Orlando Real Estate

Orlando Real Estate June 2015

July 6th, 2015 2:55 PM by David W. Welch

The red hot sales of summer are still going strong here in The City Beautiful. Brisk sales and higher prices have also attracted more prospective sellers. There are currently 11,697 active listings which is up a tad from last month, but lower than last years 11,839. Of the homes listed as available, only 1,445 or 12.4% are REO, 531 or 4.5% are short sales and 9,721 or 83.1% are equity sales. REO listings are down about 25%, short sales are down over 50%, while equity listings are up over 10% from last year.

As strong as sales are, we have had a slight decline in pending properties. I attribute this to having so many fewer short sales clogging things up. There are currently 7,119 properties with contracts on them. Of the home listed as pending or active with contract, 1,578 or 22.2% are REO, 1,239 or 17.4% are short sales, and 4,302 or 60.4% are equity sales. Overall pending sales are down from 7,882 a year ago. Pending REO contracts are up slightly, equity contracts are up nearly 30%, but short sale contracts are down nearly 59% from last year.

Now to the strongest showing this year for sales. There were 3,729 closed sales in June with a median sales price of $180,000. Sales are up 23.8% from a year ago, and prices are up 9.2% from last year. Of the homes that closed last month, 883 or 23.7% are REO sales with a median price of $114,000; only 148 or 4.0% are short sales with a median price of $138,000; and 2,698 or 72.4% are equity sales with a median price of $205,000. The number of REO sales is up nearly 10%, short sales down nearly 40%, and equity sales up over 37% from a year ago. Sales were so strong last month that even with the growing inventory of homes for sale, the months supply dropped to just 3.14. Cash sales were up compared to last year, but actually made up a smaller percentage of closed sales. There were 1,429 or 38.3% of the sales with a median price of $116,000 closing for all cash last month. The remaining 2,300 or 61.7% of closed sales had a median price of $210,000.
Posted by David W. Welch on July 6th, 2015 2:55 PM

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