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June 28th, 2011 11:28 AM by David W. Welch
The number of homes listed for sale by Orlando Realtors® has continued to decline. This morning there were just under 10,400 homes available for sale. With monthly sales running about 2,400 per month that leaves just a 4.33 month supply of homes available for sale. The number of homes under contract has continued to climb with about 10,900 properties with pending sales lined up. There are over 7,400 short sales under contract, which can take several months to close. Meanwhile, bank owned properties have declined as the banks have been slow to put new properties on the market. There were about 2,700 homes for sale at the beginning of the year, but that number has dropped to about 900.
There are concerns that banks will be bringing a whole new wave of foreclosures to market once lawsuits with the attorneys general of several states is wrapped up. At this point if 4,000 new REOs were dumped on the market in Orlando it would only bring us up to a balanced six months supply. From what I have seen, they would probably be absorbed very quickly. The demand for less expensive homes is huge here. It is common for new bank listings to have multiple offers on them as soon as they hit the market. With new foreclosure filings dropping and 600 short sales closing each month, we could see much if not most of the distressed inventory absorbed over the next 12 months. It is all about supply and demand. Right now, the supply is low and demand is running high for Orlando real estate.
David Welch Real Estate Optimist, Orlando Real Estate, Any Home-Any Phone