Record number of pending sales indicates strong buyer demand for Orlando properties
Members of the Orlando Regional REALTOR® Association filed 4,662 new sales
contracts in the month of March, bringing the area’s pending sales statistic
to a whopping 10,179. In addition, Orlando REALTORS® recorded 2,473 closings
in March, 40.99 percent more than in March 2009.
For March 2010, the number of new contracts represents a jump of 57.71
percent more new contracts filed than in March 2009. The area’s pending
sales statistic — also an indicator of future sales activity – is likewise
at record high with 107.48 percent more homes under contract and awaiting
closing in March of this year than in March of last year.
The median price of all existing homes combined sold in March 2010 increased
4.76 percent from that recorded in February 2010. March 2010’s median price
is a decrease of 18.52 percent compared to March 2009’s median.
The median price encompasses all types of sales situations and home types,
including “normal”, bank-owned and short sales, is $166,500. In March,
“normal” sales accounted for 32.83 percent of all sales, while bank-owned
and short sales made up 67.17 percent.
The March 2010 inventory level is 24.36 percent lower than it was in March
2009. The current pace of sales translates into 6.56 months of supply; March
2009 recorded 12.23 months of supply.
There are currently 21.61 percent less single-family homes listed in the MLS
than in March of last year.
Posted: 9 April 2010
Source: Orlando Regional Realtors Association
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