Orlando Market Booming; Is Tampa Bay Next?

Published by peter | Filed under Communities

Once homes hit a psychological barrier, buyers jump off the fence, such is the case in the hometown of Disney World, Orlando, Florida, where the latest stats show home sales up 47 percent year over year in March 2009. The surge is a result of the average housing price dropping 37 percent according to The Orlando Regional Realtor Association.

“Orlando homebuyers are getting back into the market and taking advantage of the improved affordability,” says ORRA President Les Simmonds, L.G. Simmonds Real Estate Corp. “Lower prices, record low interest rates, and a vast selection of homes give homebuyers increased buying power, making it an excellent time to buy a home. This is especially true for first-time buyers who are eligible for the $8,000 first-time homebuyer tax credit.”

The housing market has benefited from the depressed prices (averaging $137,000) and a large supply of bank-owned houses for sale — nearly half of the 1,653 houses sold in March were bank-owned. The market is currently in normal absorption rate at about a 7-month supply with more than 12,000 homes on the market.

Homebuyers are starting to snatch up the good buys, decreasing the number of days on the market. Homes of all types spent an average of 104 days on the market before being sold in March 2009, and the average home sold for 92.66 percent of its listing. In March 2008 those numbers were 128 and 93.12 percent, respectively, according to ORRA.