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August 5th, 2011 5:50 PM by David W. Welch
The heat is on here in Orlando, and the local real estate market is pretty hot too. Even though bank owned properties have dwindled, sales activity has remained strong. Last month there were 2,296 sales posted with a median sales price of $114,500 up from June's $110,000. Equity sales continue to see gains in the market with 963 or 41.9% of the total sales and a median price of $158,000. Bank owned properties made up just 656 or 28.6% of the total and a median price of $74,750. Short sales made up the remaining 677 or 29.5% with a median price of $93,000. Short sales closing ratio was still pretty pathetic at only 9% of the total pending short sales.
With strong sales and homes slow to come on the market, the inventory has continued to drop. Currently, there is only a 4.2 month supply of homes available for sale in Orlando. There are 9,702 homes for sale listed by Orlando Realtors. Of those 711 or 7.3% are bank owned and 3,201 or 33.0% are short sales, with equity sales making up the remaining 59.7%. Pending sales have been fairly steady with 10,479 homes under contract. Of those 1,290 or 12.3% are bank owned properties and 7,521 or 71.8% are short sales as buyers turn to short sales to pick up potential deals. Strong sales, lower inventory, ridiculous affordability numbers, but the foreclosure cloud keeps hanging over our heads here.
I, for one, am not terribly concerned about the "next wave". I just had buyers that were the lucky "winners" on a short sale that had four sight unseen offers and 25 showings the first day on the market. Another buyer I am working with did not even bother submitting an offer when we found out there were already 37 offers on another house. With this type of demand, when the foreclosures do come back we probably won't even notice. They are likely to be snapped up as fast as the hit the market.
David Welch Real Estate Optimist, Orlando Real Estate, Any Home-Any Phone