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July 12th, 2010 8:02 AM by David W. Welch
June was crazy busy, with over 3,000 closed sales when all was said and done. By comparison, July is going to be quite a bit slower. I am looking for sales this month to come in closer to 2,200 as a result of the tax credit pushing some sales up a month or two. Of course now the closing time period has been extended through September. That extension came late, so a lot of people worked really hard to get deals closed last month. The inventory has gone up a bit with 16,541 active listings. Of those 2,414 are bank owned and 5,793 are short sales. Combined, distressed properties continue to account for nearly half of our homes available for sale.
Pending sales remain high, but are several hundred off our peak just over 10,000. There are 9,436 contracts pending as of today with 2,046 REOs making up 21.7% and 6,040 short sales accounting for 64% of all the homes under contract. The difference in the number of pending sales seems to have come straight from the short sales which have dropped from a peak of over 6,700. An early look at closed sales shows 377 posted so far with a median sales price still at $115,000. Of the closed transactions 145 are bank owned, 92 are short sales and 140 are equity sales.
David Welch Real Estate Optimist, Orlando Real Estate