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Real Estate Market Pulse, March 2007
The Market Pulse Report covering February's real estate activity was released this week. The report covers listings, sales, days on market and other critical statistics regarding real estate transactions in Orange and Seminole County.
Click here to view a PDF file containing this data:
http://www.orlrealtor.com/Pages/marketpulse/Market_Pulse_3_07.pdf
The listing numbers have increased to over 22,000 homes for sale in the two county area. This is the highest inventory level in the history of Central Florida real estate. Conversely, sales for the month declined to the lowest level in recent memory, with only 1,386 homes closed in February, 2007. That is a 39% decline from last year's number when 2,269 home sales were recorded. Less than 1,400 sales spread out over 11,000+ Realtors® is another interesting statistic!
The number of homes on the market has increased by 70% (22,055 in February, 2007 compared to 12,966 in February, 2006). Prices have remained fairly stable and the days on market to sell have doubled. Keep in mind that days on market is a misleading number because it calculates only the homes that have sold! While 1,386 homes sold last month, there were 3,011 homes that came off the market unsold. More than twice as many homes came off the market as homes that sold last month. Homes that came off the market unsold do not count into the days on market calculation.
The "true" days on market might be more accurately reflected by the Absorption Rate (the number of homes for sale divided by the monthly closed sales). Using 22,055 as the current inventory and 1,386 as the closed sales, there is about a sixteen month supply!
I'll keep you posted as the spring and summer selling seasons progress. I'm looking for a significant improvement as we get later into 2007, but it looks like 2007 will fall well short of 2006.
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