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Short Term Rentals

February saw 259 homes sell across the short term rental communities with the majority of these sales comprising bank owned and short sale related closings. Inventory of listed homes fell during the month to record 1858 at the month end compared to 1948 in January. The average days that a home now takes to sell increased by 1 from last month to stand at 146 with the average home now achieving 95.5% of the listed price. Awaiting closing 986 homes now record as pending/under offer which reflects an increase of 90 homes from last months total. During February 119 homes withdrew from the market having been unable to attract a buyer during the listed period. The February sales pace of 259 homes projected forward would suggest that current overall inventory levels now reflect a 7.17 month supply of available homes.

Orlando…

Members of the Orlando Regional Realtor Association reported a 7.14% year on year increase in sold homes in January 2011 with a record level of transactions comprising bank owned and short sold homes. The lower median prices achieved of bank owned and short sales accounted for 75.03% of all Orlando sales in January. The median sales price of all homes sold in the Orlando area fell 6.91% to $94,950 in January when compared against the January 2010 median figure of $102,000. The median sold price for 'normal' existing homes (neither a short sale or foreclosure related) in January was $145,000 with the median price for bank owned sales recording as $75,000 and short sales $94,500. In addition to the increase in closed sales January saw a 4.69% rise in new contracts over January 2010. The areas overall pending sales statistic increased by 2.18% with 8,777 homes currently under contract awaiting closure.  Homes of all styles spent an average of 96 days on the market with the average home now selling for 94.46% of its listed price. One year ago these figures recorded as 89 days and 93.73% respectively. Total inventory levels show 14,398 Orlando homes available for purchase through the MLS which is down 3.97% from December and 9.5% lower than January 2010. The current pace of sales translates into a 7.38 month supply and by style comprises 11,616 single family homes, 1,629 condominiums and 1153 duplexes/town homes/villas. Orlando area condominium sales increased by increased by 26.43% in January when compared to January of 2010. The highest sales volume (278) fell in the under $50,000 price range and accounted for 54.83% of all condo sales. The second highest volume range with 11.24% of total sales was in the $50,000 - $60,000 category.