Here are a few key points of what's going on with the market in Orlando:
· Of the 2,418 sales in June, 963 “normal” sales accounted for 39.83 percent of all sales, while 797 bank-owned and 658 short sales made up 60.17 percent. The percentage of “normal” sales has increased for five consecutive months.
· The 10,087 homes pending closing in June of this year is up 8.87 percent compared to the 9,265 pendings in June of last year.
· The median price for “normal” existing homes sold in June is $158,000, an increase of 40 percent from the median price of “normal” existing homes in June 2010. The median price for bank-owned sales is $80,310 and the median price for short sales is $99,000.
· The Orlando affordability index increased to 249.51 percent in June. First-time homebuyer affordability in June increased to 177.43 percent.
· Homes of all types spent an average of 103 days on the market before coming under contract in June 2011, and the average home sold for 95.15 percent of its listing price.
· There are currently 10,559 homes available for purchase through the MLS. The June 2011 inventory level is 35.24 percent lower than it was in June 2010 (16,304).
· The current pace of sales translates into 4.37 months of supply, the lowest since December 2005.