Supply of home listings shrinks

Posted on by Listify Me

Orlando’s inventory of houses listed for sale is the smallest its been December 2005, according to a report released today by Orlando Regional Realtors Association.

Median prices for single-family homes remained flat at $110,000 from May to June, as the amount of distress sales diminished for the fifth consecutive month, based on association member sales. Compared to a year earlier, prices were down more than 4 percent.

A healthy real estate market, one that is balanced between buyers and sellers, usually has a six-month inventory of houses listed for sale. The Orlando area, mostly Orange and Seminole counties, had a 4.37 inventory for June. Inventory is down 35 percent from June 2010.

“Absorption of inventory is a key to price improvement, and this solid gain implies that home values in many neighborhoods are or will soon be stabilizing as inventories get absorbed at a faster pace,” said association Chairman of the Board Mike McGraw, owner of McGraw Realty Services ofApopka.

With 10,559 single-family homes listed for sale in Orlando at the end of June, the number of homes on the market declined by 410 from May to June.

The amount of houses that were being sold in regular transactions, and not part in distress sales, was 40 percent for June. That marked the fifth consecutive month in which the percentage of “normal” sales increased in the Orlando area.

Traditional home sales fetched a median price of $158,000 for the month. The median price for bank-owned sales was $80,310 and $99,000 for short sales.

Homes of all types spent an average of 103 days on the market before coming under contract and the average home sold for 95.15 percent of its listing price in June, which was consistent with May sales. The average interest rate decreased in June to 4.56 percent, from 4.66 percent a month earlier.

mshanklin@tribune.com or 407-420-5538

Open all references in tabs: [1 – 7]