Metro Orlando home sales and prices dropped again in April, constrained by a small supply of properties, according to the Orlando Regional Realtor Association.
Existing home sales fell to 3,315 in April, a 1.7% decrease compared with April 2018. The selling price for single-family homes held steady in April compared with March at $255,000 but was down $2,000 from the year before.
“Despite inventory gains, meager availability continues to impact sales,” said Orlando Regional Realtor Association President Jeffrey Fagan, an agent with Watson Realty Corp.
The number of homes available to buy remains low, at 7,888 residential properties in Orange, Seminole, Osceola and Lake counties. That equals a 2.4-month supply, making it a strong seller’s market. A six-month supply is considered a balanced market.
After signs in early 2019 that supplies were growing, the number of homes on the market is again shrinking heading into the busiest buying period of the year.
Tight supplies are a statewide and a nationwide issue. In Florida, there was a 4.2-month supply of homes for sale during the first quarter. Nationwide, there was a 3.8-month supply.
“More supply is needed to provide better homeownership opportunities, taming home price growth and widening the inventory choices for consumers,” said a statement from National Realtors Association economist Lawrence Yun.
In Central Florida, there are shortages of homes for sale in nearly every pricing category, Fagan said.
“Not until we reach the $600,000 and above ranges do we see begin to see market conditions that favor buyers,” Fagan said.
Homes are also selling quickly. On average it took 57 days for a home to go from listing a pending sale.
In Central Florida, sales of single-family homes dropped 3.8% from year-to-year, while distressed homes dropped 21.8%.
Pending sales, the strongest indicator of future sales, were down 7.5% in April, too.
Tribune Content Agency