August Sales From The Four Corners…

Inventory levels remained stable last month with a total 1134 homes listed for sale across the communities tracked by my team. August total closings were down 12% from last month with 219 homes changing hands. Homes that sold recorded an average 157 days on the market which was an increase of 1 day from last month's figure, and secured on average 96.25% of the asking price at the closing. The total number of homes awaiting closure currently recorded under offer/contract stands at 964 which was little change on last months pending figure of 983 homes. During August 106 homes withdrew from the market having been unable to secure a sale. The August sales total when divided by overall inventory amount would indicate a 5.17 month supply of available homes at the current sales pace which is up from the 4.3 month supply recorded last month and 3.7 month supply total of June this year. 

Orlando…

Both sales and listings are down from a year ago the monthly Orlando Realtor report indicated.  July recorded 2,147 total sales which was down 15% from a year earlier. Bank owned sales fell 49% from this time last year while short sales increased 17%. At the current sales pace the Orlando area has a 4.8 month supply of inventory. The total number of homes available for purchase declined in July by 210 homes to stand at 10,349. The area currently has 9,869 homes pending closure which is under half the pending contracts total recorded one year ago. Homes that are selling are taking longer to close than one year ago, with an average 101 days on the market in July, up from 84 days this time last year. The Orlando median price for an existing single family home in July stood at $117,000 which was up from $110,000 the previous month. The increase in prices this month is at odds with some National forecasts which have predicted declining Orlando home prices through to early 2013, based on a range of factors such as predicted area employment levels and foreclosure related sales. The Orlando areas current slight upward price swing appears to be at least in part driven by an increase in the percentage of normal non distressed transactions changing hands. While those sales are still in the minority their numbers have increased for six straight months with 42% of local Realtor sales falling into this category in July.  The midpoint price for Orlando bank owned sales in July stood as  $80,000 with the median price for Orlando short sales $98,000.