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June 27th, 2010 9:24 AM by David W. Welch
Here are the latest numbers for June. Inventory has been slowly rising as new contracts have slowed down a little bit. Closed sales for June will still be very strong as 1,934 have closed so far with the last three days of the month still to come. My last closing of the month is tomorrow morning, and will cap off the best month I have had in quite some time. Altogether, I closed five transactions this month totaling almost $800,000 in closed business. Two of the sales were my listings and leaving three buyer sales. Three of the sales were "normal" sales, one was an REO and one was a short sale. These numbers are not even close to the market overall . Bank owned and short sales continue to make up a large percentage of the closed sales. With 779 and 483 bank owned and short sales closed so far, distressed properties account for 65.3% of the closed sales.
Active listings have been slowly rising over the last month with 16,438 homes currently available for sale. Of that number 2,286 or 13.9% are bank owed, 5,737 or 34.9% are short sales, leaving 8,415 "normal" sales or 51.2% of the total. While the active inventory has risen slightly, pending sales have dropped. There are now just under 10,000 with 9,995 currently under contract. This is the category that reflects the biggest impact from distressed properties. 84.3% of all pending sales are either bank owned or short sales. There are 2,097 bank owned and 6,327 short sales under contract with only 1,571 "normal" sales pending. One trend I am starting to see emerge is a possible shift from short sale to bank owned. The total number of short sales either active or pending is down several hundred, while the number of active and pending REO properties is up. Another possible trend is a slight drop in cash sales. In the first five months of this year just over 50% of the sales have been cash, but this month only 47% have been cash. It could be a trend or just the impact of tax credit as "home" buyers edged out investors slightly.
David Welch Real Estate Optimist, Orlando Real EstateOne of Google's Top Realtors