Central Florida Real Estate Market Recap of May 2022
May 2022 Recap
State of the Market
- Inventory increased by 44.2% from April 2022 to May 2022, with over 1200 additional homes hitting the market in May compared to April – this is the highest monthly increase in Orlando inventory to date
- May’s median home price was recorded at $379,950, an increase of 2.7% compared to $370,000 in April 2022; this sets a record high for the fourth month in a row.
- Interest rates increased from 4.9% in April 2022 to 5.3% in May 2022. This is the highest interest rates in the Orlando area have been since 2009. This is also the first time Orlando’s interest rates have gone above 5% since April 2010, when they were recorded at 5.1%.
- Overall sales in May increased by 3.8%, with a total of 3,946 sales compared to 3,800 sales in April 2022. This is a 1.9% increase compared to May 2021 when overall sales were recorded at 3,872.
- Homes spent an average of 21 days on the market in May, down 12.5% from April 2022 when the average was 24.
- New listings increased by 10.7% from April 2022 to May 2022, with a total of 4,822 new homes on the market in May.
- “This new surge in inventory is a sign that the Orlando housing market is beginning to level out, which is good news for both buyers and sellers,” said Tansey Soderstrom, Orlando Regional REALTOR® Association President. “Buyers will find more homes to choose from and sellers are still getting top dollar as Orlando’s median home price continues to rise.”
Market Snapshot
- Interest rates continue to increase as the average interest rate for May 2022 was recorded at 5.3%. This is a significant rise compared to May 2021 when interest rates were at 3%.
- Pending sales decreased by 7.9% from April 2022 to May 2022 for a total of 4,645 pending sales.
- 24 distressed homes (bank-owned properties and short sales) accounted for 0.6% of all home sales in May 2022. That represents a 7.7% decrease over April 2022, when 26 distressed homes sold.
Mortgage Rates
Inventory
- Orlando area inventory increased by 44.2% from April 2022 to May 2022 from 2,670 homes to 3,851 homes. Inventory in May 2022 was 36.5% higher than in May 2021.
- The supply of homes remained at nearly one month in May 2022. A balanced market is six months of supply.
- The number of new listings increased in May 2022 from April 2022 by 10.7% to 4,822 homes.
Year over Year Changes
Courtesy of Orlando Regional Realtor Association
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