This short video is provided by the Orlando Regional Realtor Association (ORRA) and talks a bit about the current Orlando real estate market.
According to ORRA, 2009 was the year the market took some healing steps towards a balanced, normal market. The combination of low interest rates, pent up demand, historic affordability and the federal first-time home buyer tax credit all helped to increase market activity. In fact, as opposed the prior two year, 2007 and 2008 where sales had dropped almost 40% and 12% respectively, 2009 finished with a 59.3% sales increase. Almost 24,000 homes sold – not bad! And with all this demand, the supply of available homes has dropped to around 15,500 homes (down over 30% from 2008!) which in months supply of inventory equals about 7.5 months. Compared to a balanced market which should have about 5-6 months of supply, the Orlando real estate market is definitely getting a lot closer to that.
So without further ado, here’s the current Orlando real estate market update video …
[hana-code-insert name='ORRA Jan2010' /]