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January 5th, 2012 1:30 PM by David W. Welch
This was definitely a December to remember when it comes to Orlando real estate. The number of homes available for sale continued to decline in the last month of 2011. There are 9,101 homes currently on the market with Orlando Realtors. Of that number 863 or 9.5% are foreclosures, 3,081 or 33.9% are short sales and 5,157 or 56.7% are equity sales. The total number active is down nearly 400 over the last month. Another number that has started to drop is the number of pending sales. While the pending sale index is up nationally, ours I believe has peaked and is settling back down. In our situation the decline in pending sales is not a bad thing, but an indication that short sales appear to be closing. Currently, there are 8,939 homes with contracts pending. Of those, 1,031 or 11.5% are foreclosures, 6,770 or 75.7% are short sales and 1,138 or 12.7% are equity sales. The biggest drop has been in short sales that stood at 7,088 a month ago.
Sales and prices did not disappoint with 2,287 closings posted for December with a median sales price of $115,000. The price remained steady from November, but is 15% higher than December 2010's $100,000. December marked the fifth month in a row with year over year price increases. Looking more closely at the sales, there were 555 or 24.3% from foreclosures with a median sales price of $79,400. That is an increase in November's median foreclosure price of $75,300. Short sale made up 836 or 36.6% of all sales with a median price of $105,000, slightly lower than November's $106,000. The 836 closed short sales pushed the sold to pending ratio to 12.3% which is by far the highest I have seen since I started measuring three years ago. It could be the dwindling inventory has left buyers with little choice but to wait out the short sales, so more are getting to closing. Finally, the plurality of the sales 896 or 39.2% came from equity sales with a steady median price of $150,160. Cash sales remain strong with 1,167 or 51% of all sales closing without financing and 1,120 or 49% closing with some form of financing. Cash sales posted a median sales price of $75,000 while financed sales had a median price of $147,000.
David Welch Real Estate Optimist, Orlando Real Estate, Any Home-Any Phone