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September 7th, 2011 8:48 AM by David W. Welch
I am running a couple of days late on my statistics this month. I have had out of town investors from Wisconsin and Canada this week, wrote three offers with two accepted so far. Despite what you may hear from other blogs, the number of properties available for sale in Orlando is continuing to decline making it more difficult to find properties. There are currently only 9,474 homes listed for sale by Orlando Realtors. With 2,437 sales last month that is less than a 3.9 month supply of homes available. A balanced market is six months. Of the homes available for sale, there are 680 or 7.2% REO, 3,150 or 33.2% short sales and 5,644 or 59.6% equity sales. Pending sales have also been declining, but remain very strong. Currently, there are 10,205 homes with contracts on them. Of those, 1,164 or 11.4% are bank owned, 7,521 or a huge 73.7% are short sales and 1,520 or 14.9% are equity sales.
Sales last month were actually stronger than July's 2,296. August saw 2,437 closings with a median sales price of $115,000 also slightly better than July's $114,500. The sales broke down like this: 663 or 27.2% REO with a median of $78,500; 778 or 3.9% short sales with a median of $93,450; 996 or 40.9% equity sales with a median price of $158,000. Cash sales continued to dominate with 1,254 or 51.5% of all sales closing without financing. The median price of the cash sales was still $70,000. There were 1,183 or 48.5% of the sales with a median price of $156,000 that closed with some form of financing. The stong showing of closed short sales posted the largest closing ratio I have measured. The 778 closed short sales accounts for 10.3% of the pending short sales, and I am pretty sure I have never seen that number go over 10%. Maybe the banks are getting a little better, or maybe buyers are willing to wait a little longer with so few homes for sale.
David Welch Real Estate Optimist, Orlando Real Estate, Any Home-Any Phone