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September 30th, 2008 1:47 PM by David W. Welch
I always like to remind everybody that these are not the official stats. When I report the official numbers, the title will indicate that they are official. So far there are 26,500 active listings in the tri-county area of Orange, Seminole and Osceola. I measure this number slightly differently than the official statistics that are reported, but the do reflect an increase in the inventory of available homes. There are currently 3,523 contracts pending which is slightly down but relatively close to what we have been seeing. Of the active listings 22.4% or 5,932 are properties listed in distress, such as pre-foreclosure, foreclosure or bank owned status. More than 41% or 1,467 of the pending contracts are distressed properties.
Of the 1,100 closed sales 335 are distressed representing 30% of the closed transactions. Speaking of the closed sales, the median asking price was $194,995 which I usually don't report. The median sales price, which is more relavent, fell 7.5% to $185,000. The average time on market for these closed sales was 111 days. Distressed properties are having a greater impact on our market each month. While the percentage of listings has not risen so much in the last six months or so, the percentage of closed sales has increased pretty dramatically. At the same time they have had an impact on prices which are off their highs in the $250's.
Earlier I said I would have something about reverse mortgages, so here it is. Last week at the Florida Association of Realtors conference, here in Orlando, I met a gentleman with MetLife. His name is Dennis Loxton, and he is the area manager for MetLife. He said that they are getting into reverse mortgages in a big way to offer an alternative form of financing. This is another creative way to get into a second/vacation/retirement home here in Florida. This could really help out those baby boomers who want to take advantage of the lower prices here in the sunshine state, but may not be ready to move just yet. It could be more difficult to get financing on the purchase than to take out a reverse mortgage on your existing home. Check with Dennis for details. Then contact David Welch, so he can help you find you a home here in Orlando.
www.DavidWelch.com, Orlando Real Estate Blog