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September 15th, 2009 12:57 PM by David W. Welch
Half way through September and there are 16,352 active listings available for sale through Orlando Realtors. This is not much different than what we had at the end of August. I think we are seeing a little bit of a slow down in the sales from the summer, so inventory should not continue dropping like we have seen the last several months. We have also gotten down to just over a 7.5 month supply of properties, which is getting close to a balanced market. Of the active listings 1,254 or 7.7% are bank owned properties while 5,020 or 30.7% are short sales. These numbers actually represent a slight decline in the percentage of distressed properties active. Pending sales continue to climb with 8,594 under contract. There are 1,681 or 19.6% bank owned and 4,275 or 49.7% identified as short sales. The percentage of distressed properties pending is actually increasing slightly as buyers continue to look for bargains. Closed sales this month are coming in at 618 with a median sales price of $130,065 overall. There have been 278 or 45% bank owned closed sales with a median price of $70,050, and 126 or 20.4% short sales closed with a median price of $128,000. If you take out the distressed sales, the 214 "normal" sales that have closed have a median sales price of $195,000. Short sales continue to clog the system with only 343 closing in August representing only 8% of the total pending short sales.
Orlando Real Estate, David Welch Real Estate Optimist