The Greater Orlando area is rapidly entering a “balanced” market in which neither the buyer nor seller has a price or negotiating advantage over the other, according to a study by Zach Seybold, President of The Parks Realtors LLC – www.winterparkflhomes.net.
According to Seybold, who is also District 5 Commissioner of the Orange County Board of Zoning Adjustment and a land development consultant, “Inventory in the roughly 7,000 to 10,000 range is considered a balanced or ‘normal’ market here.”
Seybold noted that the Orlando Regional Realtors Association reported in October of 2007 (at the bottom of the market) that there were 26,330 homes for sale.
“We are now down to about 10,559 homes in inventory,” he added. “This means we are rapidly entering a ‘balanced’ market and, at the current nine-month average inventory absorption rate of 644 houses per month, we would be in a seller’s market in less than six months.”
“Inventory below 7,000 traditionally becomes a seller’s market,” Seybold said, “but thanks to very little new home construction of late, there will be very little new home inventory in the construction pipeline to satisfy demand when current home inventories are depleted.”
“Parts of Central Florida are still declining in value but, in some areas (like parts of Winter Park and other higher-end neighborhoods), prices have not only stabilized but are actually trending upwards again,” Seybold noted.
“The bottom line is – there’s good news for a change in the Orlando-area the real estate market, said Seybold.
Zach Seybold is a Florida Licensed Real Estate Broker, District 5 Commissioner of the Orange County Board of Zoning Adjustment, land development consultant and President of The Parks Realtors LLC serving Winter Park, and Greater Orlando, Florida. He can be reached at 407-647-4321 x1 or by email at [email protected].
