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March 16th, 2010 9:12 AM by David W. Welch
March is going to have a lot of closed sales. So far there are 837 half way through the month. I am looking for over 2,000 by the end of the month, based on that number. The median price seems pretty firmly set at $110,000 about the same as February and up from the bid drop in January. Investors have been wielding a lot of influence on our market with half the closed transactions being cash deals. Of the sales closed this month 549 or 65.6% are distressed properties which is actually down a bit from the prior three months. Spring will be here before long, and with it will come the buying season.
The job market has not yet started to recover with construction dragging heavily on unemployment numbers. In spite of the job situation, I believe we may start to see a more normal pattern emerging for our real estate market. Distressed properties will continue to play a major role in Orlando for some time, but as sales remain solid we should see the inventory of REO's and short sales begin to wane over the next year or two. This could happen a lot faster if jobs begin to return to our area. Keep an eye on jobs, and that will be your first sign that things will begin moving back up.
Orlando Real Estate, David Welch Real Estate Optimist