BRENDA: The inventory of available homes for sale in East Orlando is definitely down from 2010, which is a good thing for sellers. As of March 22, there were 67 properties for sale in Avalon Park, 33 properties in Stoneybrook, 26 properties in Eastwood and 56 properties in Waterford Lakes.
PAMELA: Yes, in most of these communities it is surprisingly a “sellers” market. A balanced market is when there is a six-month supply of homes. If the supply of homes falls under the six-month level, it becomes a seller’s market, and if it goes over six months, it's a buyer’s market. This is called the “absorption rate" — the rate at which homes currently on the market will be sold.
BRENDA: Pamela, what are the current absorption rates for East Orlando?
PAMELA: Some good news for sellers in Avalon Park is their absorption rate from Dec. 22, 2010 to March 22, 2011 is a four-month supply of homes on the market. Eastwood has a 3.5-month supply and Waterford Lakes has a four-month supply. Remember, anything under a six-month supply is a seller’s market. Stoneybrook is close to becoming a seller’s market with a seven-month supply.
BRENDA: It’s been a very strong buyer’s market for the past three years, so this is a definite change we are seeing and good for homeowners considering a sale. We are seeing multiple bids on homes, especially regular sales that are priced correctly.
PAMELA: I agree. I just did an open house on a home you had listed for one day and your sellers were presented with two offers the same day. And this was a conventional sale, not a short sale. But even on the short sale homes, I am seeing quick sales with multiple offers because of the low inventory.
BRENDA: It is so important to understand your own market as this is not always the case in other parts of Orlando or Central Florida. In East Orlando, we are seeing a seller’s market just as spring has begun, which is typically a very busy time for sellers and buyers.
PAMELA: When a great home comes on the market, I advise my buyers to act quickly and to place a competitive offer if they truly want the home. In the past three months, 46 homes sold and closed in Avalon Park, 14 in Stoneybrook, 22 in Eastwood and 42 homes in Waterford Lakes. Whether you are a buyer or a seller, you will want a very experienced realtor who knows and understands the current market in your community.
-Brenda Kolbrich
Keller Williams Advantage Realty II
407-963-6876
toporlandohomes.com
-Pamela Rehbein
Keller Williams Advantage Realty II
407-488-4078
homeforyourheart.com