Orlando Regional Realtors Association: State of the Market – May 2023
23 Jun 2023 by Evelyn Alicea

State of the Market Report – May 2023:

“As we approach midway through the year, prices continue to rise and homes spend fewer days on the market,” said Lisa Hill, Orlando Regional REALTOR® Association President. “The market cooled near the end of last year, but we have been on an upward trajectory ever since. Many families prefer to save their moves for summer when the kids are out of school, so we will likely be in for a busy selling season these next few months.”

The median home price for May was recorded at $378,000, up from $370,000 in April. This is a $28,000 increase since January. Median home prices have increased every month this year. Median home price in May 2023 was roughly the same as May 2022, when it was recorded at $379,950.

Overall sales rose 13.9% from April to May. There were 3,150 sales in May, up from 2,766 sales in April. Overall sales in May 2023 were 20.2% lower than May 2022 when there were 3,946 sales.

Inventory stayed level – there were 5,148 homes in April and 5,149 homes in May. Inventory in May 2023 was 33.7% higher compared to May 2022, when it was recorded at only 3,851 homes.

Interest rates increased from 6.4% in April to 6.6% in May. This is 25.4% higher than May 2022 when interest rates were 5.3%.

21 distressed homes (bank-owned properties and short sales) accounted for 0.7% of all home sales in May. That represents a 16.7% increase from April, when 18 distressed homes sold.

New listings rose 7.4% from April to May, with 3,459 new homes on the market in May, compared to 3,220 in April.”

Evelyn Alicea

Having a background in Art and Interior Design, I believe that a home is a sanctuary that provides peace, comfort, security and happiness where memories are made and cherished. My mission is to engage clients with honesty, integrity, loyalty and hard work by where I can always exceed their expectations.

As a licensed Real Estate Agent with eXp Realty, I strive to remain a good student of the ever changing real estate trends in the Central Florida area allowing me to bring value to my clients by guiding them toward the right decision.

I have the unique privilege of assisting clients in the joy of achieving the" American Dream" of home ownership. As a resident of Seminole County for 20+ years, I have made it my mission to becoming my clients’ life-long real estate adviser.