How's the market? This is, undoubtedly, the most common question I get as a real estate professional. Any way you want to define the market, it is doing pretty well here in The City Beautiful, all things considered. That does not mean there are not challenges.
I like to define the market in terms of demand. If you have plenty of homes for sale, but nobody wants one, you don't have a great market. Demand for homes here in Orlando is strong. For me, how quickly the market is moving is a great indicator of buyer demand. April's average days on the market fell to just 47, that is down 10 full days from a year ago. Even as the time on market has fallen, prices surged more than 12% over the same time period. The median sales price in April was up to $263,800 compared to $235,000 in April of 2019.
Of course, the flip side of the equation is the supply of homes for sale. This remains the biggest challenge we face here in Orlando, and in many other areas of the country. Last month the number of homes available for sale dropped another 3% to just 7,659. That represents just 3.2 month supply of inventory of homes available for sale. Much of that inventory is priced well above the median sales price, and only about 20% of the homes available for sale are priced at or below $200,000.
Of course, the recent pandemic also put pressure on both sides of the market equation. I have had sellers delay putting their properties on the market, and buyers put off their home search as a direct result of the uncertainty cause by the safer at home order here in Florida. The good news is that most of the state, including the Orlando metro area, is now moving into phase two of the re-opening plan. While we have been a bit side-tracked by recent events, most people I have spoken with seem pretty optimistic that we will be back on track in quick order.
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