Orlando Housing Inventory Lowest in 6 Years - UPDATE
January 18, 2012 in Industry News, Insider Tips
I wrote a blog back in November about how housing inventory is at an all time low in Orlando and analyzed data from the past 6 years. You can read the blog here Orlando Housing Inventory Blog
I wanted to update everyone now that I have the numbers for December 2011 so we can accurately compare the past 6 years.
December 2011 interest rates are a whole percent lower from 4.92% to the current 3.99%. Our inventory is 5000+ units less (35% lower then 2010), with less new listings coming on the market and same number of homes going under contract and closing as a last year.
Our median price also rose from $108,500 in 2010 to $118,000, and who said our market is in the toilet? With the current pace of sales translates into a 4.58 months of inventory supply. That would make this a sellers market. Do I fully believe we are in a sellers market? No, however I do believe our market is making a shift and while it will take a while for the media to report differently, you can say you read it hear first the large ship of real estate is making a turn.
Here is a video from the Orlando Regional Realtor Association:
Embed video: