For the past several months everyone has been wondering whether real estate in Florida has hit bottom. In the Orlando market, many indicators have worked toward most experts sending the message, "buy now, this is the best opportunity". Foreclosures, REOs and Short Sales have driven real estate prices to all time lows in the Orlando market, however increasing demand will soon begin to change the picture.
In August, the median home resale price fell to $200,000 paralleling 2005 numbers and the last bull run of home sales. Although actual sales dogged last year’s pace by 23%, pending sales have increased for the fifth straight month in a row. This means the sales gap will likely shrink by the end of 08. Inventory declined weighing in at 5.6% less than August 07 and Days on Market shrank slightly to 113 days marketing the shortest DOM catalogued so far in 2008.
The Orlando real estate market, in comparison to the southern Florida markets, has generally faired a little better. Orlando home prices and the overall cost of living are closer to the national average and the job market is holding up better. This market will likely recover faster than those in South Florida counties. The Fannie Mae and Freddie Mac bailout should also weigh heavily into the equation for investors. If banks aren’t lending no one can buy, the Fannie/Freddie takeover should help to re-energize the flow of home sales and interest rates will likely also go down.
All indicators are clear, the low-point of the great housing bust in Orlando is here. There has never been a better time to buy Orlando real estate – don’t wait!
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