ORRA Housing Market Report - May 2017

[Foster Algier]

What's your take on this report? Do you feel the inventory squeeze in your business?

"Orlando homes are selling at the quickest clip since the red-hot market of 2005," says ORRA President Bruce Elliott, Regal R.E. Professionals LLC. "Not only is the area's 2.30 months of supply statistic at its lowest point since September 2005, nearly 30% of those homes sold in May came under contract after less than eight days on the market."

Orlando home sales increased 14% in May compared to May of 2016 while the median price jumped 7%, reports the Orlando Regional REALTOR® Association (ORRA). Inventory continued its year-over-year slide and dropped by 16.8%, but a small relief was found in the 1% increase in the number of homes available in May compared to April.

Orlando’s overall median home price (all home types combined) is $218,000, which is 7.4% above the May 2016 median price of $203,000. Year-over-year increases in median price have been recorded for the past 70 consecutive months; as of May 2017, the overall median is 88.7% higher than it was back in July 2011.