The latest Orlando real estate market figures were announced today, and closed sales for February were 1,386 compared to 2,269 last February. So, we are continuing to be off last years figures by over 30%. The good news is that 3,096 properties are under contract right now compared to just 2,504 in January. That leads me to expect March to sales to be closer to the 2,000 mark. We will just have to wait and see. More good news is that the average mortgage interest rate is 5.92% compared to 6.07% in February of 2006.

Calls and general activity seems to be picking up as we are getting into the Spring selling season. Pendings are hovering around the 3,200 mark, however inventory levels continue to rise as new sellers are entering the market place. Fortunately, interest rates have remained low, and appear to be heading down. All indications would suggest they are not going up anyway. Here's to a good week!

The median price of homes sold by Orlando Regional Realtor Association (ORRA) members in February 2007 was $255,000. That is 6.25% higher than the median price last year of $240,000. This increase in inspite of the record level of inventory of homes available for sale. Randy Martin, President of ORRA, stated "Indicators such as the slowing pace of newly added inventory and rising median price suggest that the market is headed toward equilibrium."