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April 8th, 2010 3:44 PM by David W. Welch
Well here are my final March numbers. The official numbers will be released around the 20th, and they should look something like this. Active listings remain pretty steady with 16,350 of which 11.9% or 1,941 were bank owned, and 5,998 or 36.7% were short sales. Altogether, 48.6% of the active listings are distressed properties. Distressed properties make their biggest impact in the pending sales. Currently, there are (are you sitting down?) 10,307 pending sales in the Orlando marketplace. 2,177 or 21.1% are REO's and a whopping 62% or 6,392 are short sales. They combine for a total of 83.1% distressed properties under contract. Closing the short sales continues to disappoint with only 9.1% of the pendings closing in March. That accounted for 579 or 22.3% of all the closed sales. Bank owned properties were responsible for 45% of the closings with 1,166. Including the "normal" sales there were a total of 2,596 closed sales in March.
Two things to keep in mind about the closed sales. First, 1,309 of the closings in March accounting for 50.4% were all cash sales. So far in 2010 around 52% of all the closed sales have been cash deals. The second thing about that number is that you would have to go all the way back to August of 2006 to find a month with more sales. Back then the median price was just North of $250,000. In March we continued to record a median sales price of $110,000. I am looking for similar sales results in April with about 3,900 normal and REO pendings and the more than 6,300 short sales.
David Welch Real Estate Optimist, Orlando Real Estate