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January 6th, 2015 1:25 PM by David W. Welch
For the second month in a row, the inventory of available homes for sale is down. At this point it could be a reflection of normal seasonality, or maybe the beginning of a trend. There are 11,947 homes listed as active by Orlando Realtors®. Of the properties currently available, 2,213 or 18.5% are REO properties, 872 or 7.3% are short sales and 8,862 or 74.2% are equity sales. REO properties are also known as bank owned or foreclosure properties. Short sales are properties that are valued less than the outstanding mortgage, and equity sales are traditional sales where the owner actually has equity in their property.
There are 5,934 properties with contracts, listed as either active with contract or pending. Of the properties with contracts on them, 1,644 or 27.7% are REO, 2,067 or 34.8% are short sales and 2,223 or 37.5% are equity sales.
In December 3,117 property sales closed with a median sales price of $163,000. Of the homes that sold 976 or 31.3% were REO sales with a median sales price of $110,000; 140 or 4.5% were short sales with a median price of $140,000 and 2,001 or 64.2% were equity sales with a median price of $192,500. Short sales continue to decline, and last months short sale closings accounted for only 6.8% of the pending short sales. On average short sales that closed in December took 291 days. The longest one took 1,267 days or 3.5 years to successfully close. Cash sales are also continuing to decline somewhat. 1,319 or 42.3% of all sales last months closed with no financing at a median price of $108,000. Financed sales accounted for 1,798 closings or 57.7% of all sales with a median price of $195,000.