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Orlando’s Home Inventory Shrinks to Level of Six Years Ago

According to the ""Orlando Regional Realtor Association"":http://www.orlrealtor.com (ORRA), the Florida city's once-monolithic housing inventory was down to 11,480 homes available for purchase last month, a level not seen since 2005.

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Foreclosures and short sales represented a lion's share 65.49 percent of all home sales in April, although that figure is down 5 percent from March.

According to the local Realtor group, supply levels of all home types are decreasing in the area, especially condos which are down 53.65 percent from April 2010.

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""In addition to sales, inventory level is affected by the steadily decreasing number of homes going on the market each month since March of 2010,"" said ORRA chairman of the board, Mike McGraw of McGraw Real Estate Services, PL.

""New listings are down by 26 percent for the year, and as a result, Orlando is resting on a market-healthy rate of 4.81 months of inventory,"" McGraw explained.

The lower median price of foreclosures and short sales continues to drag down the overall median home price in the Orlando area.

According to ORRA, the median price for bank-owned sales in April was $80,000 and the median price for short sales was $91,000, while the median price for ""normal"" existing homes sold in April was $160,000.

Overall, Orlando sales in April were down by 9.68 percent compared to April 2010 with 2,388 homes sold last month. However to date, sales in 2011 are 1.82 percent above sales in 2010.

Homes of all types spent an average of 104 days on the market before coming under contract in April 2011, and the average home sold for 94.10 percent of its listing price.

About Author: Heather Cernoch

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