The 11 year trend of falling inventory is definitely reversing. New listings shot up nearly 12% pushing our inventory of homes available for sale up over 36% compared to a year ago. Our upward sales trend has not quite reversed course, but may be heading that way. In April we saw sales slip slightly from the year before, but May had a slight rebound with 3,946 closed sales up 1.9% compared with May of 2021. Prices continue to push higher with nearly a 27% increase in the median sales price compared to a year earlier. The May median sales price climbed to $379,950 compared to just $300,000 in May of 2021.
Higher prices and higher interest rates are bound to take a toll on sales, but for now Orlando real estate is still looking very strong. Check out this short video breaking down the latest #OrlandoRealEstate market results for May 2022.
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