Prices for existing homes in Orlando increased 5 percent during April from March and the market had its fewest listings since the heated housing market of 2005, according to a report released today by the Orlando Regional Realtor Association.
The midpoint price for 2,388 April sales, most of which were in Orange and Seminole counties, was $105,000 — up from $102,000 a month earlier.
The increase comes at a time when national analysts, looking at all sales for the larger area of Orange, Osceola, Seminole and Lake counties, have forecast that the metro Orlando area will be the country’s hardest hit market this year with a 19-percent price drop. So far this year, Orlando’s prices are up 10 percent, according to the association, which tracks members’ sales.
Another shift in April was the amount of distress sales in the Orlando sales mix. Short sales and foreclosures have made up about 75 percent of sales for more than a year but they represented 65 percent of sales last month.
Other than price, the local housing market in April reflected that of December of 2005. Last month, for instance, the Orlando area had 4.8 months of inventory, based on the current pace of sales. That is down from a high of 32 months in January 2008 and the inventory of local homes for sale hasn’t been as low since the end of 2005. The amount of homes listed for sale in April was 11,480, which is the lowest amount since December 2005.
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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 association Chairman of the Board Mike McGraw, McGraw Real Estate Services. “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.”
Prices, though, are where the realities of 2011 differ from those of 2005, when the median price was $239,000 — more than twice Orlando’s median sales price for April. Even when compared to a year earlier, a period when the market was boosted by federal homebuyer tax credits, Orlando’s home prices for April were down by 10 percent.
mshanklin@tribune.com or 407-420-5538
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