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

Author: JasonCraneRE

Real Estate Expert, Licensed Real Estate Broker, Jason Crane Real Estate LLC, in Orlando, Florida with 775+ successful real estate closings and total sales volume in excess of $82 million. Jason specializes in Residential real estate, Bank-owned Foreclosures & Short Sales. Also, Jason is an active real estate investor and landlord with a portfolio of residential real estate properties across Central Florida. Please visit http://www.JasonCraneOnline.com for more information!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s