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September 2nd, 2010 4:11 PM by David W. Welch
As far as transactions are concerned August is turning out to be another solid month for sales of Orlando real estate. As of yesterday there were 2,287 sales posted. Of those 1,136 were bank owned with a median sales price of $66,900, 498 were short sales with a median price of $98,500, and 654 (less than 29%) were equity sales with a median price of $165,000. The two things that stand out to me about these sales is the drop in the percentage of equity sales and the drop in the median prices. The median price overall has dropped to $96,000.
Active listings were down to 16,544 with 2,222 bank owned and 6,152 short sales making up just over 50.6% of all the homes for sale. Pending sales also continue to be overwhelmingly made up of distressed properties. There are 9,063 contracts pending with 2,150 bank owned and 5,678 short sales for a total of almost 86.4% of all pending sales. Cash also remains king with nearly 54.7% of the closed sales posted as cash transactions with a median sales price of $57,000. Financed transactions closed with a median sales price of $149,200.
David Welch Real Estate Optimist, Orlando Real Estate