During the first six months of 2005 there were even a few months when the number of sales pending actually exceeded the number of new listings. This 'Seller's Market' was driving the prices up. There were even references as to how Orlando was starting to mimic the hot Real Estate markets of California and Las Vegas as buyers started to partake in bidding wars - pushing over inflated prices up even further.
As the year progressed, investors and sellers tried to 'flip' homes for a profit - especially new construction - the inventory of homes started to increase while the monthly sales closed figures remained constant. From January 2005 to January 2006, inventory increased from 3,317 to 12,015. During 2006 the new listings for each month averaged around 3 times what the closed sales were for that month. By January 2007 the inventory was over 21,000.
- Orlando - Now a Buyer's Market?
- Help With Your Finances if You are Facing Foreclosure
- Graphs and Statistics for June 2007 through June 2008.
|June Figures For >>>||2005||2006||2007||2008|
|New Listings for June||3,948||7,111||5,667||4,189|
|Sales Closed during June||3,119||2,680||1,524||1,443|
|Average Days on Market||29||57||98||123|
|Data provided by the Orlando Regional Realtor Association|