Orlando Real Estate

Well today is the day that the association statistician cuts off the data coming in. I hope everyone has registered their sales from April. I have a feeling folks are getting things in the MLS in a more timely manner. As of today there were 1,161 closed sales for April that is up 81 sales from March. Of that number 206 were showing as either a pre-foreclosure or foreclosure making up 17.7% of the total sales. The current inventory is 26,960 with 4,512 showing up in one of the foreclosure categories or 16.7% of the total inventory in the tri-county area. We had a couple hundred listings expire at the end of the month, but not as many as we have been seeing. The pendings remain very strong with 2,998 contracts and a huge 965 of them in a foreclosure status representing 32.2%.

The distressed properties are definitely having an impact on the median price. Today I show the median at $210,000. That is a big drop from March's $220,000. It seems prices have really come down and it should effect our sales numbers favorably. About 25% of the homes that sold last month had no price changes and had contracts on them in 45 days on average. It looks like pricing is coming in line with buyers expectations. The 75% that did have a price reduction saw contracts with 36 days of the price change on average. The homes with price changes spent about 90 days longer on market overall compared with the homes that were priced well from the beginning.

www.davidwelch.com, www.OrlandoAreaRealtor.com