Central Florida Real Estate Recap of May 2024

State of the Market

• Inventory for May was recorded at 10,282, up 9.7% from April when inventory was recorded at 9,376. This is the fifth month in a row inventory has risen. The last time inventory was this high was September 2016.
  
  • Inventory was 99.7% higher than May 2023.
• Overall sales rose 5.4% from April to May. There were 2,909 sales in May, up from 2,759 sales in April. This is the fourth month in a row that sales have risen.
• The median home price for May was recorded at $385,000, down from $388,500 in April. April was the highest monthly median home price on record in the Orlando area.
• May’s interest rate was recorded at 6.6%, down from 6.9% in April.
• Pending sales fell by 1.8%, with 4,379 in April and 4,298 in May.
• New listings rose 6.9% from April to May, with 4,521 new homes on the market in May, compared to 4,230 in April.
• Homes spent an average of 54 days on the market (DOM) in May – the same as in April.
• "Although May's inventory did show 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 sales volume means homes are still moving quickly,” said Rose Kemp, Orlando Regional REALTOR® Association President. “With inventory levels remaining below the six months of supply that is considered a balanced market, buyers should be prepared to act fast if they find a home that meets their needs. The past four months have seen consistent sales growth, and I expect that trend to continue into the summer, making inventory a key factor for buyers."

Market Snapshot

• Interest rates fell from 6.9% in April to 6.6% in May.
• Pending sales fell 1.8%, with 4,379 in April and 4,298 in May.
• 17 distressed homes (bank-owned properties and short sales) accounted for 0.6% of all home sales in May. That represents a 34.6% decrease from April when 26 distressed homes sold. 

Inventory

• Orlando area inventory increased 9.7% from April to May. Inventory in April was 9,376, and inventory in May was 10,282.
• The supply of homes rose to 3.53 months in May, up 4.0% from 3.40 months in April. A balanced market is six months of supply.
• The number of new listings increased from April to May by 6.9% – from 4,230 homes to 4,521 homes.

Year over Year Changes 

 Courtesy of Orlando Regional Realtor Association

Homes for Sale in Davenport FL

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$175,000

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315 East Magnolia Street, DAVENPORT

5 Beds 3 Baths 2,300 SqFt Residential MLS® # O6294922

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2025 St George Drive, DAVENPORT

1 Bed 1 Bath 481 SqFt Residential MLS® # O6258334

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