Orlando Real Estate

Orlando Real Estate November 2013

December 5th, 2013 12:35 PM by David W. Welch

Compared to October a lot of our local numbers are down. Some of that is good like our inventory. Currently there are 9,069 homes listed as active by Orlando Realtors®. Of that number, 1,486 or 16.4% are REO, 1,098 or 12.1% are short sales and 6,485 or 71.5% are equity sales. Although inventory is down compared to October it is up considerably from 7,175 a year ago. Also down are our pending contracts, and this may be partly good and partly not so good. Currently there are 7,180 pending sales, and that is down compared to last month and way down from 9,774 the same month a year ago. Of that number, 1,020 or 14.2% are REO, 3,835 or 53.4% are short sales and 2,325 or 32.4%. The good news is that short sales make up the biggest part of that decline in pending sales.

Sales are also down, and that is a combination of a couple of things in my opinion. First, cash investors seem to have less of an appetite for Orlando real estate, and we may be seeing a little seasonality as real home sellers and buyers make up a larger share of the market now. There were 2,158 closed sales last month with a median price holding steady at $150,000. While total sales are down from 2,428, the median price is up 18.6% from 126,425 a year ago. Of the closed sales, 495 or 22.9% with a median price of $89,900 are REO, only 291 or 13.5% with a median price of $111,000 are short sales and 1,372 or 63.6% with a median price of $175,000 are equity sales. REO and short sales are both down from last year, while traditional equity sales are up just over 200 units. Prices for all three types of sales are up as well. Cash sales declined in number to 1,058 or 49% of the total with a median sales price of $99,750. Financed sales were also down to 1,100 or 51% with a median sales price of $182,950.
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Posted by David W. Welch on December 5th, 2013 12:35 PM


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Posted by John Jennings on December 11th, 2013 4:47 AM
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