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March 5th, 2013 1:53 PM by David W. Welch
How low can we go? I'm not talking about prices here in Orlando. It's our available inventory that continues to decline. As of today, we are down to 6,518 homes listed active by Orlando Realtors®. Based on last month's sales that is a 2.9 month supply of inventory. Of the homes listed active, 785 or 12.0% are REO, 1,033 or 15.8% are short sales, and 4,700 or 72.1% are equity sales. If we treat REO, short sales and equity sales as separate markets, there are 1.5 months of REO inventory, 2.0 months of short sales and 3.9 months of equity sales. If 3,000 REO's hit the market we could absorb most of them within 30 days. There are 9,680 pending sales with 1,094 or 11.3% REO, 6,160 or 63.6% short sales, and 2,426 or 25.1% equity sales.
Closed sales jumped in February. There were 2,262 closed sales last month up more than 18% compared to January's 1,909. The median sales price also up over 2.5% from the prior month. February sales posted a median price of $132,000 compared to $128,725 in January. Of the closed sales last month, 534 only 23.6% were REO, 522 or 23.1% were short sales and 1,206 or 53.3% were equity sales. REO's were still a bargain with a median sales price of $96,000. Short sales posted a median sales price of $115,000, and equity sales closed out with a median sales price of $157,928. Cash sales are the order of the day with 1,287 or a whopping 56.9% of all sales. The median price of the all cash sales is $95,000. Financed sales accounted for only 975 or 43.1% of the sales with a median sales price of $175,206. Short sales continue to show no signs of efficiency. Only 8.5% of the pending short sales closed. The successfully closed short sales on average took 281 days to close. That is over nine months, so there remains nothing short about short sales.
David Welch Real Estate Optimist, Orlando Real Estate, Search for Homes