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December 8th, 2014 3:37 PM by David W. Welch
I am not sure if we are experiencing the holiday drop in inventory, or if there is actually a trend. There are 12,417 homes listed as active by Orlando Realtors®. Of those, 2,190 or 17.6% are REO, only 956 or 7.7% are short sales, and 9,271 or 74.7% are equity sales. Hopefully, we will continue to see the short sales decline with prices so much higher now. There are 6,686 homes currently listed as contract pending. Of the homes that already have accepted contracts, 1,782 or 26.7% are REO, 2,171 or 32.5% are short sales and 2,722 or 40.9% are equity sales.
Sales came in higher than last year for the third month in a row, so I am definitely calling that a trend. There were 2,453 closed sales in November with a median sales price of $159,139. Of the closed sales, only 796 or 32.5% were REO properties with a median price of $105,000; 152 or 6.2% were short sales with a median price of $125,000; and 1,505 or 61.4% were equity sales with a median price of $192,000. The closed short sales represented on 7.0% of the short sales with contracts as banks continue to drag their feet on clearing these properties out of the system. Cash sales remain strong with 1,056 or 43% of the sales closing with no financing with a median price of $103,000. The remaining 1,397 or 57% of the sales were closed with some type of financing at a median price of $190,000.