The WPJ
Residential Real Estate News
Orlando Housing Market Showing Signs of Stabilization
(ORLANDO, FL) -- According to Roger Soderstrom's newest housing market report, Orlando's housing market is starting to firm up.
Soderstrom, CEO of Stirling Sotheby's International Realty, states in his November Central Florida Market Trends Report, "The Central Florida housing market is beginning to develop clear trend lines showing a stabilization and improvement within the Central Florida residential housing market".
Some of the highlights of his report include;
- Single family home sales have remained consistent for the past six months.
- Condominium sales are beginning to decline, which is a result of the large number of distressed condominiums that have been sold in recent months and investors are beginning to decline.
- In November we did experience a sharp drop in new contracts written, which creates some concern and we will be watching this closely.
- A large majority of our sales remain cash transactions with 41% of all closed transactions in November being cash sales.
- Distressed sales continue a downward decline after peaking out in September at 70.5% of all sales, October 65%, and November 63%.
- The number of REO sales are declining, while short sales are increasing, which is actually a positive trend for lenders and distressed home sellers.
- Active listings have remained fairly consistent over the last three months averaging out at approximately 16,000 listings.
- One of the most significant month-over-month trends observed was a substantial reduction in the number of homes for sale in the $1 million plus range. Current supplies are down to 4.3 years in Orange County and 5 years in Seminole County.
Soderstrom's housing report concludes with the statement, "Generally, in the marketplace we are seeing greater optimism and a very positive outlook for 2010."
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