Here is a summary of our local real estate market, as reported by ORRA.

Orlando home sales in May 2010 were up 38.42 percent over May 2009.

Of the 2,605 sales in May, 921 “normal” sales accounted for 35.36 percent of all sales, while 1,091 bank-owned and 593 short sales made up 64.64 percent.

Pending sales are up 56.76 percent, with 10,351 pending homes in May of this year compared to 6,603 in May of last year.

Condo sales in the Orlando area increased by 56.61 percent in May when compared to May of last year. Duplex, town home, and villa sales increased 40.24 percent.

The median price of all existing homes combined sold in May 2010 increased 0.33 percent to $115,380 from the $115,000 recorded in April 2010. May 2010’s median price is a decrease of 11.25 percent compared to May 2009’s median of $130,000.

May’s $115,380 median price encompasses all types of sales situations and home types. The median price for “normal” sales is $160,000. The median price for bank-owned sales is $81,800 (up 12.52 percent from last month’s $72,700), and the median price for short sales is $110,000 (down 4.35 percent from last month’s $115,000).

The Orlando affordability index increased to 225.86 percent in May from 220.51 percent in April 2010.  First-time homebuyer affordability in May increased to 160.61 percent.

Homes of all types spent an average of 85 days on the market before coming under contract in May 2010, and the average home sold for 94.58 percent of its listing price.

There are currently 15,963 homes available for purchase through the MLS. The May 2010 inventory level is 16.52 percent lower than it was in May 2009 (19,123). The current pace of sales translates into 6.13 months of supply; May 2009 recorded 10.16 months of supply.