time and I can definitely attest to the fact that there’s not a lot of choices at the moment.
Hopefully someone with more brains than me can tell me what’s going on here. It sure looks like we’re heading in the right direction.