By signing into my site, you can access your favorites from any computer and get e-mail updates when new listings come in that match your recent searches.
November 6th, 2012 2:24 PM by David W. Welch
Well today is election day, and I sincerely hope that you took the time to cast your ballot. It is also that time of the month when I go over the latest numbers I am seeing in the Orlando real estate market. I will start by saying that there is no earth shattering news to speak of, but perhaps a couple of trends. The number of homes of all types listed for sale by Orlando Realtors® is 7,433 which has remained pretty stable or the last few months. Of those properties listed available, 829 or 11.1% are REO, 1,471 or 19.8% are short sales, and 5,133 or 69.1% are equity sales. It appears to me that short sales are beginning to decline, but very slowly. There are also 10,114 properties listed as having a contract. Of those, 1,083 or 10.7% are REO, 7,083 or 70.0% are short sales and 1,948 or 19.3% are equity sales. The number of pending short sales has declined considerably.
Sales for October were very strong, and this is one of the trends that I think may be developing. Before the market got crazy and normal went out the window, October was historically a strong month here in Orlando. Late August and September have typically been a little weaker because of the back to school push many families face. The trend up this October may signal somewhat of a return to some of our "normal" trends. There were 2,514 closed sales recorded last month. The median price, however, did not reflect the strong sales as it declined to $121,000. There was a slight increase in the ratio of distressed properties sold which could account for the drop. We also saw an increase in the number of cash sales last month. Of the closed sales 579 or 23.0% were REO with a median sales price of $80,500. Short sales accounted for 756 or 30.1% of sales with a median price of $103,000. Equity sales made up 1,179 or 46.9% of the closed transactions with a median sales price of $159,990. The 756 short sales represent 10.7% of the pending short sale transactions which is s big jump from September's 8.7%. There were 1,390 cash sales making up 55.3% of the total with a median price of $84,500. The remaining 1,124 sales or 44.7% of the total closed with some type of financing with a median price of $170,000.
David Welch Real Estate Optimist, Orlando Real Estate, Search for Homes