Orlando Real Estate

Orlando Real Estate January 2015

February 13th, 2015 12:59 PM by David W. Welch

Inventory definitely seems to be holding steady after 18 months of gains making it feel more like a balanced market. There are currently 12,042 homes of all types listed as active by Orlando Realtors®. Of the properties active on the market, 1,912 or 15.9% are REO, 803 or only 6.7% are short sales and 9,326 or a whopping 77.4% are equity sales. What a reversal from a just a few years ago when nearly 75% of the properties were distressed sales. 

While inventory seems to have settled out, pending sales are actually climbing. There are currently 7,264 properties with contracts pending. Pending sales had been steadily dropping as we worked through the ridiculous backlog of short sales. REO listings make up 1,979 or 27.2% of the pending sales, short sales have declined to only 1,988 or 27.4% of the contracts pending, and 3,297 or 45.4%  of the contracts are on traditional, equity sales. In December there were only 5,934 properties under contract, so pending sales are up a healthy 22.4%.

Closed sales last month took a pretty big drop from December's 3,117, but were up nearly 23% from January of 2014's 1,930. There were 2,373 closed sales last month with a median price of $153,000. Again the median sales price was down from December's $163,000, but up over 8.5% from a year ago. Of the homes that closed last month, 902 or 38.0% were REO, only 134 or 5.6% were short sales and 1,337 or 56.3% were equity sales. The closed REO transactions at a median price of $104,799, short sales had a median of $137,000 and equity sales had a median price of $188,500. Cash sales perked up last month with 1,165 or 49.1% of the total closings with a median price of $96,500. Financed sales accounted for 1,208 or 50.9% of the closed transactions with a median price of $195,000.

David Welch Real Estate Optimist, Orlando Real Estate

Posted by David W. Welch on February 13th, 2015 12:59 PM

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