Orlando Real Estate

Orlando Real Estate January 2014

February 6th, 2014 2:14 PM by David W. Welch

Inventory continues to rise, and I expect it will be above 10,000 by next week. Currently, there are 9,912 properties listed active by Orlando REALTORS®. Of those, 1,655 or 16.7% are REO, 1,223 or 12.3% are short sales and the remaining 7,034 or 71.0% are equity sales. We have seen both an increase in the number of new listings and a slight decline in the number of sales (year over year) for the last three months. This has pushed our months supply of inventory up just over 5.1 months.

Pending sales continue to decline with only 7,096 properties listed in a contract pending status. Of the properties with contracts on them, 1,182 or 16.7% are REO, 3,562 or 50.2% are short sales, and 2,352 or 33.1% are equity sales. January was one of the worst months for short sale closings in some time, but working through that backlog of properties is the primary reason we have seen pending sales slowly decline.

Sales last month were moving very slowly, but we had a big final day bringing the total number of closed transactions for January to 1,930 with a median sales price of only $141,000. Of the closed sales, 561 or 29.1% were REO with a median price of $95,550, only 234 or 12.1% were short sales with a median price of $120,000, and 1,135 or 58.8% were equity sales with a median price of $173,000. The 234 short sales represented a paltry 6.6% of the pending short sales. I have tracked this statistic for about four years, and we have consistently seen 7-10% of the pending short sales close each month. I am interested to see if this is the beginning of a trend as banks may be winding down their short sale departments. Bucking a trend since June, cash sales made up slightly more than half of all closings. There were 996 or 51.6% cash sales with a median price of $99,900 and 934 or 48.4% financed sales with a median price of $182,500.
Posted in:General
Posted by David W. Welch on February 6th, 2014 2:14 PM

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