Orlando Real Estate

Orlando Real Estate February 2014

March 5th, 2014 11:33 AM by David W. Welch

The inventory of homes available for sale in Orlando continues to climb. There are 10,500 homes of all types listed as active by Orlando REALTORS®. That is an increase of nearly 6% compared to January's 9,912 I reported. Based on February's sales however, it represents a very slight decline in the month's supply of inventory to 5.06 down from 5.13. Of the homes listed active, 1,781 or 17.0% are REO, 1,255 or 12.0% are short sales and the remaining 7,464 or 71.1% are equity sales.

The number of pending sales is also climbing. There are 7,757 homes listed as having accepted a contract. That is an increase of 9.3% from January's 7,096. Of those properties under contract, 1,391 or 17.9% are REO, 3,628 or 46.8% are short sales and 2,738 or 35.3% are equity sales.

Closed sales also climbed in February. There were 2,075 closed transactions with a median sales price of $155,000, up from January's 1,930 sales that I reported. It also broke the three month trend of year over year sales declines by beating February 2013 sales. Of the closed sales, 562 or 27.1% were REO sales with a median price of 95,450, 230 or 11.1% were short sales with a median price of $137,500, and 1,283 or 61.8% were equity sales with a median price of $182,000. The 230 closed short sales made up only 6.3% of the pending short sales, making me wonder if banks are cutting back on their short sale operations. Cash just keeps flowing in with 1,045 or 50.4% of the sales closing for all cash at a median price of $108,000. The remaining 1,031 or 49.7% closed with some form of financing with a median price of $189,000

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Posted by David W. Welch on March 5th, 2014 11:33 AM

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