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March 22nd, 2011 10:01 AM by David W. Welch
Two thirds of the way through March and the inventory slide seems to have slowed down. Currently, there are 13,104 active listings with 1,537 or 11.7% bank owned, 4,904 or 37.4% short sales and the remaining as equity sales. At the end of 2010 there were 15,037 active listings, so there has been almost a 13% drop in the inventory of homes for sale in Orlando. Much of that has come from the bank owned inventory with over 1,000 fewer homes than the 2,541 that were available at the end of 2010. Another 600 came from the ranks of the short sales dropping from 5,522 back at the end of December. The number of pending sales has grown to nearly 10,000 with 9,690 homes under contract. Of those 2,040 or 21.1% are bank owned and 6,128 or 63.2% are short sales. Believe it or not, the 84.3% share of distressed properties under contract is somewhat of a drop from the 87% share they did have.
I am still sticking with my predicition of 2,400 sales this month with a median sales price around $100,000. If I am correct that would mark a 12% increase in sales and a 5% increase in prices month over month . So far there have been 1,335 closed sales with a median sales price of $101,250. Of those sales 611 or 45.8% are bank owned, 331 or 24.8% are short sales and 393 or 29.4% are equity sales. This also marks a slight increase in the share of equity sales compared to the 25% from earlier this year. Cash is still pretty dominant, but has dropped off from the previous two months with 737 or only 55.2% of the sales closing for all cash. The all cash sales posted a median sales price of $65,000 compared to the 598 or 44.8% financed sales median price of $140,000.
David Welch Real Estate Optimist, Orlando Real Estate, Any Home-Any Phone