Back at the beginning of the year I was interview by Florida Trend magazine for an article they were doing on Orlando real estate. They asked me what I thought the big story in Orlando was going to be this year, and I said the declining inventory. Well, it is still going down and last month we hit 2.86 months supply of homes listed available by Orlando Realtors®. The number of active listings is 7,352 with 745 or 10.1% REO, 1,567 or 21.3% short sales and 5,040 or 68.6% equity sales. With the declining inventory, we are seeing declining pending sales as well. There are currently 10,473 homes of all types listed as pending or active with contract. Of those 1,056 or 10.1% are REO, 7,434 or 71.0% are short sales and 1,983 or 18.9% are equity sales. Virtually all the decline in active listings over the last four months is accounted for among short sales.
August saw strong sales with 2,567 closed transactions, and the median sales price remained steady at $125,000. This marked the 14th month in a row of year over year price increases. I think we can call this a trend. Of the closed sales 617 or 24% were REO with a median price of $83,000. Short sales accounted for 726 sales or 28.3% of the total with a median sales price of $111,000. The 726 sales is about 9.8% of the total number of pending short sales. This statistic has been consistently between 8% and 10% for the last four years, but it has been on the higher end of that range a lot more in the last year. There were 1,224 equity sales or 47.7% of the total number of closings last month with a median price of $163,000. I have some concern the lack of inventory and higher priced REOs would drive our cash buyers out. It has not happened yet. There were 1,362 cash sales with a median price of $81,300, accounting for 53.1% of all the sales last month. There were 1,205 or 46.9% of all sales that closed with financing.