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February 18th, 2011 9:10 AM by David W. Welch
The number of homes on the market for sale continues to decline with only 13,953 active on the market when I checked this morning. Of those 1,968 or 14.1% are REO, 5,202 or 37.3% are short sales leaving 6,783 or 48.6% as equity sales. I still have people asking what an equity sale is so here goes: at the current list price the owner has sufficient equity to sell the house and pay off all that is owed. This is in contrast to a short sale where there is not enough equity in the home to pay off the mortgages, sales expenses or other liens that may exist. REO's and short sales together make up what we refer to as distressed properties. Properties with contracts pending have increased to 9,091 with 2,170 or 23.9% being REO, 5,646 or 62.1% as short sales, and only 1,275 or 14.0% as equity sales. Distressed properties remain dominant among properties with sales contracts making up 86% of the total.
At this point in the month, I usually see about half the sales have been posted. As of this morning there have been 1,000 sales closed with another drop in median sales price to $86,500. Last month there were nearly 2,000 sales with a median sales price of $95,000 reported. Of those closed sales this month 497 were REO with a median sales price of $68,000, 243 have been short sales with a median sales price of $84,000 and 260 have been equity sales with a median sales price of $148,000. Cash sales continue to make their mark in Orlando with 620 or 62% of all sales closed so far in February being all cash sales with a median sales price of $59,500. Financed sales represent on 38% of the closings this month with a median sales price of $148,000. In January cash sales posted an all time high (at least as long as I have been tracking them) at 61%. So far, February may beat that number.
David Welch Real Estate Optimist, Orlando Real Estate, Any Home-Any Phone