Orlando Housing Market Activity in May 2021
There are 61% fewer homes on the market today than there were a year ago. Buyers are snapping up homes as they become available. Some homes receive as many as 30 offers in a day, and are going pending hours after listing. Competition is stiff! If you’re a buyer in this market, be sure you are pre-approved for a loan, and be ready to bring a strong offer to the table. You won’t be the only one there.
New Orlando Regional REALTOR® Association report shows just three weeks of inventory available, as new listings quickly come under contract.
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. “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.”
- 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.
- 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.
How Does Your Home Value Stack Up?
ORRA’s full Market Pulse Report can be found here.
This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.
ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively – located in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.
Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.