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August 18th, 2011 4:27 PM by David W. Welch
Last month there were 15 closings in Baldwin Park. That is not anything special, just an average sales month for my neighborhood. Of those sales 11 were normal equity sales with a median sales price of $445,000. There were three short sales with a median price of $226,000, and only one bank owned property that sold for $312,000. Oddly enough, the one bank sale equalled the median price of all sales combined. Baldwin Park is a planned community with apartment homes, condos, townhomes, cityhomes and single family homes ranging from garden homes to very large custom estates. Eight of the sales were single family homes, four were townhomes/cityhomes, and the remaining three were condos.
The reason I am saying Baldwin Park is sold out is because, there are only 34 homes available for sale right now. That is just over a 2.25 month supply of homes available. We typically think of a six month supply of inventory to be a balanced market. Of the available properties only one is bank owned, and two are short sales. That leaves 31 that are actually normal sales. There are another 48 properties that are under contract. Two of the pendings are bank owned, 33 are short sales and 13 are equity sales. Unfortunately, SunTrust did a lot of the financing in the neighborhood, and they are often the short sellers lender. SunTrust has been extremely slow to process short sales, and pretty much has earned the spot as one of the more difficult banks.
David Welch Real Estate Optimist, Orlando Real Estate, Any Home-Any Phone