Inventory, price stabilize; market regaining equilibrium

(May 10, 2007 – Orlando, FL ORRA magazine) The Orlando housing market appears to be seeking a middle ground between buyers and sellers as the pace of newly added inventory dropped in April and the median price increased just a fraction. After dropping from $255,000 in February to $240,000 in March, the median price in April rose to $241,000. This median price is down 3.11 percent when compared to April 2006, which indicates a correction from the median price spike resulting from the red-hot market of 2005.
ORRA President Randy Martin, GRI, RE/MAX 200, says market conditions are clearly favoring buyers. “It’s a good time to buy, in part because homebuyers are not pressured to make quick decisions. We are in a window of low interest rates with a plentiful supply of homes on the market. Buyers also now have more power to negotiate with sellers for help on downpayment or closing costs.”