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October 18th, 2010 12:18 PM by David W. Welch
The number of active listings in Orlando continues to decline amidst the foreclosure slowdown. Currently, there are only 15,996 active listings posted. However, the number of active REO listings seems to be dropping much more slowly. In the two weeks since Bank of America, JP Morgan and GMAC announced a voluntary halt to foreclosures, the number of active foreclosures listings has dropped from 2,176 to 1,883, but most of that happened in the first week. Of the 293 decline, only 45 came in the last week. Pending contracts fell from 2,102 to 1,952, but then went back up in this past week to 2,016.
Closed sales seems to be where we are seeing the biggest impact possibly, with only 235 REO sales closed representing just over 38% of the all closed sales this month. While sales appear to be a bit slower this month with only 615 closed so far, the median sales price has gone up quite a bit from September's $105,000. The median sales price of the homes that have closed so far in October is $120,000 representing better than a 14% increase in prices. There have been 235 bank owned sales with a median of $72,492, and 141 short sales with a median sales price of $105,000. Equity sales representing nearly 39% of all closings with 239 have a median sales price of $178,325. The slowdown in foreclosures also appears to be impacting cash sales. So far 304 cash deals, accounting for slightly less than 50% of the sales, have registered a median sales price of $65,000.
David Welch Real Estate Optimist, Orlando Real Estate, Any Home-Any Phone