Orlando Real Estate Statistics August 2016

August sales remain strong, even as inventory continues to decline. There are currently only 9,847 homes listed as active by Orlando Realtors®. Based on last month's absorption rate, that is just under a 2.75 month supply of inventory available for sale. Of the properties listed as active, 421 or 4.3% are REO, 229 or 2.3% are short sales and 9,197 or 93.4% are traditional equity sales.

The drop off in distressed properties has also been driving down the pending sales. There are currently 6,145 properties listed as either active with contract or pending. Of the properties with contracts on them, 592 or 9.6% are REO, 979 or 15.9% are short sales and 4,574 or 74.4% are equity sales.

Closed transactions in August were still very strong with 3,582 homes selling with a median sales price of $202,300. Both sales and prices are up compared to a year ago, with sales up just over 12% and the median price up nearly 12% as well. Of the properties that sold last month, 377 or 10.5% are REO, with a median price of $129,100; only 89 or 2.5% are short sales with a median price of $157,000; and 3,116 or 87% are equity sales with a median price of $215,000.

Cash sales still make up 32.2% of the closed transactions with 1,153 closing last month with a median price of $139,900. Financed sales made up the remaining 2,429 or 67.8% of the closed transactions with a median price of $224,000.

David Welch Real Estate Optimist, Orlando Real Estate