Starting the first quarter of 2010 we have had an incredible push forward to continue the strength of the housing market from the fourth quarter 2009. Prices, in Orlando area, have continued to slowly rebound and stabilize, and the average days on the market has continued to fall. Buyers are becoming wisely competitive and sellers, in many cases, have resolved to a stark understanding of pricing. In Seminole County we are seeing a supply of home around 7.7 months of inventory. For comparison purposes, in “Boom” times the Orlando Regional Realtors Board (ORRA) reports a low of 1.15 months in April of 2005, and a high of 31.64 months in January of 2008. Undoubtedly, we are heading in the right direction.
Now the sobering subject of availability of funds. The funds have been readily available for the last year for credit worthy borrowers. This packaged with the homebuyers tax credit and low rates have been a now brainer for many borrowers. With this availability accompanied with consumer confidence continuing to rise, as well as prices still falling slightly, borrowed funds are forced to rise. It goes back to the basic laws of supply and demand.