Orlando’s real estate market has really improved over the past 6 months as the numbers show in the middle of February 2010. Sales increased but it’s still hard to see the positive for the excess inventory. The numbers are really eye opening when you compare inventory from the five metro counties that make up Orlando from 2009 to 2010. Last year’s glut of inventory has been significantly reduced by increased short sales and bank foreclosures bought by investors and first time home buyers. The silver lining in the Orlando real estate market continues to improve. Unsold Orlando real estate is made up of single family homes, town homes, condos and multi family homes in the 5 county area. Inventory for the past two years is as follows:
Unsold hosing inventory as of the end of June 2009 in months was Orange County 18 months arvskifte, Seminole County 19 months, Volusia County 22 months, Osceola County 18 months, and Lake County 22 months.
Unsold real estate inventory levels at the end of January 2010 in months were Orange County 10.8 months, Seminole County 11.3 months, Volusia County 13.8 months, Osceola County 11.8 months and Lake County 14.4 months.
Increased sales of Orlando properties speak for themselves. We’ve’ seen some amazing reductions for Orlando homes, town homes, and condos for sale in metro Orlando. The numbers represent averages and may not necessarily apply to upscale homes in the $500,000 and more range where unsold inventory of luxury homes is much larger. In Orange county a 40% improvement, in Seminole County a 42%, Volusia County 37%, Lake County, 35% and in Osceola county 37%. Without any questions this did not come without a strong reduction of the average cost of a home, but as the supply of available homes becomes less the prices will stabilize as we have seen in some subdivisions or condo complexes. It is a good time to buy because the prices are at an all time low.
The Orlando real estate market is generally looked at as 5 counties: Orange, Seminole Volusia, Osceola and Lake County. These 5 counties represent cities such as Orlando, Lake Mary, Windermere, Clermont, Kissimmee, Ocoee, Davenport, Oviedo, Winter Park, Longwood, Apopka, Maitland, Debary, Deland, Sanford, Altamonte Springs and currently have 35486 homes, condos and town homes for sale, 4785 are bank owned properties, 15617 are short sales. This means that well over 50% of the total housing inventory is in some kind of distress, that is a huge opportunity for first time home buyers, investors, and secondary home buyers. The weather is great in Florida and with such low homes prices who can resist.