Orlando pending sales reach all-time high; median price makes a monthly gain
Members of the Orlando Regional REALTOR® Association filed 4,043 new sales
contracts in the month of February, the greatest monthly tally since the
organization began recording the statistic in 2005 at the height of
Orlando’s red-hot market. The number represents a jump of 66.11 percent more
new contracts filed in February 2010 than in February 2009.
“The new-contract statistic is an important indicator to consider in our
current market,” explains ORRA Chairman of the Board Kathleen Gallagher
McIver, “as it reflects real-time buyer interest. I expect activity in this
category to continue to pick up.”
The area’s pending sales statistic — also an indicator of future sales
activity – is likewise at record high with 117.62 percent more homes under
contract and awaiting closing in February of this year than in February of
last year. However, the pending sales category is waterlogged with
bank-owned and short-sales transactions, which take significantly longer to
complete.
The median price of all existing homes combined sold in February 2010
increased 7.06 percent from January 2010. February 2010’s median price is a
decrease of 26.71 percent compared to February 2009’s median. February’s median price encompasses all types of sales situations and home
types.
Orlando REALTORS® recorded 1,847 closings in February, 39.71 percent more
than in February 2009. Of those sales, “normal” sales accounted for 29.89
percent of all sales, while bank-owned and 468 short sales made up 70.11
percent.
Homes of all types spent an average of 93 days on the market before coming
under contract in February 2010, and the average home sold for 94.76 percent
of its listing price.
The February 2010 inventory level is 27.59 percent lower than it was in
February 2009. There are currently 25.76 percent less homes listed in the
MLS than in February of last year.
Sales of existing homes within the entire Orlando area MSA in February were
up by 40.27 percent when compared to February of 2009.
Posted: 19 March 2010
Source: Florida Association of Realtors
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