64 – The number of offers a home recently received. Check out Mary Shanklin’s story in the Orlando Sentinel.
2 – The number of days it took to get all those offers.
23% – How much over the asking price that house sold for.
Lee and Abby are both in my office, and I turned Mary on to this story, because I thought this epitomizes the market we have here in Orlando now. My own neighborhood Baldwin Park, has only 27 homes on the market right now. A community our size would typically have 100 homes for sale at any given time. I have had three buyers recently opt for new construction, because of the lack of resale inventory.
The number of active REO listings is down to just 804, not a big decline, but fewer than we had six months ago. Short sale inventory is down considerably. There were over 2,000 available short sales in April, and there are only 1,410 listed active this morning. With such short supply, only about three months of inventory, you would expect prices to be climbing. They have increased quite a bit from our low, but seem to have stalled the last several months. In February of 2011 our median price was just $95,000, and so far in November we are looking at a median sales price of $128,000. Even though foreclosure activity has picked up, homes are selling as fast as they hit the market. Cash buyers made up over 55% of the sales last month, and that is nothing new. Cash sales have outpaced financed transactions for the last three years.