Remember (just a few months ago) bidding wars? Remember "if you don't get in now you may get priced out of the market" panic? Remember splashy condo opening parties? Remember lines and lotteries? Oh, boy, isn't all of that seeming silly today?
The number of homes for sale in the Orlando area ballooned by more than 2,200 properties last month to hit an eight-year high -- the clearest sign yet that the region's red-hot housing market might be about to cool off.
Orlando's existing-home sales remained strong in October, a local trade group reported Tuesday. Completed deals in the four-county metro area were up more than 27 percent from October 2004, and the median price of those sold in the market's core crept up for the first time in three months to set another record.
But the bidding wars are subsiding, and the inventory of available homes jumped from 6,786 at the end of September to 8,992 at the end of October, according to the Orlando Regional Realtor Association. That's the largest inventory since 9,129 homes were for sale in May 1997.
November 23, 2005
Posted by blogger at 11/23/2005