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November 4th, 2011 2:37 PM by David W. Welch
The number of homes available for sale listed by Orlando Realtors has slowly crept up this past month lead by bank owned properties. As of today there are 9,420 homes for sale up from last month's 9,316. The current inventory is made up of 824 or 8.7% REO's, 3,013 or 32.0% short sales and 5,583 or 59.3% equity sales. While available homes has crept up, homes under contract has fallen steadily. There are currently only 9,558 properties with contracts pending compared to 10,145 last month. Of the homes with contracts, 1,008 or 10.5% are REO, 7,148 or 74.8% are short sales and 1,402 or 14.7% are equity sales.
Even with inventory creeping up and the number of pending contracts dropping, sales for October remained pretty strong. There were 2,158 closed sales virtually unchanged from September with a median sales price of $108,000 which is down from September's $112,000. The closed sales posted for October were made up of 539 or 25.0% REO's with a median sales price of $74,900, 740 or 34.3% short sales with a median price of $95,000, and 879 or 40.7% equity sales with a median of $153,250. REO and short sale prices were each down about $5,000 while normal equity sales were up over $4,000. The 740 closed short sales makes the third month in a row that short sales closed to pending ratio has been over 10%. Cash buyers remain very strong with 1,125 or 52.1% of all sales closing with no financing. The median price of cash sales remained unchanged at $70,000. Sales closed with financing made up 1,033 or 47.9% with a median price of $150,000.
The biggest mover in our market appears to be short sales. The number of active short sales is down significantly. Last year there were nearly 6,000 short sales and today there are just over 3,000. A year ago there were about 5,700 short sales with contracts and today there are over 7,100. While last October there were only about 450 closed short sales, this year there were nearly 750.
David Welch Real Estate Optimist, Orlando Real Estate, Any Home-Any Phone