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November 6th, 2008 10:51 AM by David W. Welch
Right now I am counting 1,176 closed sales for October with a median price of $179,250. Both of these numbers are down compared to September's 1,335 closed sales posting a median price of $182,000. Typically, we see a drop in September and a pick up in October. I am not sure if the fall bump came a month early, or it is just a function of our marketplace reacting to the seller paid downpayment assistance going away October 1st. I suspect the latter is the case. If my personal business is any indicator of the rest of the market, we are beginning to see things pick up even as sales dropped in October.
Inventory levels remain high, but appear to continue coming down slowly. The number of distressed properties remains high with 6,246 homes in some stage of foreclosure. There continue to be a very high number of homes with contracts pending with a growing percentage of the contracts coming on distressed properties. I personally have contracts out on three properties and two of them are foreclosures. I have written another on a downtown condo that is also about to be foreclosed. I am also seeing a rise in the number of investors contacting me about properties in Orlando. I am currently working with three different people that are outside the US and two from New York. What is really interesting is that all but one is a woman.
David Welch, Orlando Real Estate Blog