Orlando Regional Realtor® Assoc. reports home sales down 44% in May 2020 although inventory scarce & values up year-over-year

Orlando Regional Realtor Association® reports Central Florida median home value up 7% year-over-year in its June 2020 Market Report. Median value now at $259,900 with ADOM holding at only 48 days. Major decline of 44% in number of home sales as the impact of the Covid-19 pandemic is becoming apparent. Inventory is down 10.6% year-over-year with an extremely limited 2.1 months’ supply available. Experts consider 6 months’ supply as a balanced market. Data is indicative a “Seller’s Market” with a very robust demand for housing and declining supply available for purchase. Distressed property sales, which include short sale & REO homes, has nearly been completely depleted and only comprising 3% of all sales. As measured by the median home value, Central Florida is still 1.8% below the housing peak in July 2007, where the median home value was reported as $264,436. It’s taken 9.5 years since the market bottom on January 2011 for the market to nearly recover to the record levels of the mid-2000’s real estate boom. The full report is available here: May 2020 ORRA Housing Market Press Release