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July 23rd, 2010 1:21 PM by David W. Welch
So far in July, the main trends I am seeing are a climb in inventory of active and a rebuilding of pending sales. While the home buyer tax credit closing deadline has been extended for buyers with contracts dated on or before April 30, 2010, that extension did not come until after the original June 30th deadline. This caused a huge surge in closings last month to more than 3,000. I did not look for that to continue into July, but rather a return to the pattern we saw leading up to the June deadline of around 2,200 - 2,400 closed sales.
The active inventory is up several hundred from what we saw over the last few months with 16,675 active listings. Of those, 2,440 or 14.6% are bank owned and 35.6% are short sales with 5,932. Both of these types of distressed properties are up and now represent more than 50% of the total inventory. Pending sales are also beginning to climb again with 9,531. Of those 2,181 or 22.9% are REO and 5,975 or 62.7% are short sales. The number of pending short sales plummeted by about 700 homes at the end of June as more than 700 short sales closed last month. That marked the highest number of short sales I have seen close in any month.
Closed sales are right on track to close around 2,200 or so with 1,224 closed so far with a median sales price of $110,000. Of the closed sales posted 544 or 44.4% are bank owned and 22.7% or 278 are short sales. In every status of active, pending and closed sales the distressed properties have grown slightly as a percentage. This shift to slightly more distressed properties has also pulled the median price down from the $115,000 range we have seen over the last few months. Also, cash sales moved back up with 52.7% or 645 of the sales this month closing as all cash transactions.
David Welch Real Estate Optimist, Orlando Real Estate