Orlando Real Estate

Orlando Real Estate May 2013

June 6th, 2013 9:10 AM by David W. Welch

I'm a day late with my monthly wrap up, but what can I say it's been busy. Inventory remains one of the big issues here in Orlando. With school out, we have had a bit of a tick up in the number of homes listed active by Orlando Realtors. Currently, there are 6,695 homes of all types available. Of those, 808 or 12.1% are REO, 812 or 12.1% are short sales and 5,075 or 75.8% are good old fashioned equity sales. The number of homes with contracts pending remains high with 9,597. Of those, 1,171 or 12.2% are REO, 5,585 or 58.2% are short sales and 2,841 or 29.6% are equity sales. The low number of homes listed active combined with strong sales has pushed our months supply of inventory below 2.3 months. Six months is generally considered a balanced market.

Strong demand in May lead to 2,945 closed sales with a median sales price of $148,500. Both of those number represent an increase from the prior month. April saw 2,759 closed sales with a median price of $144,990, so May marked a 6.7% and 2.4% increase respectively. Compared to May 2012 the increases were very healthy and clearly show the direction our market has been heading. Last year there were 2,527 sales with a median price of $120,000. Sales are up 16.5% and prices have jumped 23.75% in a year.

Of the closed sales, only 548 or 18.6% were REO with a median price holding fairly steady at $90,000. There were 660 or 22.4% short sales with a median price of $116,240. The 660 short sale closings represented 11.8% of the pending short sales. That percentage should climb as the number of short sales continues to decline. The 1,737 equity sales made up the greatest percentage of the closed properties making up 59% of all sales with a median price of $183,500. Cash sales continue to outpace financed purchases with 1,576 or 53.5% of the closed deals at a median price of $103,000. Financed purchases accounted for 1,369 or 46.5% of all sales with a median price of $194,000.

Posted in:General
Posted by David W. Welch on June 6th, 2013 9:10 AM


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