Orlando Real Estate

Orlando Real Estate Sales January 2010

February 1st, 2010 1:34 PM by David W. Welch

Ok, these may not be the best numbers in the world, but they could be worse considering the weather. These numbers are so off compared to the last several months, I am concluding the weather had an impact on sales. Since March of 2009 our prices have been in the range of $125,000 and $135,000. January took quite a tumble with a median price of $105,000 on 1,498 closed sales. I believe the number of sales will end up closer to 1,800 which is also off from the 2,000+ that we have had each month since June of last year. All three categories of sales, REO, short sales and "normal" were off with 690 bank owned at $70,000, 391 shorts at $118,000 and 418 "normal" sales at $169,945. Of course weather cannot answer everything. There may have also been some price cutting to get homes sold by owners who just want to be done with it.

As far as the inventory is concerned, Orlando remains pretty stable with 15,930 active listings. Of those 1,655 or 10.4% are REO, while 5,996 or 37.6% are short sales. So, nearly half of all active listings are distressed properties. Pending sales remain very strong with 8,583 made up almost entirely of bank owned and short sales. There are 1,630 or 19.0% REOs, and 5,627 or 65.6% short sales for a total of 84.6% distressed pending sales. Short sales continue to be long shots for closing with just under 7% of the pending short sales closing in January. Distressed properties overall are having a tremendous impact on our market with almost 1 in two active being distressed, more than 4 out of 5 pending are distressed and almost 3 of 4 closed sales are distressed properties.

Aside from the these numbers, I personally am starting off very strong this year with four closings in January and four scheduled to close in February. Additionally, I have a two short sales that appear to be nearing approval.

Orlando Real Estate, David Welch Real Estate Optimist, As Seen on HGTV's House Hunters

Posted in:General
Posted by David W. Welch on February 1st, 2010 1:34 PM

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