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May 8th, 2012 4:02 PM by David W. Welch
Ok, I know I am really behind, but I have been working pretty much seven days a week for about three weeks now. The number of homes available for sale continues to drop. There are 7,683 homes listed as available by Orlando Realtors right now. That is a 32.8% drop from last year's 11,444. Of the homes still available 840 or 10.9% are REO, 1,925 or 25.1% are short sales and 4,918 or 64.0% are equity sales. April, May and June are typically very busy months for new listings, but we continue to see the number of active properties decline. Based upon last month's sales, there is only a 3.16 month supply of homes available. We usually consider a six month supply to be a balanced market.
The number of homes with contracts has been climbing, and currently there are 11,084 homes with contracts pending. Of those, 1,386 or 12.5% are REO, 7,615 or 68.7% are short sales and 2,083 or 18.8% are equity sales. There were 2,431 closed sales last month with a median sales price of $115,000 marking the tenth month in a row of year over year increases. The number of sales was slightly lower the same month a year ago, but the median price jumped 10.3% from $104,260.
Of the homes that sold last month, 645 or 26.5% were REO, 713 or 29.3% were short sales and 1,073 or 44.1% were equity sales. The 713 short sales represented 9.4% of the pending short sales. REO median sales price was $80,000, short sale median sales price was $95,000 and equity sales median price wa $159,900. Cash sale continue to make up the majority of the closings. 52.9% or 1,286 cash deals closed with a median sales price of $75,000, and 1,145 or 47.1% of the sales closed with financing with a median price of $156,900.
David Welch Real Estate Optimist, Orlando Real Estate, Search for Homes