Orlando Real Estate

Orlando Real Estate November 2015

December 14th, 2015 3:30 PM by David W. Welch

Down, dooby doo down down. Inventory, pending contracts and sales are all down from October, but it's not bad news. The number of homes listed active on the market by Orlando REALTORS® slid a bit to 10,718. Of the homes available for sale 1,157 or 10.8% are REO, 457 or 4.3% are short sales, and 9,104 or 84.9% are equity sales. Based on November's sales we saw the months inventory tick up slightly to just over 4.25.

The number of contracts pending which includes properties listed as pending and active with contract is 5,986. Of the homes with contracts on them 1,022 or 17.1% are REO, 1,376 or 23.0% are short sales and 3,588 or 59.9% are equity sales. Short sales continue to drag, but make up a much lower share of the market. Closed short sales represented on 7.1% of the pending short sales and still take on average about nine months to close. The oldest short sale that closed last month took 860 days to close. That is over 2.35 years.

Sales were down compared to October, but improved from a year ago. There were 2,507 closed transactions in November with a median sales price of $178,000. Compared to last November that is a 9.5% increase in sales which were reported as 2,290 in 2014. Prices are also higher than last year's $165,000 by nearly 7.9%. Of the property sales that closed last month 517 or 20.6% are REO with a median price of $111,000; only 98 or 3.9% are short sales with a median price of $160,000; and 1,892 or 75.5% are equity sales with a median price of $198,850.

Cash remains strong with 1,045 closed sales, or 41.7% of the total, with a median price of $120,150. Financed sales accounted for the remaining 1,462 or 58.3% or the sales with a median price of $208,000.
Posted by David W. Welch on December 14th, 2015 3:30 PM

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