Market Conditions
“Although May’s inventory showed a slight increase, it’s important to remember that our market is still very active. While there may be a few more options available compared to recent months, the high volume of sales means that homes are still selling quickly,” said Rose Kemp, president of the Orlando Metropolitan Realtors Association. “With inventory levels remaining below six months’ supply—which is considered a balanced market—buyers should be prepared to act quickly if they find a home that meets their needs. The last four months have seen consistent growth in sales, and I expect this trend to continue into the summer, making inventory a key factor for buyers.”
The average home price in May was $385,000, down from $388,500 in April. April marked the highest monthly average price ever recorded in the Orlando area.
Total sales increased by 5.4% from April to May. There were 2,909 sales in May, compared with 2,759 sales in April. This is the fourth consecutive month in which sales have increased.
May's inventory stood at 10,282, a 9.7% increase from April, when inventory stood at 9,376. This marks the fifth consecutive month of inventory growth. The last time inventory was this high was in September 2016.
- Inventory was 99.7% higher than in May 2023.
The interest rate for May was recorded at 6.6%, down from 6.9% in April.
17 distressed homes (bank-owned properties and short sales) accounted for 0.6% of all home sales in May. This represents a 34.6% decline from April, when 26 distressed homes were sold.
New listings rose 6.9% from April to May, with 4,521 new homes on the market in May, compared with 4,230 in April.