Central Florida Real Estate Market Recap - May 2021

Posted by Florida Realty Marketplace on Friday, June 18th, 2021 at 1:21pm

Demand remains so high, new listings are snatched up almost as soon as they’re on the market.


May 2021 Recap

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 – the fastest time frame since the Great Recession from 2007-2009.
  • A fall in sales from April 2021 to May 2021, due to inventory shortages, is in line with national trends, reported by the National Association of REALTORS®. Both nationally and in the Orlando area, housing demand continues to dramatically outpace supply.
  • “Demand remains so high, new listings are snatched up almost as soon as they’re on the market. While inventory has increased, there is a long line of buyers waiting for homes to hit the market,” said Natalie Arrowsmith, 2021 Orlando Regional REALTOR® Association President, NextHome Arrowsmith Realty. “With low interest rates and record prices, we are seeing an increasing number of sellers looking to take advantage of the market conditions as we move into summer.”

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. However, they are down from May 2020’s average interest rate of 3.22%.
  • Listings spent just 36 days on the market in May 2021: that’s down 25% from May 2020 and 14% from the previous month, April 2021.
  • 45 distressed homes (bank-owned properties and short sales) 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 to May 2021.

Courtesy of Orlando Regional Realtor Association

Homes for Sale in Davenport FL - Click Here to Search All of Davenport


608 Cheshire Way, DAVENPORT
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608 Cheshire Way, DAVENPORT

$260,000
309 East Magnolia Street, DAVENPORT
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122 Andalusia Loop, DAVENPORT
  • Residential
  • 4 Beds
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122 Andalusia Loop, DAVENPORT

$285,000

 

 

 

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Listing information last updated on July 26th, 2021 at 12:32am EDT.

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