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July 13th, 2012 1:19 PM by David W. Welch
I ran these numbers a few days ago, and so they are my final numbers for June 2012. There are 7,492 homes listed as active by Orlando Realtors. Of that number 753 or 10.1% are REO, 1,711 or 22.8% are short sales, and 5,028 or 67.1% are equity sales. There are also 10,749 homes listed as contract pending or active with contract. Of those with contracts on them, 1,216 or 11.3% are REO, 7,490 or 69.7% are short sales and 2,043 or 19.0% are traditional equity sales.
The inventory is down and sales are up as the market continues to shift in favor of sellers. There were 2,700 sales in June with a median sales price of $125,000. That is an increase in the median price of 13.6% compared to June 2011's $110,000 median sales price. Of the homes that closed last month, 683 or 25.3% were REO, 769 or 28.5% were short sales, and 1,248 or 46.2% were traditional equity sales. The median price of the REO sales was $82,500, the median price of the short sales was $109,000, and the median price of the equity sales was $165,000. The 769 closed short sales represented 10.3% of all the short sales with contracts. Cash sales continue to represent more than half of all closed sales. There were 1,400 or 51.9% cash sales last month with a median sales price of $83,500. The remaining 1,300 or 48.1% of the sales had some form of financing with a median sales price of $165,000.
The combined decline in inventory and increase in sales has pushed our months supply of inventory down to 2.77. We generally consider six months inventory a balanced market.
David Welch Real Estate Optimist, Orlando Real Estate, Search for Homes