Orlando Real Estate Market April 2016

Inventory is down, pending sales are up, prices and sales are still going strong as the spring buying season is in full swing here in Orlando. There are currently 9,768 homes of all types listed as active by Orlando Realtors®. That is down over 16.6% from last year's 11,725. Of the homes listed as active only 480 or 4.9% are REO, 275 or 2.8% are short sales and 9,013 or 92.3% are traditional, equity sales. 

There are 7,515 homes listed as either pending or active with contract. The number of pending sales has been steadily climbing, and is up from last month's 7,195. Of the homes with contracts on them, 793 or 10.6% are REO, 1,181 or 15.7% are short sales and 5,541 or 73.7% are equity sales. Climbing pending sales is a strong indicator of climbing sales numbers in the coming months.

Sales were very strong in April with 3,374 closed transactions with a median price of $191,000. That is down slightly from March's $191,205, but represents better than a 9.1% increase over last April's $175,000. The number of sales is up more than 11.3% compared to last April's 3,031. At the April absorption rate our current inventory represents only a 2.9 month supply of inventory. That is down nearly an entire month from a year ago. Of the homes that sold last month, 488 or 14.5% are REO with a median price of $120,997; 123 or 3.6% are short sales with a median price of $158,000; and 2,763 or 81.9% are equity sales with a median price of $220,000. The 123 closed short sales represents only 10.4% of the pending short sales, and they took 282 days to close on average.

While cash is always king, the king is not as strong as he used to be. Last month 1,145 or 33.9% of the sales closed for all cash with a median price of $119,900. The remaining 2,229 or 66.1% of closed sales had some type of financing and a median price of $220,000.

David Welch Real Estate Optimist, Orlando Real Estate