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October 8th, 2012 11:48 AM by David W. Welch
I am a couple of days late, again, but here are the numbers for September 2012. The first thing you may notice if you look back at the Orlando real estate statistics for August 2012 is that there are no big changes in the numbers. There appear to be a few possible trends developing though. Let's start with the active inventory. There are are 7,406 homes listed as active with the Orlando Realtors®. Of those 837 or 11.3% are REO, 1,520 or 20.5% are short sales and 5,049 or 68.2% are equity sales. There has been a slight increase from August's 7,352. September is the first time in several months that we have seen an increase in inventory. Pending sales took the opposite tack. There are 10,298 contracts pending with 1,043 or 10.1% REO, 7,307 or 71.0% short sales and 1,948 or 18.9% equity sales. Historically, late August through mid September is our slowest time of year for sales, so we may be seeing that trend returning to our market.
We definitely saw a decline in the number of closed sales last month in every category. There were 2,253 closed sales in September with the median price holding steady at $125,000. If you read my blog regularly, you will see that I had expected between 2,200 and 2,400 closed sales. Of the closed sales, 543 or 24.1% are REO, 638 or 28.3% are short sales and 1,072 or 47.6% are equity sales. The ratios of REO, Short Sales and Equity sales were almost completely unchanged from August, so the decline in sales was across the board. REO sales had a median sales price of $80,100 which is pretty much in line with what we have been seeing. Short sales had a median price of $100,000 and represented 8.7% of the pending short sales. Equity sales had a median sales price of $162,500. Cash sales continue to ride high with 1,194 or 53% of all our sales last month closing as all cash transactions. That left 1,059 or 47% of all sales closing with some type of financing. The median price of the cash sales was $82,050 and financed sales had a median price of $165,000. If you think cash sales are just for the inexpensive properties, think again. The highest cash sale last month was $3,495,000 while the highest financed sale closed at $2,270,000.
David Welch Real Estate Optimist, Orlando Real Estate, Search for Homes