Central Florida Market Update - May 2016

By
Real Estate Agent with Real Living Real Estate Solutions

In the Central Florida real estate market, conditions favor both buyers and sellers as more houses become available. May 2016 found a 2.3% decrease over May 2015 in the 5,176 number of new listings and a 16.2% decrease to 13,061 active listings for single family homes.

Actual sales of single-family homes also decreased over the same period. The My Florida Regional MLS data reports that in May 2016 a total of 3,972 homes were sold in the Orlando area. This represents a steady trend in sales compared to last year, May 2015. Prices in the Orlando real estate market continued to climb during that year-long period. The median price of a single-family home in the Central Florida area increased 12.5% between May 2015 and May 2016, to $225,000.  The median price of all homes (including single-family homes, townhouses, and condominiums) increased 13% to $203,500 during that same year long period. Average home prices rose 13.2% during that period to $270,692 while average price of all homes (including single-family homes, townhouses, and condominiums) increased 12.7% to $240,166.

The dollar volume of sales during the year increased 13.1%. In total, $951,150,449 worth of homes were sold in May 2016. Homes spend an average of 69 days on the market in Central Florida, which is a decrease from May 2015.

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