Orlando Real Estate

July continued to be a hot sales month here in Orlando posting 2,068 closed sales so far with a median sales price of $136,557. That is two months in a row with a higher median price and four months in a row without a decline in prices. Distress sales continue to make up a very large percentage of the total number of closed contracts. Right now, 1,097 or 53.0% of the closed sales were distressed properties with 698 or 33.8% of the total sales being identified as bank owned. Pending sales continue to climb with 7,711 properties under contract. Banks inability or unwillingness to approve short sales remains the biggest contributor to the backlog of sales with 4,177 of the 5,491 distressed properties being probable short sales. Currently 1,314 of the pending sales are identified as REO and 2,220 are "normal" sales. Overall the percentage of distressed properties under contract continues to rise with 71.2% of all pending properties identified as distress sales.

The active inventory continues to decline, although not as quickly this past month. The current number of active listings stands at 17,122 which represents about an 8.3 month supply of homes available for sale. The percentage of distressed properties remains about the same with 39.6% of all active listings in some form of distress situation. However, the number of REO's is roughly half what we had in January. This is not because there are no foreclosures coming on the market, but because they are selling somewhat faster than the banks are releasing them to the market. It is very typical for bank owned properties to garner multiple offers, and many sell for over the asking price.

Orlando Real Estate, David Welch Real Estate Optimist