Team Donovan Blog

 

The November resort area median price reached $279,875 which was an increase of 1.4% from the October median of $275,875 and up 12.5% from the November 2020 median of $248,425. Total closings during the month of 505 were 4 higher than the previous month and 21.1% up on the 417 sales recorded a year ago. The average days on market that a home now takes to sell is down 3 days from last month at 86 and 8 days below the 96 day average recorded last November. A sold home achieved 99.5% of the listed price on average which compared to the 97.8% level of twelve months ago. Inventory levels overall fell month on month during November by 25% from 534 homes to 428 while year on year inventory levels are down by over 300% from the 1,423 active listings recorded in November 2020. During the month 57 homes were withdrawn from the market having failed to attract a buyer whilst listed.  Homes under under offer/contract awaiting closure totaled 764 which compared to a 799 pipeline total last month and a 687 total in November 2020.  Total inventory levels when measured alongside pace of sales suggests a 0.85 month supply of home availability during  November which was down from a 1.0 month supply in October and much lower than the 3.4 month level of a year ago. 

 

 

October’s median home price stood at $325,000, increasing once again after a slight fall in September to $318,000. The Orlando market had seen the tenth month of consecutive increase in median home price prior to the September fall when the record high hit $320,000 in July and August. Overall sales during October were down by 0.8%, with a total of 3,760 homes changing hands. An Orlando market listing spent an average of 27 days on the market during October which was unchanged from September. Inventory fell for the first time in six months, with total listings down 7.1% from September to October, with a total of 3,406 homes on the market during October.  The O.R.R.A sold total of 3,760 homes represents a decrease of 0.8 from the 3,789 closings during September but sales overall were still 3% higher when compared to October 2020. Twenty six distressed homes (bank-owned properties and short sales) accounted for .6% of all closings during October which represented a 61% drop from October 2020, when 67 distressed homes sold. Interest rates showed a slight increase with the average rate during October standing at 3.01%, an increase of 5.14% over September 2021.  The supply of homes remained at just below the one month level with a balanced market generally regarded as offering a six month level of supply. The total number of new listings fell during October from September by 2.14% from 4,026 homes to 3,940.

 

Florida’s housing market recorded higher median prices and tighter inventory levels during October compared to a year ago, according to Florida Realtors® latest housing data.  The statewide median sales price of an existing single family existing home stood at $358,950, up 17.7% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condos and townhomes stood at $260,000, up 17.6% from October 2020.  Total closings of 22,768 single family homes statewide was down 6.8% year on year, while existing condo and townhome sales stood at 11,433, down 5.6% from October 2020. In a continuing trend over the past few months, the share of closed sales that were cash purchases increased compared to the previous year with single family home sales purchased by cash up 25.4% year on year, while cash sales of condo and townhomes was up by 6.5% over the same period. On the supply side of the market, new listings and active listings remained restricted last month with single family home inventory down 29.9% from a year ago, while condo and townhouse inventory was down 54% over the same period. Existing single family inventory was at a 1.3 month supply during October, while condo and townhome properties were at a 1.6 month level of supply. 

   

 

Existing homes sales rose 0.8% last month from September to a seasonally adjusted annual rate of 6.34 million units, the National Association of Realtors reported. That was stronger than the 6.18 million units that economists had been expecting, according to FactSet. Sales fell 5.8% from October last year, when they peaked following a summer and fall surge as buyers who had held off during the early days of the pandemic decided to return to the market.  The national median home price stood at $353,900 last month, a 13.1% increase from October last year, the N.A.R said. While overall, sales were mixed by region. Sales fell 2.6% last month in the Northeast and were flat in the West. Sales rose 4.2% in the Midwest and edged up 0.4% in the South. Each region's sales were down from October last year. Through the first 10 months of the year, home sales were up 11% from where they were last year and are 13% higher than they were in the same stretch of 2019 with homes continuing to sell within days of being listed for sale. Homes typically remained on the market 18 days before getting purchased last month which follows a six month streak of homes typically selling after 17 days.  In a market that’s more evenly balanced between buyers and sellers, homes typically spend 45 days on the market. All told, 82% of homes sold during October were on the market for less than a month, the NAR reported. At the end of the month, the inventory of unsold homes stood at 1.25 million listings, down 0.8% from September and down 12% from a year ago. At the current sales pace, that amounts to a 2.4 month level of supply, the NAR reported.  First time buyers accounted for 29% of home sales overall, up from 28% in September whilst last October they comprised 32% of all sales.  Investors, meanwhile, made up 17% of closings last month, up from 13% in September and 14% in October 2020. Cash buyers accounted for 24% of all transactions which was up from 23% in September and 19% in October 2020.  

 

 

Team Donovan publish a monthly report on the 1st of each month for the benefit of Worldwide Florida absentee owners. If you are considering selling your own property now or in the future please do feel free to contact us, as we would be delighted to discuss the marketing of your home in more detail.