For the second straight month Orlando's home and condo resale market made small gains in key categories, whittling the inventory a tiny bit in April and posting a small increase in sales from March.
Improving affordability made it slightly easier for some buyers, as the median sales price of a home in the Orlando area decreased by 4.09 percent, or $9,000, from $220,000 in March 2008 to $211,000 in April 2008.
The median sales price for April 2008 was 12.85 percent, or $31,100, below that of April 2007 when it was $242,100, the Orlando Regional Realtor Association reported this morning.
There are stilly 25,436 homes and condos available for purchase through the local Realtors' Multiple Listing Service, but that was down by 36 homes. Compared to last year, the April 2008 inventory level is only 4.10 percent higher than it was in April 2007.
But the current inventory level still reflects a 22.18-month supply at the current pace of sales. That's a slight improvement from March 2008's 22.74-month supply and February's 27.32-month supply.
The number of sales in the Orlando area was still down by 25.03 percent compared to April of last year -- 1,147 vs 1,530 -- but the number of sales that took place in April 2008 did increase by 2.41 percent from March.
The Realtor association said that while the improving numbers are encouraging, the pace of the market "coming into balance between buyers and sellers" is still very slow.
