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December 5th, 2011 1:08 PM by David W. Welch
November sales ended up disappointing me just a little bit. The pace of sales early in the month lead me to think we were going to see more closed sales than October. I guess everyone was just trying to get closed before Thanksgiving, because things slowed down after turkey day. Let's start with the inventory though. There are 9,489 homes listed for sale by Orlando Realtors, which is up slightly from October's 9,420. Of those homes currently on the market, 854 or 9.0% are bank owned, 3,164 or 33.3% are short sales and 5,471 or 57.7% are equity sales. The number of distressed properties is up slightly compared to October while equity sale listings are down a bit. Pending sales remain strong, but continue to decline. There are 9,499 homes with contracts with 1,027 or 10.8% REOs, 7,088 or 74.6% short sales and 1,384 or 14.6% equity sales. The total number of pending contracts is down from 9,558 in the prior month although REO pendings are up slightly.
Now for the sales statistics. There were 2,048 closed sales in November which is down from 2,158 in October, and that is a little disappointing since the month started out very strong. The median price, definitely did not disappoint, coming in at $115,000. That is a big increase over October's $108,000 and November of 2010's $105,000. It think that is the third or fourth month in a row of year over year price improvement. Of those sales, 489 or 23.9% were REO with a median price of $75,300 and increase over October. There were also 762 short sales closed making up 37.2% with a median price of $106,000 also an increase over October. The biggest group was equity sales, accounting for 797 or 38.9% with a median sales price of $150,000, slightly lower than October. The ratio of short sales closed to pending once again exceeded 10%. Cash sales remained the strong with 1,037 or 50.6% of all sales closing without any financing at a median price of $75,003 up from October. The financed sales accounted for 1,011 or 49.4% of all sales with a median sales price of $145,000 which is a bit lower than October.
David Welch Real Estate Optimist, Orlando Real Estate, Any Home-Any Phone