Orlando Real Estate Statistics June 2014

If you read my blog regularly, then you know I am posting the June statistics later than usual. We have a new MLS system as of last month, and I am trying to give the numbers a little more time to digest. It seemed like sales data really slowed down, and I was concerned some information was not in yet. Hopefully, we are caught up now. There certainly has been nothing wrong with entering new listings, because we are now up to 11,839 properties listed active by Orlando Realtors. Of those active listings 1,927 or 16.3% are REO, 1,111 or 9.4% are short sales and 8,801 or 74.3% are equity sales.

Pending sales have slipped though with only 7,882 currently listed as having a contract pending. Of the properties with contracts on them 1,557 or 19.8% are REO, 3,013 or 38.2% are short sales and 3,312 or 42.0% are equity sales. Unlike the MLS and the association statistics that break out properties in the Active With Contract status, I include them in my pending count. If you have a contract you have a contract, and I find the use of this status misleading at best to the public.

There were 3,011 closed sales in the month of June with a median sales price of $164,830. I had expected 3,000 sales, then when things slowed I began to be concerned, but we made it. Of the closed sales 804 or 26.7% were REO with a median price of $104,500; only 243 or 8.1% were short sales with a median price of $131,000; and 1,964 or 65.2% were equity sales with a median price of $191,900. Successful short sales continue take on average nine months from listing to close. The 243 closed short sales accounted for only 8.1% of the pending short sales. At that pace it would take over 16 months to close the remaining inventory of active and pending short sales.

Cash sales remain strong, but continue to show signs of weakening. There were 43% or 1,295 of the closed sales were all cash transactions with a median sales price of $111,069. The remaining 57% or 1,716 sales had some type of financing and closed with a median price of $196,500. At the current sales pace there is about a four month supply of available inventory. With listings continuing to rise and the expected fall slow down in sales around the corner, the months supply will rise to six by the end of the year.