Orlando Real Estate Sales January 2011 So Far

The market continues to move along with bank owned properties leading the way on the sales side of things. So far this month there have been 1,193 closed sales with a median sales price of $91,200, a huge drop in median price. REO's made up 586 or 49.1% of the closed sales with a median sales price of $70,000. Short sales are coming on strong this month with 300 closed so far making up 25.1% of the sales with a price of $94,000. That leaves only 307 equity sales making up just 25.7% of the sales with a median price of $137,000. We typically see slower sales and lower prices at this time of year, but adding the surge in bank owned sales really brought the sales price numbers down from the $100,000 mark last month.

Pending sales have been climbing back up a little with 8,730 contracts made up primarily of distressed properties. The 2,206 bank owned and 5,396 short sales account for 87.1% of all the properties under contract. Among active listings only 52.5% are distressed properties. Of the 14,768 homes on the market right now 2,237 are bank owned and 5,521 are short sales. While pendings are up almost 250 units, active listings are down a little more than 250 properties. With a few days left in the month, I expect to see sales around the 2,000 mark, but don't expect the median sales price to move much higher. It is a solid start to the year, but we still have a long way to go.

David Welch Real Estate Optimist, Orlando Real Estate