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July 30th, 2010 10:47 AM by David W. Welch
The number of homes available for sale has risen by about 1,000 over the last three months. Back at the end of April there were about 15,700 homes available for sale and today there are about 16,700. I looked to see where the additional inventory is coming from, and they are all distressed properties. Back on May 3rd in by Orlando real estate blog I found 8,335 equity sales, 1,740 bank owned properties and 5,628 short sales available for sale. Checking today, there are 8,319 equity sales, 2,446 REO's and 5,956 short sales. The normal sales have remained very constant while bank owned have risen by almost 700 or just over 40% and short sales are up a little over 300 or just over 5.5%.
While I expect the short sales and bank owned to continue coming on the market, we are approaching the time of year when fewer equity sales will be listed and many will begin to come off the market. Of course, this is also the time of year sales begin to slow down. Factoring all this in, I expect to see a steady rise in inventory through the end of the year. Unless employment really begins to pick up, look for active inventory around 18,000 by years end. So far in July just over 1,800 sales have closed at a median sales price of $108,900. It looks like my estimate of 2,200 sales is probably right on track as many sales are likely to close today as the last Friday of the month.
David Welch Real Estate Optimist, Orlando Real Estate