Orlando Real Estate

Orlando Real Estate December 2013

January 7th, 2014 11:16 AM by David W. Welch

The number of homes listed active by Orlando Realtors® is up again from a month ago with 9,381 homes for sale. Of the homes listed active, 1,596 or 17.0% are REO, 1,186 or 12.6% are short sales and 6,599 or 70.3% are equity sales. All three categories of listings are up compared to November. While active listings are up, pending sales continue to decline primarily due to the diminishing number of short sales under contract.There are 6,525 home listed as having a contract pending, down from 7,180 in November. Of the homes with contracts, 1,000 or 15.3% are REO, 3,689 or 56.5% are short sales and 1,836 or 28.1% are equity sales. Rising prices for the last two years has brought more sellers into the market while reducing the number of underwater homes.

Sales were also up last month, as home buyers and sellers rushed to close before the end of the year. There were 2,482 closed transactions compared to only 2,158 in November. Also up were prices with the median sales price hitting the $160,000 mark in December. Of the homes that sold, 495 or 19.9% were REO with a median price of $91,500; 347 or 14.0% were short sales with a median price of $115,000; and 1,640 or 66.1% were equity sales with a median price of $188,000. The 347 closed short sales accounted for just 9.4% of the pending short sales, and continue to languish on the market for an average of around nine months. Home buyers beat out cash investors with 1,341 or 54% of sales being purchased with financing with a median sales price of $194,650. Cash sales accounted for 1,141 or 46% of sales with a median price of $110,000.
Posted in:General
Posted by David W. Welch on January 7th, 2014 11:16 AM

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