Home Sales Still On The Rise in Orlando

I am wwwRealEstateOptimist.com, so obviously I look at the real estate glass as half full. I have to say, that there are a lot of good signs in our local market. I go back to September of 2007 when sales dropped below 1,000 for the first time. We bounced along the bottom until January this year when we had just over 800 closed sales. In February that climbed to over 900, March was over 1,000 and April numbers (probably reported on Monday) will show sales well over 1,100. Pendings sales in January stood at something like 1,500, but are over 3,100 as of this morning. The number of new contracts each month has increased as well. Prices have continued to come down, but prices lag sales. I expect prices will continue to come down for another few months before they stabilize. Because of the inventory of existing and new homes that still need to be sold, I expect it will be a while before prices start to move back up. The interest rates will be the bigger issue over the next several months in my opinion. While prices and rates are down, serious buyers should take advantage of the market conditions here in Orlando.

www.DavidWelch.com, www.OrlandoAreaRealtor.com, www.RealEstateOptimist.com