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January 7th, 2013 1:37 PM by David W. Welch
Sales have been more brisk than our winter so far. There were 2,550 closed sales in December. That is up compared with the prior month's 2,428 and nearly 11.5% higher than December 2011's 2,287. Prices have followed suit. The median price last month hit $130,000 which is up from November's $126,425, and is 13% higher than last year's $115,000. Of the closed sales, 531 or 20.8% are REO, 780 or 30.6% are short sales and 1,239 or 48.6% are equity sales. The median price of REO sales is $88,500, short sales is $105,000 and equity sales is $169,208. Cash purchases are still making up the majority of our closings, even as prices climb. There were 1,361 or 53.4% cash sales last month with a median price hitting $90,000 for the first time. The remaining 1,189 or 46.6% of our sales had some form of financing and a median sales price of $167,000. Unless there is some major change, the limited supply of homes and strong demand for housing will push our median price back into the $150,000 range by the end of this year.
David Welch Real Estate Optimist, Orlando Real Estate, Search for Homes