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August 14th, 2010 11:55 AM by David W. Welch
I write a lot about what is going on in the marketplace overall here in Orlando and about specific transactions I am working on, but I don't always share what my business looks like overall. That is probably because it does not look a whole lot different from the rest of the market. My average sales prices may be a little higher, but the breakdown is remarkably similar to what is going on in Orlando. I took a look at my most recent six months of sales data and two thirds of my sales have been distressed properties. Most of that has been bank owned properties that make up exactly half of my sales transactions and just over 42% of the sales dollar volume. Short sales make up about 17% of my sales transactions and 15% of my dollar volume. Equity sales only account for a third of my transaction but 42% of the dollar volume.
As you would expect the bank owned properties average sales price comes in the lowest, although much higher than the market averages at just over $126,000. The short sales are next with an average sales price of $135,000. My equity sales however are averaging just over $189,000. Based on this mix and the average sales price, I need to close 12 more sales this year to meet my goal that I set for myself in my business plan. Two thirds of my business transactions came from the internet while making up almost 73% of the dollar volume. Most of the rest came from repeat and referral, and exactly one transaction came from "traditional" advertising in the form of a sign call. I am looking forward to a strong finish to 2010 and a great start in 2011.
David Welch Real Estate Optimist, Orlando Real Estate