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August 5th, 2013 9:09 AM by David W. Welch
Orlando real estate facebook page yesterday, here are the latest Orlando real estate statistics for July. Inventory continues to climb, and for the first time in a long time the active listings are higher than a year ago. We have 7,556 homes listed as active compared with 7,446 in July 2012. We have had more than two months of steady increases in inventory, but our months supply of homes still stands at only 2.6 based on last month's sales. Of the homes listed active 961 or 12.7% are REO, 894 or 11.8% are short sales and 5,701 or 75.4% are equity sales. REO and equity sales have both increased while short sales are about half as plentiful as they were a year ago.Pending sales continue to decline lead by the decline in short sales under contract. There are 8,900 homes listed as having a contract pending. Of those, 1,129 or 12.7% are REO, 5,015 or 56.3% are short sales and 2,756 or 31.0% are equity sales. A year ago there were nearly 7,500 short sales pending and only 2,100 equity sales under contract. As prices increase short sales are beginning to fade while equity sales grow.Sales in July were way up compared to June and compared to a year ago. There were 2,911 closed sales posted in July which is up more than 21% compared to a year ago and nearly 12% higher than June's 2,603 closed sales. The median sales price for July was also higher closing at $154,000. That is up more than 1% compared to June and more than 23% compared to the $124,900 registered a year ago. Of the closed sales last month, 536 or 18.4% were REO with a median price of $90,000, 512 or 17.6% were short sales with a median price of $120,000 and 1,863 or 64% were equity sales with a median price of $185,000. REO and equity sales prices were down compared with June, but short sale prices were up. A greater percentage of sales were equity sales helping to pull overall prices up. The closed short sales represent 10.2% of the pending short sales.Last month I questioned if the investors were starting to back off, because of higher prices. Maybe the hedge fund managers were just on vacation. Although cash sales were less than 50% of the total for just the second time in about four years, they did go up by over 150 compared to June. There were 1,443 or 49.6% of the closed sales with a median price of $105,000 purchased with all cash. The remaining 1,468 or 50.4% with a median price of $200,000 purchased with some type of financing.
David Welch Real Estate Optimist, Orlando Real Estate, Search for Homes