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Orlando Real Estate

April 25th, 2016 11:41 AM

There are 9,912 homes for sale listed by Orlando Realtors® and 7,506 homes listed as contract pending. Of the homes still available for sale, 509 are foreclosures and 278 are short sales. Of the homes with contracts pending, 848 are foreclosures and 1,223 are short sales.

Too early Orlando real estate sales statistics for April: 2,208 closed sales with a median sales price of $189,450. We are definitely on track for another 3,000+ sales this month. Inventory continues to decline, and pending sales are climbing. The sales price to list price ratio is up to 98%.

David Welch Real Estate Optimist, Orlando Real Estate


Posted in:Market Report and tagged: Orlando real estate
Posted by David W. Welch on April 25th, 2016 11:41 AMLeave a Comment

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April 19th, 2016 1:59 PM

There are 9,936 homes for sale listed by Orlando Realtors® and 7,402 homes listed as contract pending. Of the homes still available for sale, 536 are foreclosures and 290 are short sales. Of the homes with contracts pending, 877 are foreclosures and 1,249 are short sales.

Too early Orlando real estate sales statistics for April: 1,647 closed sales with a median sales price of $189,000. We are definitely on track for another 3,000+ sales this month. Inventory continues to decline, and pending sales are climbing.

David Welch Real Estate Optimist, Orlando Real Estate


Posted in:Market Report and tagged: Orlando real estate
Posted by David W. Welch on April 19th, 2016 1:59 PMLeave a Comment

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Take a moment to watch this brief video, courtesy of the Orlando Regional Realtor® Association. This is the latest market highlights for March 2016. To stay on top of Orlando real estate market conditions, follow my top ranked blog www. RealEstateOptimist.com


Posted in:Market Report and tagged: Orlando real estate
Posted by David W. Welch on April 15th, 2016 11:52 AMLeave a Comment

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April 11th, 2016 1:04 PM
Inventory continues to hover around 10,000 with 10,041 homes of all types listed as active by Orlando Realtors®. Of the homes still available, 567 or 5.6% are REO, 315 or 3.1% are short sales and 9,159 or 91.2% are traditional, equity sales. Pending sales remain strong with 7,195 homes listed as either active with contract or pending. Of the homes with contracts on them, 896 or 12.5% are REO, 1,249 or 17.4% are short sales and 5,050 or 70.2% are equity sales.

Closed transactions for the month picked up from February with 3,276 closed sales with a median sales price of $191,205. That is more than double our low median price from back in 2011 when we bottomed out at $95,000. Based on last month's absorption rate we currently have just over a three month supply of homes available for sale. Of the homes that sold in March 525 or 16.0% were REO with a median price of $127,100; 115 or 3.5% were short sales with a median price of $150,000; and 2,636 or 80.5% were equity sales with a median price of $205,000.

The 115 closed short sales represented on 9.2% of the number of pending short sales, and the average days to close for the closed short sales was 262 days. Cash sales remain strong with 1,127 or 34.4% of the transactions closing for all cash with a median price of $125,000. Financed sales accounted for 2,149 or 65.6% of all the sales with a median price of $216,000. The 3,276 sales is just over 4.5% more than March 2015's 3,132. The median sales price of $191,205 is nearly 8.0% higher than last year's $177,100. Our current active inventory is almost 13% below last year's 11,529.

David Welch Real Estate Optimist, Orlando Real Estate


Posted by David W. Welch on April 11th, 2016 1:04 PMLeave a Comment

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Check out this short video courtesy of the Orlando Regional Realtor Association with a summary of the Orlando real estate market for the month ended February 2016. Year over year sales are down, while prices are up on declining inventory.

Posted by David W. Welch on March 15th, 2016 10:52 AMLeave a Comment

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March 14th, 2016 12:06 PM

Inventory continues a slow slide with only 10,104 homes of all types listed as Active by Orlando REALTORS®. Of the homes available on the market, 651 or 6.4% are REO, 333 or 3.3% are short sales and 9,120 or 90.3% are traditional, equity sales. Based on our most recent absorption rate, there is less than a 3.9 month supply of inventory. Check out my breakdown to see just how low the Orlando real estate inventory is by price range.

