Central Florida Real Estate Report May 2023: Lake County Florida
Actively Listed Single-Family Homes
Year-over-year, active listings of single-family homes has increased 31% from 1,050 in May 2022 to 1,371 in May 2023. The median list price has decreased 7% from $399,000 in May 2022 to $369,900 in May 2023.
Month-over-month, active listing of single-family homes has decreased 6% from 1,458 in April 2023 to 1,371 in May 2023. The median list price has remained constant (less than 1% change) from $369,000 in April 2023 to $369,900 in May 2023.
Sales Activity Of Single-Family Homes
Year-over-year, the number of sales has decreased 4% from 661 sales in May 2022 to 633 sales in May 2023. The median sale price has decreased 1% from $387,000 in May 2022 to $382,500 in May 2023.
Month-over-month, the number of sales has increased 11% from 572 sales in April 2023 to 633 sales in May 2023. The median sale price has increased 4% from $368,518 in April 2023 to $382,500 in May 2023.
Original List Price vs Sale Price Of Single-Family Homes
In May 2023, single-family homes sold for 97.1% of their original list price. In May 2022, single-family homes sold for 100% of their original list price and April 2023 they sold for 96.6% of their original list price.
There is more inventory on the market which gives buyers more options when shopping for homes and creates more competition between sellers. Sellers are not drastically reducing the sale price of their homes compared to the originally listed price. Last year with the limited inventory, sellers were getting what they were asking. This year, they are reducing their originally listed price approximately 3% on average.