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August 23rd, 2010 7:22 AM by David W. Welch
Today is the first day of the school year here in Orange County, and that means early hectic mornings followed by almost complete silence. Hopefully, that will translate into more coherent blog posts. There is always something exciting about the first day of school, even when you are not the one going back. I guess as long as you have children in school, you keep that feeling alive. There is certainly an impact on sales trends in our real estate market in Orlando. Historically, August and September are marked with a bit of a slow down. The shift in the school calendar has pushed the slow down back a little though, since the students are going back so much later.
From what I can see with 1,276 closed sales so far in August, there has not been much, if any, slow down this year. Of course, as I wrote the other day investors are having a bit more of an impact this month with 56% of the sales closing as all cash. This is also driving the median price down this month. As of this morning the median sales price of the closed sales is just over $94,000. This late into the month, it is unlikely that number is going to suddenly rocket back up the $110,000 mark we have been hovering around this year. I anticipated a bit of a drop off this time of year, and it will come back around to the $110,000 mark by October. Chicken Little will probably declare the sky is falling, and the "double dip" is here. I think things may be getting ready to turn around, after all it is a new school year and full of promise.
David Welch Real Estate Optimist, Orlando Real Estate