• jimshorkey

Housing Market Activity: May 2021

Lake, Orange, Osceola, and Seminole Counties

State Of The Market

  • Median home prices in the Orlando area are now at their highest in ORRA's recorded history. In May 2021, the median home price was $300,000, up 15% from May 2020.

  • While inventory is on the rise for the first time since September 2020, listings in May 2021 spent only 36 days on the market.

Market Snapshot

  • ORRA members sold 3,872 homes in May 2021, a 5% decrease in the 4,081 sales from April 2021.

  • Average interest rates are staying level at 2.97% in May 2021, showing only a .01% drop from April 2021. They are down from May 2020's average interest rate of 3.22%.

  • Listings spent just 36 days on the market in May 2021, down 25% from May 2020 and 14% down from April 2021.

  • 45 distressed homes accounted for 1% of all home sales in May 2021, holding steady across the last few months.

Inventory

  • The Orlando area inventory is down 61% from 7,260 homes in May 2020 to just 2,822 homes in May 2021. It has increased 6% from April 2021.

  • There was a little more than a three=week supply of homes for sale in May 2021, an increase of 12% from April 2021. A balanced market has a six-month supply.

  • The number of new listings increased for a third straight month to 4,315 homes. That is an increase of 16% year-over-year and 1% from April 2021.


The inventory of homes has consistently declined since September 2020. May 2021 is the first month showing a month to month increase. The high buyer demand has decreased the number of days on market.



The number of new listings continues to increase. The May 2021 new listings are almost at the same level as new listings in May 2019.



The number of transactions has decreased since March of 2021. Median sale price continues to increase and is currently at the highest in ORRA's recorded history. This continued increase in median price illustrates that even though new listings and inventory have increased, demand is still very high.