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April 5th, 2012 4:51 PM by David W. Welch
The continuing storyline of 2012 is the declining inventory of homes available for sale. Compared to March of 2011 the number of homes currently available for sale has declined 37.2%. There are 7,875 homes listed as available by Orlando Realtors. Of those still active, 802 or 10.2% are REO, 2,078 or 26.4% are short sales and 4,995 or 63.4% are equity sales. While the active inventory has been dropping, the number of homes with contracts pending has been on the rise. There are 10,687 homes with contracts on them compared to 9,933 a year ago accounting for a 7.6% increase. Of the homes with contracts, 1,303 or 12.2% are REO, 7,500 or 70.2% are short sales and 1,884 or 17.6% are equity sales.
The number of sales is down slightly from a year ago. There were 2,437 closed sales last month which is 4.3% lower than the 2,546 a year ago. The median price of all sales is way up though. Last year the median sales price in March was $102,000 which jumped 12.6% this year to $114,900. Of the homes sold this year 655 or 26.9% were REO with a median sales price of $77,900. Another 802 or 32.9% of the sales were short sales with a median sales price of an even $100,000. The remaining 980 or 40.2% or the sales were traditional equity sales with a median sales price of $159,500. The 802 short sales that closed represent 10.7% of the short sales with contracts pending. With the strong sales and declining number of homes for sale the current months supply of homes has dropped from 4.9 a year ago to only 3.2 as of last month. Generally, six months is considered a balanced market. I listed a $220,000 home on the market Saturday and sold it Sunday. I listed a $75,000 condo yesterday and have two offers today, and I am expecting a third.
Cash deals continue to make up the majority of our sales. Yes, you read that right. We are into our third year of "cash sale." Last month 1,298 sales or 53.2% closed as all cash deals with a median sales price of $75,000. The remaining 1,139 or 46.7% were closed with some form of financing with a median sales price of $155,000.
David Welch Real Estate Optimist, Orlando Real Estate, Search for Homes