Short Sales Create Traffic Jam in Orlando’s Real Estate Market: We get so many questions about short sales, foreclosures and the difference between the two. To answer some of the questions, we decided to compile some real time numbers from the Orlando MLS. As we began compiling this information, it became clear to us that short sales are a real “traffic jam” for the Orlando real estate market. When you look at the average successful closing percentages at around 10% for short sales, it is no wonder why many agents are advising their clients to look elsewhere. Here is what we found:
Orlando Housing Inventory – December 2009: Currently there are 20,305 active listings in the Orlando MSA area. 11,150 (54.9%) are normal sales; 7201 (35.5%) are short sales; and 1947 (9.6%) are bank-owned sales.
Orlando Home Sales Pending – December 2009: Currently there are 10,004 pending home sales in the Orlando MSA area. 1,418 (14.2%) are normal sales; 6750 (67.5%) are short sales; and 1836 (18.4%) are bank-owned sales.
Orlando Home Sales Closed – December 2009: In December a total of 2934 residential home sales closed. 925 (31.5%) closings were normal sales; 692 (23.6%) closings were short sales; and 1317 (44.9%) closings were bank-owned sales.
The YourOrlando.com Team specializes in foreclosure and short sales. For more information, or to request additional statistics on foreclosures and short sales in the Orlando area, please post a comment, or contact us at 407-721-5225.
