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June 7th, 2010 1:53 PM by David W. Welch
Through the end of May, Baldwin Park is on track to post about as many sales as 2009. There were 190 sales last year, and five months into 2010 there have been 79 closed sales. While the number of sales looks to equal 2009, the prices are slightly higher this year. In 2009 the median sales price was $346,500 and the average price was $399,395. So far in 2010 the median sales price is up 4.5% to $362,000 and the average sales price is up 11.3% to $444,375 on five sales over a million dollars.
Distressed properties have had less of an impact in Baldwin Park making up only 26% of the active listings. Currently, there is only one REO and 19 short sales available in the neighborhood out of 77 homes. Overall in Orlando about 48% of the active inventory is either REO or a short sale. Pending sales reflect the popularity of the distressed properties with 69% of the 58 contracts. Again this compares favorably with the rest of Orlando where about 83% of the contracts are on distressed properties. The closed sales in the neighborhood also show fewer distressed properties than the rest of Orlando with 42% of the 79 closed sales. Overall around 65% of the closed sales this year have been either REO or short sales.
David Welch Real Estate Optimist, Orlando Real Estate