Orlando Real Estate November 2011

By
Real Estate Agent with Remax 200 Realty BK645994

November sales ended up disappointing me just a little bit. The pace of sales early in the month lead me to think we were going to see more closed sales than October. I guess everyone was just trying to get closed before Thanksgiving, because things slowed down after turkey day. Let's start with the inventory though. There are 9,489 homes listed for sale by Orlando Realtors, which is up slightly from October's 9,420. Of those homes currently on the market, 854 or 9.0% are bank owned, 3,164 or 33.3% are short sales and 5,471 or 57.7% are equity sales. The number of distressed properties is up slightly compared to October while equity sale listings are down a bit. Pending sales remain strong, but continue to decline. There are 9,499 homes with contracts with 1,027 or 10.8% REOs, 7,088 or 74.6% short sales and 1,384 or 14.6% equity sales. The total number of pending contracts is down from 9,558 in the prior month although REO pendings are up slightly.

Now for the sales statistics. There were 2,048 closed sales in November which is down from 2,158 in October, and that is a little disappointing since the month started out very strong. The median price, definitely did not disappoint, coming in at $115,000. That is a big increase over October's $108,000 and November of 2010's $105,000. It think that is the third or fourth month in a row of year over year price improvement. Of those sales, 489 or 23.9% were REO with a median price of $75,300 and increase over October. There were also 762 short sales closed making up 37.2% with a median price of $106,000 also an increase over October. The biggest group was equity sales, accounting for 797 or 38.9% with a median sales price of $150,000, slightly lower than October. The ratio of short sales closed to pending once again exceeded 10%. Cash sales remained the strong with 1,037 or 50.6% of all sales closing without any financing at a median price of $75,003 up from October. The financed sales accounted for 1,011 or 49.4% of all sales with a median sales price of $145,000 which is a bit lower than October.

David Welch Real Estate Optimist, Orlando Real EstateAny Home-Any Phone

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Rainmaker
1,536,832
Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker

The price is a good indicator up from last month as well as year ovber year.

Dec 05, 2011 01:02 PM #1
Rainmaker
911,389
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

David, this market is up and down....you never know from one month to the next what the end results are going to be.

Dec 05, 2011 01:08 PM #2
Rainmaker
1,031,021
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

November through January are always slower months in Central Florida.  I've watched the market dip in November every year and now budget accordingly that those 3 months will be slower.  The market is still very strong though.  Deals go pending with multiple offers it seems most of the time.  It's just that sellers dont' want to fool with listing their house as much during this time of year. People are too busy traveling and pepper spraying each other at Wal Mart.

Dec 07, 2011 02:07 AM #3
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Rainmaker
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David Welch

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