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November 3rd, 2010 10:49 AM by David W. Welch
I live in Baldwin Park and try to keep a close eye on what is going on in the neighborhood, and the number of homes for sale has been steadily dwindling. There are only 57 homes active on the market right now with another 52 with contracts pending. If you look at the last 12 months sales of 195 the active listings only make up a 3.5 month supply of inventory. That is why I am saying the inventory is low. When the inventory numbers are released each month they are typically based solely on the previous months sales. Based on the 11 closed sales in October, there is about a 5.2 month supply of homes available. This is still below the benchmark six months that we consider to be a balance between supply and demand.
Zillow trends indicate a bit of an increase in values in Baldwin Park, and the most report I received from them on my home suggests it has gone up 2.8% over last month. If you look at the overall numbers though, prices are down slightly almost 2% from 2009. You can see in the table below prices peaked in Baldwin Park in 2007 about a year after the rest of Orlando even though sales had begun to decline.
Number of Sales
While this represents roughly a 30% drop in prices since the peak, Orlando overall has seen a drop of twice that with just over a 60% decline from the top of the market. We may see prices drop a little further this year. The 52 pending sales have a median asking price of only $284,950 and the median asking price of the active listings is $353,430.
While no neighborhood or area in Orlando is immune to the effects of distressed properties, Baldwin Park has not been impacted as greatly as many other areas. Of the 195 sales in the last 12 months 113 or 57.9% have been equity sales. This compares with just about 30% in the Orlando market as a whole. Currently 33 of the 57 active listings, also 57.9% are equity sales compared with about 50% in the greater marketplace. In the greater Orlando marketplace 13.9% of the pending contracts are on equity sales, but in Baldwin Park 30.8% or 16 of the 52 pending sales are equity sales. Foreclosures specifically make up roughly 50% of all the closed sales in Orlando, but only about 19% of the sales in Baldwin Park over the last 12 months. So, while no area is immune, Baldwin Park thankfully has had a milder case of the distressed bug that is going around.
David Welch Real Estate Optimist, Orlando Real Estate, Any Home-Any Phone