Orlando Real Estate

Orlando Real Estate March 2014

April 7th, 2014 2:06 PM by David W. Welch

Inventory continues to climb as we enter the spring selling season. There are currently 10,738 homes listed active by Orlando Realtors®. Of the homes for sale 1,790 or 16.7% are REO, 1,189 or 11.1% are short sales and 7,759 or 72.3% are equity sales. REO and equity sales are both up from February, but short sales have declined slightly. There are 8,129 properties listed as having a contract pending. Of the homes under contract, 1,478 or 18.2% are REO, 3,570 or 43.9% are short sales and 3,081 or 37.9% are equity sales. Short sales continue to drag taking an average of 264 days to close of the properties that sold last month.

Speaking of sales, we came in at the top of the range I had predicted last month with 2,593 closed sales and a median sales price of $156,000. We have been hovering between $150,000 and $160,000 since last summer. Of the homes that sold last month, 724 or 27.9% and a median price of $103,754 were REO, only 216 or 8.3% and a median price of $120,000 were short sales, and 1,653 or 63.7% and a median price of $190,000 were equity sales. The paltry number of closed short sales represented only 6.1% of the pending short sales. At that pace it would take 16.5 months to close the current pending short sales. The average time for last month's sales to go under contract was 73 days and the average time from contract to closing was 45 days. Cash sales are still a large percentage of total sales, but no longer playing the dominant role. There were 1,218 or 47% of the sales closing as all cash transactions with a median price of $108,000. Financed sales made up 1,375 or 53% of all sales with a median price of $195,500.

I am looking for April to beat last year's 2,718 closed sales. I expect we could see prices a bit higher this month too. I am expecting to see the median price move closer to the $160,000 mark.

by David Welch
Posted in:General
Posted by David W. Welch on April 7th, 2014 2:06 PM

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