Yesterday was the 10th of the month, and that means the official numbers have been released by the Orlando Regional Realtor Association. May was rocking with 1,854 closed sales compared with 1,347 last May. That is a 37.6% increase year over year and it tied April's adjusted sales. There were 3,455 new contract written in May pushing the pending sales up to 6,603. So far this year there have been 7,834 sales closed, just think what those numbers would look like of all the pendings closed. That would be 14,437 closed sales or 84.2% more than what we already have had. The 3,455 new contract written last month are the most written in a month so far this year.
The active inventory is down with all this activity on the contract side, new listings are down from earlier in the year with only 3,754 new listings on the market. There were almost as many contracts written as new listing becoming available. Combine that with expired and withdrawn listings and the over inventory declined by 1,071 to 19,123 from 20,194. The home sales continue come in just over 100 days on the market overall. In addition to the over drop in active inventory, I am also seeing a decline in REO's and other distressed properties.
A big thank you to Graham Squier with Integra Mortgage. He has gone above and beyond in my opinion in getting loan approval for a buyer purchasing one of my listings. It should not have been this hard to get the loan, but the banks are making it tough going these days with an extremely conservative approach to lending.
Orlando Real Estate, David Welch Real Estate Optimist, @RealtyOptimist
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