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June 7th, 2012 3:39 PM by David W. Welch
I am late again, but it is good because I am busy. Let's start with more good news for sellers. The inventory of available homes continues to decline. There are now only 7,575 homes currently listed available by Orlando Realtors. That number is down 28.6% from last year's 10,609 and even down from April's 7,683. The available properties breakdown like this. There are only 756 or 10.0% REO's, 1,795 or 23.7% short sales, and 5,024 or 66.4% equity sales. Yes normal sales account for nearly 2/3 of our available inventory now. Based upon last month's sales pace and the current stock of available houses for sale we just dipped below the three month mark for months supply of inventory. The 2.99 months is down from last year's 4.3 months and April's 3.16 months.
Pending contracts have continued to climb. There are 11,253 homes of all types listed as contract pending or active with contract. That number is up from April's 11,084. Of the homes under contract, 1,365 or 12.1% are REO, 7,702 or 68.4% are short sales and 2,186 or 19.4% are equity sales.
Closed sales last month were up. There were 2,527 closed sales with a median sales price of $120,000, which is also up. The number of sales is higher than last year's 2,480 and April's 2,431. The median sales price is up from April's $115,000 and over 9% higher than last year's $110,000. Sales breakdown like this. There were 651 or 25.8% of the sales from REO with a median sales price of $77,975. That price is a bit lower than April. There were 703 or 27.8% of the sales with a median sales price of $109,850 from short sales. The 703 sales was just over 9.1% of the pending short sales, and the price was up from April. Equity sales made up 1,173 or 46.4% of all the sales with a median price of $161,234. Everything about the equity sales numbers was an improvement from April, as we approach 50% of our sales coming from traditional sellers. Cash remains king, long live the king, 1,315 or 52% of all sales were cash transactions with a median sales price of $77,000. The remaining 1,212 or 48% of the sales involved some type of financing arrangement and posted a median sales price of $162,000.
David Welch Real Estate Optimist, Orlando Real Estate, Search for Homes