Inventory is up a bit, and sales are down a little from June, but prices are holding steady. Currently, there are 10,054 homes of all types listed as active by Orlando Realtors®. Of those active listings, 443 or 4.4% are REO, 237 or 2.4% are short sales, and 9,374 or 93.2% are traditional, equity sales. Based on July's absorption rate, we still have less than a 2.9 month supply of inventory active on the market.
Pending sales are also down a bit this month with 6,354 homes listed as either pending or active with contract. Of those properties with contracts on them, 649 or 10.2% are REO, 968 or 15.2% are short sales and 74.6% are equity sales.
Although sales were down compared to June, they were slightly stronger than the same month a year ago. The 3,474 closed sales last month was just over 2.5% higher than July 2015's closings of 3,388. The median price however was up double digits compared to last year. The median sales price last month was $205,000 compared to $183,900 a year ago. That is an 11.4% increase in the median price overall. Of the closed sales last month, 322 or 9.3% are REO with a median price of $122,805; 116 or 3.3% are short sales with a median price of $128,500; and 3,036 or 87.4% are equity sales with a median price of $219,000.
The 116 closed short sales represented 12.0% of the pending short sales, and took on average 251 days to close. Of the closed sales last month, 1,039 or 29.9% are cash transactions with a median price of $132,000. The remaining 2,435 or 70.1% of the sales closed with some type of financing with a median price of $227,000.
Interest rates are rock bottom, so I am hoping to continue seeing such strong sales.
David Welch Real Estate Optimist, Orlando Real Estate
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