The first quarter of 2016 has tightened the market for home buyers searching in April. The total inventory was down 8% compared to March of last year to 10,583 homes, with 5,798 under contract. This means currently the inventory pace is at about 3.5 months of supply.
Orlando saw a 3.5% decline in overall sales compared to last year. A sign of the start of the home-buying season was a 25% increase in sales compared to February of this year. We will see this trend continue into the summer.
The good news for sellers is that the overall median price has risen 10% to $195,000 from last year, and that’s up 5% from February. Homes spent an average of 70 days on the market before going under contract.
If you’re thinking about buying, check out our post on house hunting during a seller’s market. If you’d like to see the hard numbers of this month’s market update, you can look at the Orlando Regional Realtor’s Association stats here.