Market Analysis - September 2007

Well, it's that time again - time for the Orlando Regional Realtor Association to release the market stats for September of '07. As we've come to expect, the news is fairly grim. 

New contracts are down to 1,173 from 2,182 last year. 

Inventory has gone down for the first time this year...by three - from 26,313 to 26,310.

Average Days on the Market is up to 113, compared to 67 days during September of last year. 

But the real heartbreaker is Sales, down to triple digits for the first time in recent memory - 924 compared to last year's 2,434.

Is there any good news in the report?  Well of course there is, someone just needs to let the buyers know.  Inventory is up, housing prices are down, and mortgage rates have dropped more than a third of a point since August.  That's the first time it's dropped since March.  All we need is for Central Florida buyers to realize that NOW is the time to buy and we can get the snowball rolling that will bring this market back around. 

I know, snowballs in Orlando?  It'll happen.