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March 14th, 2016 12:06 PM by David W. Welch
Inventory continues a slow slide with only 10,104 homes of all types listed as Active by Orlando REALTORS®. Of the homes available on the market, 651 or 6.4% are REO, 333 or 3.3% are short sales and 9,120 or 90.3% are traditional, equity sales. Based on our most recent absorption rate, there is less than a 3.9 month supply of inventory. Check out my breakdown to see just how low the Orlando real estate inventory is by price range.Pending sales are actually up quite a bit from January. There are currently 6,981 homes listed as Pending or Active With Contract. Of the homes with contracts pending, 968 or 13.9% are REO, 1,291 or 18.5% are short sales and 4,722 or 67.6% are equity sales.Closed sales are way up over January's 2,277, but down slightly from February of last year. There are 2,600 closed sales in February with a median price of $179,900. Sales are down almost 2.5% from a year ago, but prices are up nearly 12%. Of the closed sales 530 or 20.4% are REO with a median price of $124,777; 104 or 4.0% are short sales with a median price of $155,000; and 1,966 or 75.6% are equity sales with a median price of $195,000.Cash sales are still strong with 1,054 or 40.5% of all sales closing for all cash with a median sales price of $125,000. The remaining 1,546 or 59.5% closed with some type of financing at a median price of $204,537.
David Welch Real Estate Optimist, Orlando Real Estate