Orlando Real Estate

Orlando Real Estate September 2013

October 8th, 2013 9:11 AM by David W. Welch

It must be an October thing, because last year I was three days late getting the September statistics out. The same trends are continuing with inventory up and the summer sales starting to decline. Currently, there are 8,697 properties listed active by Orlando Realtors®. That number is up 17.4% from last year at this time when there were 7,406 active listings. It is also up 7.5% from last month's 8,088. Of the active listings 1,283 or 14.8% are REO, 1,020 or 11.7% are short sales and 6,394 or 73.5% are equity sales.

Pending sales continue to decline as we work through the backlog of short sales. There are 7,965 properties with contracts pending on them. Of those 1,100 or 13.8% are REO, 4,406 or 55.3% are short sales, and 2,459 or 30.9% are equity sales. The number of short sales pending has dropped by more than 3,000 in the last year.

Sales remain strong with 2,534 closed transactions last month. That is a drop from August numbers, but that is somewhat typical this time of year. It is 12.5% higher than sales of 2,253 a year ago. The median price remains fairly stable at $152,195 which is up 21.8% from September 2012 at $125,000. Of the close sales last month, 521 or 20.6% were REO with a median price of $93,000, 463 or 18.3% were short sales with a median price of $121,000, and 1,550 or 61.2% were equity sales with a median price of $180,000. The median price of REO and short sales were both up, while equity sales continue to hold steady.

The other trend that began this summer is the decline in cash sales. Cash sales accounted for 1,177 or 46.4% of sales with a median price of $101,000. Financed sales made up 1,357 or 53.6% of the closed transactions with a median price of $186,500. The high percentage of cash transactions has only made the national news over the last couple of months, but I have been reporting better than 50% cash transactions in Orlando for about four years now. Higher prices and fewer distressed properties may be causing a decline in interest for the large institutional investors.

David Welch Real Estate Optimist, Orlando Real Estate

Posted in:General
Posted by David W. Welch on October 8th, 2013 9:11 AM

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