Homebuyers have been gradually chipping away at Orlandoreal estate’s once-towering inventory and have reduced it down to 11,480 homes available for purchase, reports the Orlando Regional REALTOR® Association. That’s an inventory level not seen since the end of the red-hot housing market in 2005.

Orlando real estate sales in April of 2011 are down by 9.68 percent compared to April of 2010, with 2,388 homes changing hands last month. To date, sales in 2011 are 1.82 percent above sales in 2010.

Orlando’s median price experienced its third month-over-month gain, with area homes selling for a median of $105,000. That median price is 8.70 percent lower than April 2010’s median price of $115,000.

The lower median price of foreclosures and short sales — which at 65.49 percent of all sales in April actually represents a 5 percent drop from last month — continues to drag down the overall median price.The median price for bank-owned sales in April is $80,000 and the median price for short sales is $91,000. The median price for “normal” existing homes sold in April is $160,000.

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