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October 6th, 2011 3:55 PM by David W. Welch
For the second month in a row I am a little late with the statistics. Thankfully, I have been too busy selling real estate. I listed two homes about two weeks ago, and both are under contract. In fact, I have on active listing left that I just put on the market last night. Enough with the bragging. Currently there are 9,316 homes listed for sale by Orlando Realtors®. They break down with 729 or 7.8% bank owned, 2,981 or 32.0% short sales and 5,606 or 60.2% equity sales. Overall inventory, and short sales are down from last month's 9,474 and 3,150 respectively while REO and equity listings are up from last month's 680 and 5,595. At last month's sales pace we currently have a 4.3 month supply of inventory available for sale.
Pendings are down slightly from August's 10,205 to 10,145. The properties with contracts on them break down like this. There are 1,082 or 10.7% bank owned, a whopping (my favorite term for this each month) 7,507 or 74.0% short sales and 1,556 or 15.3% equity sales. Equity sales are actually up from last month's 1,520, but the other two categories ticked down.
Sales typically slow down toward the end of August and right on through September. This year sales remained strong all the way through August, so as I expected September took the brunt of the Fall slowdown. There were 2,160 closed sales with a median sales price of $112,000 compared to 2,437 in August with a median price of $115,000. This is more indicative of the time of year than any negative trend in our market. Of those sales 585 or 27.1% were REO sales, 767 or 35.5% were short sales and 808 or 37.4% were equity sales. REO sale prices were up slightly from $78,500 in August to $79,000. Short sale prices were up significantly from $93,450 in August to $100,940 last month. Equity sales however were down from $158,000 in August to $149,000 in September. Cash buyers just keep on rolling with 50.2% or 1,085 of the sales closing as cash transactions with an unchanged median price of $70,000. The remaining 49.8% or 1,075 sales closed with financing at a median of $140,000.
David Welch Real Estate Optimist, Orlando Real Estate, Any Home-Any Phone