Market Update May 2016: Summer Sales Heating Up

May was a good month for our clients, with two closings and four properties under contract. Without sounding too much like a broken record each month, we continue to see a rise in sales and prices compared to this time last year as well as last month. All types of home sales were up almost 7% from last year, and 5% compared to April. Normal existing homes sold for a median price of $214,000, a 7% increase from 2015. Normal sales also accounted for 88% of all sales, meaning a huge decrease in foreclosures and short sales.

We saw a slight uptick in inventory in May when compared to April, but overall inventory is still over 10% lower than last year. The current pace is about 3 months of inventory supply, with 10,553 homes on the market. The housing market we find ourselves in is certainly favors the seller, with homes selling very quickly.

If you’d like to see the hard numbers of this month’s market update, you can look at the Orlando Regional Realtor’s Association stats here.