The market stats for SW Orlando real estate mirror the trends taking place in rest of the city with growing inventories, falling prices, and longer days on market. For this report the zip codes included are: 32811, 32821, 32819, 32824, 32830, ,32835, 32836, 32837, 34786, and 34787. These zip codes include areas commonly known as Dr. Phillips, Williamsburg, Bay Hill, Hunter’s Creek, Windermere, Winter Garden, Metrowest, and Veranda Park. As of July 7, 2007 there were 5,191 properties for sale in this area with only 291 of them selling. That means the area has 21.5 months of home inventory. Home sellers were getting 97% of the asking twelve months ago but now they are only getting 93%. The average days on market has grown from 55 days twelve months ago to 97 days.
All these numbers have been skewed by the condo market in the area which is much worse than the market for single family homes. Inventory for condos stand at 41.5 months of supply with only 30 out of 1,373 condos selling. Looks like condos are out of fashion again.
No comments:
Post a Comment