Short Sales in the Casselberry Market. Based on the data from the Orlando Regional Realtor Association, it looks like there is continued demand for short sales in Casselberry. However market forces continure to favor the cheapest pricing creating greater demand for bank owned properties.
From January to September there have been 205 sales of single family homes. 73 were bank owned; 42 were short sales and 90 were non-distressed, traditional sales. Below is a comparison of current active listings and sales over these past nine months.
Jan - Sept Closed Sales
Total Sales 205
Bank Owned 73
Traditional 90
Short-Sale 42
Active listings
Total Listings 222
Bank Owned 40
Traditional 105
Short-Sale 77
Months of Housing Supply
Total 9.8 months
Bank Owned 4.9 months
Traditional 10.5 months
Short-Sale 16.5 months
From the comparison we can see that the supply of Bank Owned homes is within five months, indicating a greater demand for these homes due to price point. There is a larger supply of traditional sales and even greater for short sales. The reduced demand for short sales is the result of competition from the bank owned sector. As supply of REO properties is reduced, buyers will look more at short sales as a lower priced alternative to traditional sales.
The average number of days on the market for homes in Casselberry from July 1, 2010 through September 30, 2010 was 77 days. However homes listed as short sales spent 25 more days on the market than the average.
Bank Owned Short-Sale Traditional
Days to contract 53 102 89
Average Sales Price $113,990 $124,563 $164,463
Average Price/SF $63.62 $79 $93
(based on avg s.f of 1670)
Based on these price per square foot averages, short sales in Caselberry are selling for about 15% less than traditional sales and 24% greater than bank owned properties.
Laura Carroll
Data provided by Orlando Regional MLS.
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