The weather might be finally cooling but according to Realty Times our real estate market is “searing” hot.
Apparently the ORRA (Orlando Regional Realty Association) publicity machine has been hard at work because Realtors in the Orlando, Florida, area (those that are left) have found themselves “very busy” this fall. Sales are apparently upÂ 37 percent in September “with more than 1,300 buyers moving into their new homes compared to the same period a year ago. With prices slipping about 9 percent to a median sales price of $182,000, the area’s affordability index leapt in September to 123.74 percent.”
ORRA explains how the index works: “an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home. Buyers who earn the reported median income of $51,848 can qualify to purchase one of 13,386 homes in Orange and Seminole counties currently listed in the local multiple listing service for $225,204 or less.”
True, there have been a lot of short sales, auctions, bank reposessions and foreclosures and that has translated into more sales asÂ buyers are finally realizing that when it’s a ”buyer’s market” you’re actually supposed to BUY. But it’s hardly a “hot” market. But it is a great market if you’re a buyer – and those would-be buyers sitting on the sidelines trying to predictÂ “bottom” are likely to be sorely disappointed as the last few weeks has made one thing painfully clear: No one is able to predict anything anymore.
Nonetheless, it is predicted thatÂ this trend will continue through the rest of the year. Pending sales were up 66% in September, pointing toward aÂ greater number ofÂ sales in the next few months.
Orlando is Florida’s top ranking metropolitan area in the Milliken Institutes list of best performing cities for 2008. The region ranked 11th out of 200 metro areas.