Pending sales are actually up quite a bit from January. There are currently 6,981 homes listed as Pending or Active With Contract. Of the homes with contracts pending, 968 or 13.9% are REO, 1,291 or 18.5% are short sales and 4,722 or 67.6% are equity sales.

Closed sales are way up over January's 2,277, but down slightly from February of last year. There are 2,600 closed sales in February with a median price of $179,900. Sales are down almost 2.5% from a year ago, but prices are up nearly 12%. Of the closed sales 530 or 20.4% are REO with a median price of $124,777; 104 or 4.0% are short sales with a median price of $155,000; and 1,966 or 75.6% are equity sales with a median price of $195,000.

Cash sales are still strong with 1,054 or 40.5% of all sales closing for all cash with a median sales price of $125,000. The remaining 1,546 or 59.5% closed with some type of financing at a median price of $204,537.

David Welch Real Estate Optimist, Orlando Real Estate


Posted in:Market Report and tagged: Orlando real estate
Posted by David W. Welch on March 14th, 2016 12:06 PMLeave a Comment

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February 23rd, 2016 1:36 PM

There are 10,306 homes for sale listed by Orlando Realtors® and 6,577 homes listed as contract pending. Of the homes still available for sale, 733 are foreclosures and 389 are short sales. Of the homes with contracts pending, 1,042 are foreclosures and 1,277 are short sales.

Way too early Orlando real estate sales statistics for February: 1,555 closed sales with a median sales price of $178,000. The red hot market seems to be cooling off a little to start the year. We will have to watch it to see if this becomes a trend.

David Welch Real Estate Optimist, Orlando Real Estate


Posted in:Market Report and tagged: Orlando real estate
Posted by David W. Welch on February 23rd, 2016 1:36 PMView Comments (1)

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Here is a short video with highlights of the Orlando Regional Realtor Association Market analysis for January 2016.



Posted in:Market Report and tagged: Orlando real estate
Posted by David W. Welch on February 15th, 2016 12:26 PMLeave a Comment

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February 10th, 2016 1:57 PM

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.

David Welch Real Estate Optimist, Orlando Real Estate


Posted by David W. Welch on February 10th, 2016 1:57 PMView Comments (1)

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February 4th, 2016 1:44 PM
There are a lot of acronyms and terminology that get thrown around in the real estate business, and many times we don't stop to explain what they mean. When I am speaking with my customers, I do my best to define our jargon. One of the terms that has come up a lot over the last several years in Orlando is REO. What does REO stand for? What does REO mean?

First, REO is an acronym, it is not the river separating the US from Mexico, nor is it a song by Duran Duran. The acronym is used by banks to describe real property that they have foreclosed on and taken into their inventory. The letters stand for Real Estate Owned. That is what banks call properties that they have taken back through foreclosure. Second, REO means exactly what it stands for, Real Estate Owned. Who owns it? The bank that took it back in the foreclosure process. When a property becomes REO it means the bank owns the property.

The foreclosure process varies by state, but the end result is the same. Once the bank has foreclosed on the property they take it back into their inventory of real estate owned. At this point, Freddie Mac, Fannie Mae or HUD my have to settle with the bank if there was some type of guaranteed loan involved. To the end consumer it doesn't make a lot of difference if the bank, Freddie, Fannie or HUD owns the property. It is called an REO regardless, and it just means that the property has been taken back through the foreclosure process.

Two of the most common questions I get about REO's are:
1-What will the bank do with it?
2-Can I buy it from the bank, before it goes on the market?

The simple answer to each of these questions respectively is: 'sell it' and 'no'. Sometimes banks have issues to resolve with the property, before they put it on the market for sale. Many times they will actually make minor or even major repairs to the property to get the most from the sale. They always get multiple broker price opinions (BPO), before listing the property with one of their network brokers. Sometimes the bank will sell off properties in bulk sales to investors purchasing multiple properties at once. The bank is NOT going to sell it to you, before it goes on the market though. They want to get as much as they can for the property, which is why you always see them listed with a REALTOR®.



Posted by David W. Welch on February 4th, 2016 1:44 PMLeave a Comment

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