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September 22nd, 2010 4:00 PM by David W. Welch
We continue to be on track for somewhat slower sales this month. As of today 1,216 closed sales have been posted with a median price of $102,000. The median has been fluctuating a lot this month. I have observed swings in the sales price from $100,000 to $110,000 when checking periodically. I stated earlier this month that I expected to see the median closer to July's $110,000 than August's $99,900. Now I am not so sure, but I do still believe it will show some improvement from last month's number. Of those closed so far, 533 or 43.8% are bank owned, 302 accounting for 24.8% have been short sales with 381 or 31.3% have been equity sales. Cash sales have continued to be very strong with 54.6% of September's sales recorded as all cash deals to date.
Not only are sales down, but inventory is down a bit too. Back in July, I was concerned because inventory had climbed by about 1,000 homes since April. At that time there were 16,700 homes for sale, but I have noticed a very slow decline in the inventory of home for sale over the last month. Currently, there are 16,499. It is not a big difference, but I was very concerned back in July that we could see 18,000 homes for sale by the end of the year if the trend continued. Of the active listings 51% are distressed properties with 2,201 bank owned and 6,222 short sales currently on the market. Pending sales are down as well with 9,042 total contracts and 86.2% are distressed properties. The backlog of 5,613 short sales added to the 2,176 bank owned properties leave only 1,253 equity sales with contracts pending. I am looking for a very good October though as we begin to return to some normal trends in Orlando real estate.
David Welch Real Estate Optimist, Orlando Real Estate