The number of homes sold in Greater Orlando in 2009 is up nearly 35% over last year which appears on the surface like a rebound is occurring in the real estate market. However Weichart Realtors credits much of this increase in the abundance of short and distressed sales working their way through the mortgage process as well as the influx of sales to home buyers who have qualified for the $8,000.00 homebuyer tax credit.
Homes are selling though, which is encouraging. Residential property spent nearly 90 days on the market before being sold in November 2009 and on average these home sales were for 95% of the asking price. Compared to November 2008 homes spent 108 days on the market and earned only 92% of their asking price.
3722 homes sold to date in Lake County in 2009 compared with 2,727 in 2008, an increase of 37%
In Orange County, home sales were 81% above sales from last year, 14,500 compared to 8000.
Osceola County has doubled its sales of homes so far this year compared to last year, 5,200 for 2009 vs 2,500 in 2008.
In a press release by the Board of Governors of the Federal Reserve System, economic activity momentum is continuing and that the increase in the unemployment rate is slowing. Residential property sales is appearing to trend upward. Coupled with this is the report that spending appears to be expanding at a moderate rate.
An economy that continues to rebound is vital in maintaining future sales of homes in Orlando. Economists predict a rise in foreclosures over the next 12 months and if the economy continues to grow as we head out of recession qualified home buyers will be available to purchase.