Orlando Real Estate Statistics July 2014

Active listings are up with 12,250 properties listed active by Orlando Realtors. That number is down from just a few days ago though, so I am wondering if the pace of new listings is finally slowing down. Of those active listings 1,990 or 16.2% are REO, 1,145 or 9.3% are short sales and 9,115 or 74.4% are equity sales. All types of listings are up from a month ago.

Pending sales continue to slide with only 7,524 currently listed as having a contract pending. Of the properties with contracts on them 1,571 or 20.9% are REO, 2,765 or 36.7% are short sales and 3,188 or 42.4% are equity sales. I include both pending and the active with contract status in my pending numbers.

There were 3,003 closed sales in the month of July with a median sales price of $169,900. I had hoped for 3,000 sales, and we just got across the line. Of the closed sales 760 or 25.3% were REO with a median price of $104,900; only 247 or 8.2% were short sales with a median price of $130,000; and 1,996 or 66.5% were equity sales with a median price of $202,500. Successful short sales continue take an average nine months from listing to close. The 247 closed short sales accounted for only 8.9% of the pending short sales. The overall median price was up slightly, as was the median price for REO and equity sales.

Cash sales remain strong, but continue to show signs of weakening. There were 1,230 or 41% of the closed sales closing for all cash  with a median sales price of $112,000. The remaining 59% or 1,773 sales had some type of financing and closed with a median price of $199,900. At the current sales pace there is about a four month supply of available inventory.