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August 6th, 2012 1:15 PM by David W. Welch
So, if you read my blog regularly you will not be surprised that the inventory of homes listed available for sale by Orlando Realtors is continuing to decline. They appear to be declining more slowly with only 7,446 homes currently on the market compared with 7,492 in June. Of the homes available, 771 or 10.4% are REO, 1,692 or 22.7% are short sales and 4,983 or 66.9% are equity sales. The drop in inventory is starting to show in our pendings. The number of homes with contracts pending has dropped from 10,749 to 10,680. Of the homes with contracts, 1,114 or 10.4% are REO, 7,466 or 69.9% are short sales and 2,100 or 19.7% are equity sales.
Sales were a little slower in July compared with June's 2,700. July only posted 2,405 closed sales. We usually do see more sales in June, but I believe the drop in inventory is now starting to effect the number of sales we are closing as well. The median price remained virtually unchanged from June at $124,900. That is over 9% higher than the median price a year ago at $114,500. That gives us 12 full months of year over year increases. Of the homes closed in July, 584 or 24.3% were REO with a median price of $84,859. There were 678 or 28.2% short sales closed with a median sales price of $110,000. The 678 represents only 9.1% of the number of pending short sales. Equity sales made up 1,143 or 47.5% of all closed sales with a median price of $165,608. Cash sales still made up the majority of the closings with 1,217 or 50.6% of the sales requiring no financing. The median sales price of the cash transactions was $83,500. Financed sales made up 1,188 or 49.4% of the transactions with a median price of $167,000.
David Welch Real Estate Optimist, Orlando Real Estate, Search for Homes