21 May Market Report – Orlando Real Estate May 2021
Market shows signs of strength moving into the next few months
During April, the Orlando real estate market continued to show signs of strength and appears to be heating up for the Spring season. As reported by the Orlando Regional REALTOR® Association, Orlando’s housing market in April had a 71% increase in year-over-year sales and was down just slightly compared to March 2021.
New listings hitting the market during April was a bright spot, as we hope for some relief from the continued low inventory levels. New listings during April were 8% higher than March and over 51% higher than April 2020. This increase in listings is just what the market needs to keep it moving in the right direction.
In other positive news, the median sales price saw an increase of 3.5% compared to last month and nearly a 12% increase compared to last year. Low interest rates continue to keep fueling the fire as April’s average rate was under 3% and continues to be lower than 2020. Average days on the market was also positive for April as homes tended to stay on the market 10% fewer days than April 2020 and over 12% fewer days than just last month.
Unfortunately not all the news is good. Inflation is beginning to rear its ugly head and affect construction costs. CNBC recently reported that construction costs are up 12% year over year. Lumber, which has seen a 300% increase this past year is accounting for nearly a $36,000 increase in the cost of construction nationwide. Hopefully, these costs flatten out soon, as we need the homebuilders to keep building to help offset the low inventory of homes on the market.
– Mike Wemert, Broker of Wemert Group Realty
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 December 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.