Team Donovan Blog

 

Resort area median prices were 9.5% up year on year to a revised $190,007 from the 173,461 median price of June 2016 with total inventory down 8.7% at 1956 listings last June to 1705 last month. By type last months inventory comprised 1,650 normal owner listings which was down from 1,885 in June 2016. Short sales comprised 21 of the total listings, down 7, while bank owned properties of 34 were down from 43. The average days on market that a home took to sell was unchanged from last month at 131 but 3 less than the 134 seen in June 2016.  Homes that closed achieved an average 97.2% of the listing price up from 97.1% last month and the 97% level being achieved a year ago. Total sales over the month of 381 were down 9.2% from the 413 total last year but the total number of homes under contract awaiting closure stood at 728 which was up from the 689 pipeline total last month and the 593 recorded back in June 2016. During the month 134 homes were removed from the market having failed to achieve a sale.  The months inventory total considered against current pace of sales suggests a 4.5 month supply of home availability in June which is unchanged from last month but compares to the 4.7 month supply level  of June 2016.

 

 

Orlando home sales were up 14% in May compared to May 2016 while the median price was 7% higher according to the Orlando Regional REALTOR® Association. Inventory continued its year on year fall to be down 16.8% but figures also revealed a 1% rise in the number of homes available for purchase in May compared to April.  The Orlando overall median price (all home types combined) stood at $218,000, which is 7.4% up on the May 2016 median of $203,000. Year on year increases in median prices have now been evident for the last 70 consecutive months with the May 2017 overall median price 88.7% higher than July 2011. The median price of a single family home that changed hands during May was 6.2% higher than May 2016 at $235,000 with the median price of an Orlando condo up 21.7% to $118,000 in the same period.  The average home price in May stood at $258,322 which was an increase of 6% from May 2016. The average home listed for $265,375 and sold for 97.3% of its listed price (97.1% in May 2016).  Members of O.R.R.A participated in 3,817 sales of all home styles during May, which is 14% more than the 3,347 sales of May 2016 and 23.5% up on the 3,092 sales of April 2017. Sales of single family homes (3,012) were up 13.2% compared to May 2016, while condo sales (422) increased 15%.  Sales of distressed homes (foreclosures and short sales) totaled 276 which was 31% less than May 2016 with distressed sales in general comprising 7.2% of all Orlando area transactions last month. The overall inventory of homes available for purchase (8,781) represented a decrease of 16.8% from May 2016, and a 1.2% increase from last month with 16.2% fewer single family homes and 22.5% fewer condos. Current inventory combined with the current pace of sales created a 2.3 month supply of home availabilty in Orlando which compares to a 3.2 month supply in May 2016 and a 2.8 month supply last month.

  

 

The wider Florida housing market reported an increase in closings and median prices with more new listings and increased pending sales during May, according to the latest housing data released by Florida Realtors®. Sales of single family homes statewide totaled 27,850 last month, up 7.6% from May 2016. In May, sellers of existing single family homes obtained an average 96.4% (median percentage) of their listing price, while those selling townhomes and condo properties received 94.7%. The statewide median sales price for all existing single family homes last month was $239,000, up 7.7% from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price for townhomes and condo properties in May was $178,000, up 8.1% from the one year ago figure with May being the 66th consecutive month that statewide median prices for both sectors increased year on year. Floridas townhome and condo market saw total closed sales of 1,538, up 8% compared to May 2016. Closed sales data reflected fewer short sales last month with short sales of townhomes and condo properties down 44.8% while short sales for single family homes were down by 30.8%.  Inventory during May recorded a 4 month supply level of single family homes and a 6 month supply for townhome and condo properties, according to Florida Realtors.

 

 

Existing home sales improved in May following a notable decline in April, and low inventory levels helped increase the median sales price to a new high while pushing down the median days a home is on the market to a new low, according to the National Association of Realtors®. All major regions except for the Midwest saw an increase in sales last month. Total existing home sales, covering all home styles climbed 1.1% to a seasonally adjusted annual rate of 5.62 million in May from a downwardly revised 5.56 million in April. Last months sales pace is 2.7%  up on a year ago and is the third highest over the past year.  The median existing home price for all housing types during May was $252,800. This surpasses last June ($247,600) as the new peak median sales price, is up 5.8% from May 2016 ($238,900) and marks the 63rd straight month of year on year gains. Total housing inventory at the end of May rose 2.1% to 1.96 million existing homes available for sale, but is still 8.4% lower than a year ago (2.14 million) and has now fallen year on year for 24 consecutive months. Unsold inventory is at a 4.2 month supply at the current sales pace, which is down from the 4.7 month level a year ago. Properties typically stayed on the market for 27 days which is down from 29 days in April and 32 days a year ago; Short sales were on the market the longest period of time at a median of 94 days while foreclosures sold in 48 days and non distressed homes took 27 days with 55% of homes sold in May on the market for less than a month.  Single family home sales increased 1% to a seasonally adjusted annual rate of 4.98 million in May from 4.93 million in April, and are now 2.7% above the 4.85 million pace of a year ago. The median existing single family home price was $254,600 in May, up 6% from May 2016. Existing condominium and co-op sales climbed 1.6% to a seasonally adjusted annual rate of 640,000 units in May, and are 3.2% higher than a year ago. The median existing condo price was $238,700 in May, which is 4.8% higher than a year ago.