Orlando Real Estate

We broke 1,000 sales in December!

January 4th, 2008 3:40 PM by David W. Welch

We did break 1,000 sales in December. That is a good thing in my opinion. Now we need to start building on that. www.davidwelch.com
Posted in:General
Posted by David W. Welch on January 4th, 2008 3:40 PM

David, I love your blog - very nice. I'll be coming back here regularly. I think it is great news that we saw a small turn around in December. I still think prices are not going to go up for at least another year. I'm starting to see a heck of a lot of activity coming from buyers though. That's great news! I think the investors will swoop in first for the lower priced homes, then the rest of the population will start to follow. Let's hear your predictions David?
Posted by Orlando Real Estate on January 5th, 2008 4:03 PM

Mark, I completely agree with your comment about prices staying flat for some time. We have basically seen about a 10% correction (last years median $250,000 this December $224,000). With all the inventory available it will be a while before prices actually start to go back up. I also agree with your comment about investors. The lack of investor activity is one of the biggest impacts on our market. I know at one point investors actually made up almost 40% of our market. Investors include: flippers, landlord, short term rental, and second home buyers. There is still a little room for some short term profits buying foreclosures, fixing them up and selling them. It is hard to find rental property that will cash flow, because rents have not really caught up with prices. Short term rentals can be quite profitable in the attraction areas and of course we still have our warm weather, so second homes should really flourish with the drop in prices. I see sales starting to increase this quarter, and we may see sales numbers by May approaching 1,400 a month. I hope! Thanks for your post Mark.
Posted by David W. Welch on January 7th, 2008 8:47 AM


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