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August 22nd, 2009 11:22 AM by David W. Welch
Sales continue to be pretty good especially for August. We tend to see slower sales in August and September as families with school age children get geared up the the Fall semester. So far over 1,000 closed sales have been posted with a median sales price of $136,000. If these prices continue to hold, August will mark the fifth month in a row of $130,000 or higher, which I think indicates a stabilizing in our market place. Unit sales bottomed in January of 2008, and prices bottomed in April of 2009. Sales actually have made quite a "V" recovery, but I believe prices are probably going to be more of a "U" with a flat bottom. A lot will be determined by what builders do over the next 6 to 12 months. Right now, they are not building speculative homes which means they have at least a six month lead time. Within six months I believe we will have a balanced market, and without new inventory that can quickly turn in favor of sellers as supply diminishes.
Orlando Real Estate, David Welch Real Estate Optimist