There are currently 10,281 homes listed as active with Orlando Realtors®. While inventory continues to hold pretty steady, the absorption rate dropped causing our months supply to move up to 4.5. Of the homes listed as active, 787 or 7.7% are REO, only 407 or 4.0% are short sales and 9,087 or 88.4% are traditional equity sales.
Pending sales have slid a bit, but there are still 6,231 properties listed as either Active with Contract or Pending. Of those properties with contracts pending, 1,026 or 16.5% are REO, 1,260 or 20.2% are short sales and 3,945 or 63.3% are equity sales.
Here is the big news. Sales for January were down to 2,277 which is over 28% drop from December. Prices were also down more than 4% from the last month of 2015. The bigger news is that the 2,277 sales last month were also fewer than January 2015’s 2,373 closed sales by about 4%. That is the first time in over four years that year over year sales have declined. The median sales price last month was up over 17.5% compared to last January’s $153,000, so that is some good news for sales. Here how they broke down. There were 512 or 22.5% REO sales with a median sales price of $121,260; 111 or 4.9% short sales with a median price of $125,000; and 1,654 or 72.6% equity sales with a median price of $205,000.
Closed short sales accounted for only 8.8% of the pending short sales, and are still taking 265 days to close. Cash sales are still a big factor in the market with 849 or 37.3% of the sales closing for all cash with a median price of $117,500. The remaining 1,428 or 62.7% of sales closed with some type of financing with a median price of $210,000.