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October 4th, 2010 11:14 AM by David W. Welch
The number of active listings continues to fall, but very slowly. With Bank of America, JP Morgan and GMAC putting holds on their foreclosures we might see a quicker decline in the number of bank owned properties soon. Right now there are 2,176 REO's and 6,204 short sales combining for just over 51% of the active inventory of 16,359. These numbers are pretty close to what we have been seeing for a few months now. Pending sales are coming down much more quickly with only 8,829. Bank owned of 2,102 and short sales of 5,539 continue to dominate the pending contracts accounting for 86.5% of the total.
Sales posted for September were a bit stronger than I had expected with 2,187 closed sales. The median sales price of $103,000 did not go up quite as much as I had hoped. I was looking for something closer to the range of $105,000 to $110,000. Cash transactions continue to dominate with 1,170 or 53.5% of the posted sales being all cash. Cash sales continue to come in the lowest priced properties with a median sales price of $59,200. Sales with financing accounted for 1,017 closings with a median sales price of $145,490. Bank owned properties made up over 46% of the sales with a median price of $66,000. Almost 10% of the pending short sales closed with 539 sales at a median sales price of $111,000. "Normal" equity sales made up just over 29% of the closings with a median sales price of $157,000.
In the past October has been a good month with higher sales and higher priced sales between the back to school lull and the holiday hiatus. I am looking for a good month with possibly up to four closings.
David Welch Real Estate Optimist, Orlando Real Estate