June Figures From The Four Corners…

Completed June sales were down 18 from May to record a total 270 closings across the communities tracked by myself. The average days that a home now takes to sell increased by 5 during the month to stand at 153 with the average home now achieving 96.3% of its listed price. Overall inventory levels continued their  downward trend to revise the total number of homes listed for sale to 191 which was down a further 110 when compared to the May 1301 total. Homes shown as under contract/offer recorded as 1051 at the month end which was 49 below the May month end pipeline total. Owners in June withdrew from the market a total of 98 homes having failed to achieve a sale. Current inventory levels now reflect a 3.7 month supply of available homes listed at the current sales pace which is the lowest overall four corners inventory level we have witnessed for over 5 years. 
 
Orlando…

Non distressed sale prices helped to increase Orlando’s overall median price, which in May was up by 4.76% to $110,000 from the $105,000 recorded in April. The overall median price has increased each month since January 2011. The May 2011 median is 4.35% lower than May 2010 when this was $115,000. The lower median price of foreclosure and short sales related closings comprised 62.53% of all sales and continues to negatively influence overall median sales prices. The median price for bank owned homes sold during May was $80,000 with the median price for short sales $102,900. The median price for 'normal' existing homes sold recorded as $155,000. The total 2,367 sales transactions completed during the month was down 14.95% when compared to May 2010. The overall combination of sales transactions combined with less new listings resulted in an overall reduction of available homes for purchase. Overall inventory declined by 511 homes during May with the total now standing at 10,969.  When compared to May last year overall inventory levels are down by 31.28% with single family home inventory down 24.9% and condo inventory 55.1% lower.  Sales recording as pending/under offer stand at 10,210 which is the highest level since May 2010.  Homes of all styles now spend an average of 104 days on the market and sell for an average 94.9% of the  listed price. Sales of existing homes within the entire Orlando area (Lake, Orange, Osceola, and Seminole counties) were down by 12.8% compared to May last year with 2,925 homes closing compared to the 3,355 that sold in May 2010. At the current pace of sales total Orlando inventory reflects a 4.63 month supply of homes which is the lowest Orlando inventory level since December 2005.