Orlando Real Estate

Orlando Real Estate January 2016

February 10th, 2016 1:57 PM by David W. Welch

There are currently 10,281 homes listed as active with Orlando Realtors®. While inventory continues to hold pretty steady, the absorption rate dropped causing our months supply to move up to 4.5. Of the homes listed as active, 787 or 7.7% are REO, only 407 or 4.0% are short sales and 9,087 or 88.4% are traditional equity sales.

Pending sales have slid a bit, but there are still 6,231 properties listed as either Active with Contract or Pending. Of those properties with contracts pending, 1,026 or 16.5% are REO, 1,260 or 20.2% are short sales and 3,945 or 63.3% are equity sales.

Here is the big news. Sales for January were down to 2,277 which is over 28% drop from December. Prices were also down more than 4% from the last month of 2015. The bigger news is that the 2,277 sales last month were also fewer than January 2015's 2,373 closed sales by about 4%. That is the first time in over four years that year over year sales have declined. The median sales price last month was up over 17.5% compared to last January's $153,000, so that is some good news for sales. Here how they broke down. There were 512 or 22.5% REO sales with a median sales price of $121,260; 111 or 4.9% short sales with a median price of $125,000; and 1,654 or 72.6% equity sales with a median price of $205,000.

Closed short sales accounted for only 8.8% of the pending short sales, and are still taking 265 days to close. Cash sales are still a big factor in the market with 849 or 37.3% of the sales closing for all cash with a median price of $117,500. The remaining 1,428 or 62.7% of sales closed with some type of financing with a median price of $210,000.

David Welch Real Estate Optimist, Orlando Real Estate

Posted by David W. Welch on February 10th, 2016 1:57 PM

It's hard to tell if we are starting to see the new peak or if prices and sale will continue to rise.
Posted by Alpharetta GA Realtor on February 16th, 2016 10:53 AM


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