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April 6th, 2009 10:26 AM by David W. Welch
It was very exciting to see the sales activity for March. With 1,646 closed transactions, last month was the best sales month in two years. The median price continued to decline, driven down by foreclosure and short sales to $136,900. Of the closed sales 898 (54.6%) were distressed although only 209 were short sales. Distressed properties as I define them are in the 3rd party authorization, short sale, in foreclosure, pre-foreclosure or bank owned categories in the MLS. I count only bank owned as foreclosed properties. Pending sale continue to climb thanks to the buyers willing to take a chance on short sales. There are currently 5,018 pending with 3,245 (64.7%) in distress and 1,941 of those are short sales. Active listings continue to drop and currently stand at 21,313 with 8,149 in distress (38.2%) with 6,583 of those being short sales. Active listings continue to go down, with a drop of 855 compared to February's 22,168. At the current inventory and sales pace we stand at just under a 13 month supply of homes available for sale. Generally, a six month supply is considered a balanced market. At the current rate of decline, the Orlando real estate market could reach equilibrium in just over 13 months. While bank owned properties continue to come on the market they are also being bought up about as quickly as they become available.
The official numbers should be out around the 10th of the month, but I don't expect they will be much different from what I have reported here. I will bring the official numbers and provide a link to the complete market pulse as soon as they become available.
David Welch, Real Estate Optimist, Follow me on Twitter