Market Update April 2016: Slight Sales Boost, Constricted Inventory

Orlando’s housing economy, when compared to 2015, continues to strengthen. We are seeing gains in median sales prices (up 9%), and overall sales (up 1.5%), and a marked decrease in short sales (down 34%) and foreclosures (down 48%).

April showed that sales for this year are starting to pick up. All home sales were up 3% compared to March, and 84% of those sales were considered normal. The median sales price dipped a bit, and average homes are selling for 97% of their listing price.

Overall inventory remains the biggest challenge facing buyers as it continues to decline (down a percent). This trend can even be seen in the rental market. Our current pace of inventory supply is a little over 3 months. Hopefully this will be alleviated by an increase in new normal listings (up 15% this month) in the coming months.

OrlHousMrktSnap052016