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December 1st, 2009 11:18 AM by David W. Welch
I looked back at my predictions for 2009 last December, and I have to say with the exception of price we have exceeded every expectation I had. I was hoping to see sales in the 1,600 per month range through the second half of the year. We have actually been seeing sales above the 2,000 mark since June. I was also hoping to see our inventory level drop below 22,000. The faster sales, slower foreclosure rate and the MLS rule requiring short sales to be pended has pushed our inventory down to just over 16,000. Foreclosures and short sales are continuing to pressure prices lower with a median sales price in the $120's in November. Our "normal" sales, however, are typically around my forecast $180,000 mark. Later this month I'll take a shot at forecasting 2010.
Right now, November sales are not disappointing at all. I posted yesterday on Twitter that our closed sales stood at 1,788 with a median sales price of $123,250. Jeffrey Sachs with FBC Mortgage texted me when he saw this pop up on Facebook. Jeffrey wanted to let me know that his company had 43 closing scheduled for yesterday to add to that total. FBC does close a fair amount of loans in our market, but there are a number of other lenders in and around Orlando that also had home purchase loans closing yesterday. Jeffrey and I have been working together for ten years, and I highly recommend Jeffrey Sachs and FBC Mortgage for your financing needs. I closed two transactions last month with Jeffrey, and both were ready ahead of schedule. Both buyers were pleased not only with the loans that they received, but also the service that Jeffrey and his team provides. Contact Jeffrey for your loan, then contact me for your home.
Orlando Real Estate, David Welch Real Estate Optimist, As Seen on HGTV's House Hunters