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February 7th, 2012 2:58 PM by David W. Welch
There are 8,811 homes of all types available for sale listed with Orlando Realtors. That is a 38.8% decline from last year's 14,398. Based on last month's sales pace that is only a 4.8 month supply of inventory. Of the homes still available, 798 or 9.0% are foreclosures, 2,809 or 31.9% are short sales and 5,204 or 59.1% are equity sales. While the inventory has declined, the number of contracts pending has been climbing. There are 9,675 homes with contracts. Of the homes under contract, 1,229 or 12.7% are foreclosures, 7,009 or 72.4% are short sales and 1,437 or 14.9% are equity sales.
Sales last month dropped compared to December and compared to last January's 2,041. The 1,825 closed sales last month represented a 10.6% decline in the number of sales last January. While the number of sales dropped, prices rose 10.5% compared to last year. The median price last month was $105,000 compared to $95,000 in January 2011. The home sales broke down like this: 497 or 27.2% foreclosures with a median price of $82,000; 688 or 37.7% short sales with a median price of $90,000; and 640 or 35.1% equity sales with a median price of $145,000. The 688 closed short sales accounted for 9.8% of all pending short sales, which is back in the 8-10% range I have observed for the last few years.
Cash continues to reign as king with 1,009 or 55.3% of all sales closing for all cash. Only 816 sales or 44.7% closed using financing. The median price of the cash sales was $72,500 while financed transactions had a median sales price of $136,000.
David Welch Real Estate Optimist, Orlando Real Estate, Any Home-Any Phone