Florida Real Estate News - Florida Homes for Sale
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General Market Indicators - August
Available home inventory for the four metro counties has actually remained the same as last week, sitting at 30,600. While this number is still very high, it has remained stable for the past two weeks. This is good news. Hopefully, this is an indication of future drops in the available home market place.
Since the 1st of January 2007, unsold inventory has a net increase of 7400 homes. Pending home sales decreased by 10 units which is not a good sign. This reflects the general problem with home sales. Sold home sales increased by 15 units.
The number of sold homes, compared to last year for the same period, is 38% lower. In comparison to the same period in 2005, sales are 50% lower. Sales for the 4-county region are 37% below last year. As we continue into the Fall, the gap between last year and 2005 is going to narrow. In the fall of 2005/6, we started to see home sales tapering off. The market continues to show a lot of weakness. Buyers are sitting on the fence or sidelines wondering when the next shoe is going to drop.
• Market Indicator – 100% buyer market
• Sales Demand Activities – Slow/Unchanged
• Sales last year (July) to this year (July) - 40% lower
• Resale Inventory – held steady by the same inventory
• Trend Indicator – flat to downwards
• Cumulative Market Time – Volusia County (107 days), Seminole County (97 days), Lake County (120 days)
• Unsold Inventory Supply - Orange County (19.4 months), Seminole County (14.4 months), Lake County (26.8 months), Volusia County (20.5 months), Osceola County (34.1 months)
• Areas that face the biggest challenge to sell homes are: Lake, Volusia & Osceola Counties.
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