Home inventory drops to 8-month supply - Orlando Business Journal:

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Association members sold 2,131 homes last month in the Orlando metropolitannstatistical area, and the sales growtbh has helped pare down area inventory supplyh to single digits for the first time this June’s inventory had 17,831 homes availablse through the Multiple Listing Service, which reflecte an 8.4-month supply at the current sales pace. In January, the Orlandio MSA had an inventory level that reflecteda 23.6-monthy supply and it has steadily decreases since. A market with six months of supplt is considered by housing economista to be balanced between buyerdand sellers, the association reported.
Inventory is down by 1,2921 homes from May meaning 1,292 more homes left the markett than enteredthe market. However, low prices have primarilty driven the increasein sales, as nearly 46 percent of the homesa were either bank-owned or distresser property sales. Orlando’s mediab home price in June was $131,200, a 39 percen t decrease when compared with June but a slight increase when compared withMay 2009. Homesx in the Orlando area spent an average of 104 days on the markety before being sold inJune 2009, and the average home sold for 93.8 percent of its listing price.
About 184 single-family homes sold in the $200,000-$250,000 range, while 10 homea sold for $1 million or more and 118 homesx sold for lessthan $50,000. All agents in the Orlandi MSA — Lake, Orange, Osceolas and Seminole counties — sold 2,774r existing homes in June, a 56.9 percentf jump when compared withthe 1,768 homes sold in June 2008. To MSA sales are up 53.8 percentr over this time last year, with 12,863e sold last month and 8,363 sold in the same montnh a year prior. Along with stronger sales, 7,230 homes were awaitinv closings, more than double the 3,329 that were pendingy at this timelast year.
Orlando condo marke t resales, meanwhile, went from 136 sold in June 2008 to 394 salexlast month. To date, 1,781 condos sold this year, a huge spikr from the 691 posted at this timein 2008. Therd 176 condo units that sold for up to while 61 sold inthe $50,000-$60,000 range and 11 sold for more than Duplex, townhome and villa resales also jumped nearl y 32.8 percent, from 131 in June 2008 to 174 last