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February 5th, 2013 8:41 AM by David W. Welch
Inventory of available homes continues to decline, and it appears to be having an effect on sales numbers. Currently, there are 6,744 homes listed available by Orlando Realtors®. That is down from December's 6,852. Of the homes still available, 762 or 11.3% are REO, 1,201 or 17.8% are short sales and 4,781 or 70.9% are equity sales. With the decline in inventory, pending sales have also been declining. There are 9,372 properties of all types with contracts pending. Of the homes under contract, 1,095 or 11.7% are REO, 6,149 or 65.6% are short sales and 2,128 22.7% are equity sales.
Fewer homes available turns into fewer homes sold. December was on fire, but January cooled off quite a bit. There were 1,909 closed sales in January compared to 2,550 in December. The median price of the closed sales was down slightly to $128,725 versus December's $130,000. It is still up 22% compared to January 2012's $105,000. Of the closed sales last month, 499 or 26.1% were REO, 482 or 25.2% were short sales and 928 or 48.6% were equity sales. The REO sales had a median sales price of $89,900, short sales median price was $111,779 and equity sales were $158,000. Closed short sales represented only 7.8% of the pending short sales. Despite national news stories to the contrary, short sales are taking longer to close and a smaller percentage are getting to the closing table. Cash sales ticked up with 1,047 or 54.8% of all sales closing with no financing with a median price of $90,000. Financed sales accounted for only 862 or 45.2% or sales with a median sales price of $162,000.
David Welch Real Estate Optimist, Orlando Real Estate, Search for Homes