November 2007 Orlando Housing Market Report

NOVEMBER 2007 ORLANDO HOUSING MARKET REPORT: The latest analysis and opinion about the Orlando real estate market.

INTRODUCTION: One of my favorite pastimes is riding roller coasters. The best coasters S-L-O-W-L-Y reach the apex of the highest point before it suddenly plummets. What does this have to do with the current market? Well, in last month's report I said:

"If you are looking to purchase a home, NOW is the time. There are great deals out there. If this "pause" is the prelude to a downward trend in the inventory...This "pause" maybe a tipping point where new trends emerge. "

INVENTORY: The "coaster" of inventory is still relatively flat and has not crossed over to show a significant decline in inventory. Since the last report, we've increase to 26,330 properties on the market, an increase of 20. What's next for the inventory? 'Tis the season to be jolly and many sellers will begin pulling more inventory off the market. I'm going out on a limb and predicting a small decline in the inventory for November.

- NEW LISTINGS: (Oct: 4,958 vs. Sep: 5,000)
- BACK ON MARKET: (Oct: 310 vs. Sep: 306)
- EXPIREDS: (Oct: 1,969 vs. Sep: 2,180)
- WITHDRAWNS: (Oct: 2,181 vs. Sep: 1,953)
- *SALES CLOSED: (Oct: 1,034 vs. Sep: 970)
- DAYS ON MARKET: (Oct: 112 vs. Sep: 111)

ANALYSIS: A small decrease in NEW LISTINGS should continue as we enter into the holiday season. A small increase in the number of SALES CLOSED is still a good sign. Recall that September bore the brunt of the sub-prime lending meltdown. Rumor on the street from some trusted brokers of mine is the lending market seems to be “loosening up.” (My fingers are crossed). As I said last month, if you are looking to purchase a property, NOW is the time. Great deals can be had during the holiday season.

My bottom line on this report is we should continue to see more status quo as the holiday season turns everyone’s minds to turkey and tinsel.

I am writing this the day before Veteran’s day. If you know a veteran, thank them for their service.

Have a Happy Thanksgiving and I’ll see you in December!