I was unable to do the update last week so this week's info is from the past 2 WEEKS. When I checked the stats, I was pleasantly surprised! Some of the highlights were 12 closed sales and 13 properties that went under contract. Our inventory has also dropped to 275 active listings in 32804.

In the Orlando market as a whole, inventory levels are at just over an 8 month supply. A 6 month supply is indicative of a balance between buyers and sellers. Here in the College Park market, we have just over a 19 month supply, if we base that on the activity over the past 6 months. This is why I get so excited when I see the number of active listings going down. We still have a way to go until we get closer to things leveling off in College Park.

Rates ended the week last week down for the second straight week. Rates are down "amid market concerns over a weakening labor market", according to Frank Nothaft, Freddie Mac's chief economist. Average rates on a 30 yr. fixed were 5.2% and 4.69% on a 15 yr. fixed rate mortgage.

60% of our pending sales in the College Park market are distressed sales (Bank Owned or Short Sales) and as you can see below, they tend to sell for less than "regular" sales.

CLOSED SALES: 6/29/2009 - 7/12/2009 (2 WEEK PERIOD)
854 CARLSON DR: 3/2 - 916 sq/ft - $75,000 *BO
831 STETSON ST: 2/1/1 - 834 sq/ft - $203,900
2929 OBERLIN AVE: 2/2 1,258 sq/ft -$260,000
1225 W HARVARD ST: 2/1 - 1,177 sq/ft - $192,900
1433 FAIRVIEW ST: 3/2 1,707 sq/ft - $200,000 *BO
750 BOARDMAN ST: 4/3 - 2,157 sq/ft -$325,000 *BO
1724 N SHORE TER: 3/2 1,265 sq/ft -$119,900 *BO
2821 CARL TER: 2/1 - 1,067 sq/ft - $196,000
4715 GODDARD AVE: 3/2 - 1,360 sq/ft -$97,000 *BO
3525 EAGLE DR: 5/3/1 - 3,519sq/ft - $510,000
1415 W YALE ST: 3/2 - 1,383 sq/ft -$240,000
2600 MUSSELWHITE AVE: 2/2 - 1,027 sq/ft -$123,500 *SS

*SS - Short Sale
*BO - Bank Owned

OTHER MARKET ACTIVITY: 6/29/2009 - 7/12/2009 (2 WEEK PERIOD)
New Listings: 23
Pending Sales: 13
Price Reductions: 43

PRESENTLY ON THE MARKET: 7/12/2009
Active Listings: 275
Under 100K: 9
100K - 199,999: 79
200K - 299,999: 68
300K - 399,999: 50
400K - 499,999: 15
500K - 599,999: 17
600K - 699,999: 13
700K - 799,999: 5
800K - 899,999: 2
900K - 999,999: 6
Over $1,000,000: 11
Total Pending Sales: 43

VACANT LAND:
ACTIVE: 30
PENDING: 1
SOLD (YTD 6/15/09): 1

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.