Orlando 10-Year Home Sales Price Trend

As you can see by the chart below, Orlando experienced a sharp downturn this year. Considering that over 40% of home sales these days are foreclosure sales, it wouldn’t be surprising to see 2008 end close to the 2004 level. Whether it will continue to go down from there depends on many economic factors, including bank stability, unemployment, and consumer confidence.

Data is drawn from the Mid-Florida Regional Multiple Listing Service as of the date shown.

Judy’s Market Snapshot: Even though the Orlando real estate market continues to be sluggish, there are excellent opportunities for those who act on fundamentals rather than fear.

For sellers who wish to move up, now is as good a time as any. Once you sell, you’ll have your pick of homes and once-in-a-lifetime negotiating strength.

For buyers who have cash available for a down payment and a willingness to jump in, this may be your best opportunity ever. It takes courage to act in uncertain economic times when the overriding fear is, undoubtedly, that house prices will continue to drop. However, if you’re looking for a long-term investment, and better yet a long-term investment you can live in and enjoy, there’s nothing better than real estate.