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October 28th, 2009 9:42 AM by David W. Welch
I posted on Twitter the other day that it was 90 degrees with the wind chill here in Orlando. Several people liked that. Our sales are continuing to persist like the summer time weather. We have over 1,500 closed sales so far in October, and it looks like we will have our 5th month in a row with more than 2,000 sales and our 7th month with a median sales price hovering around $130,000. It would be even hotter if every contract we write actually closed. Since April we have been writing more than 3,300 contracts each month with just over 2,000 getting to the closing table. Short sales are still slow to close with well over 5,000 pending of the 9,000+ contracts pending in our market place. REO's can be a little challenging, but close almost as well as "normal" sales. I can't remember if I have had a closing this year that actually happened on time because of delays in financing. This too shall pass, but I hope the strong demand continues for a while. Our inventory level seems to have leveled off just under 16,000 which is just about an eight month supply. First time buyer tax credit is set to expire in just over one month. I do not think we will notice much difference in demand here.
Orlando Real Estate, David Welch Real Estate Optimist