Team Donovan Blog

 

The total number of homes changing hands throughout the resort area in July was 4.3% lower than the corresponding month last year with 374 closings recorded. The number of homes under contract awaiting closure stood at 586 which was 10.6% lower than the July 2017 pipeline total and 5.5% down on the the 618 total last month. During July 120 homes were withdrawn from the market having failed to sell while a home that did sell achieved an average 97.3% of its listed price having spent 127 days on the market. This compares to an average 97.1% of the listed price being achieved a year ago after 130 days. The markets median price was 11.0% higher than a year ago at $210,681 from $191,062.  Total inventory levels were down once again from both a year ago and last month with the 1158 homes listed for sale in July down 38.4% from the level one year ago of 1603 and 7.4% down from the 1244 listed total recorded last month. The total inventory total when considered against pace of sales suggests a 3% month supply of home availability in July which compares to the 3.2 month supply last month and the 4.1 month level of a year ago.  

 

 

The June inventory of homes available for purchase in the wider metropolitan Orlando market displayed its largest percentage decrease so far of 2018 contributing to a second consecutive month of slower overall sales as buyer demand continued to increase the markets median price.  The overall median price of an Orlando home (all types combined) that sold during June was $239,180, which is 6.8% above the June 2017 median price of $223,950 and 2.7% above the May 2018 median of $233,000 with year on year increases in median price now having been recorded for the past 84 consecutive months. The overall median price was 107.8% higher than the level of July 2011.  The median price of a single-family home that changed hands during June was 6.8% higher than June 2017 at $260,000. The median price for condos was up 13.6% to $125,000. Members of O.R.R.A participated in 3,451 sales of all home styles, which was 11.1% less than the 3,882 sales seen in June 2017 but 0.7% more than the 3,426 sales total in May 2018.  Sales of single family homes totaled 2,672 which was a decrease of 11.8% compared to June 2017, while condo sales of 408 were down 11.1%  year on year.  Sales of distressed homes (foreclosures and short sales) stood at 132 which was 50.2% below the 266 distressed sales of  June 2017 with distressed sales comprising 3.8% of all Orlando area transactions during the month. Pending sales were down 11.6% compared to June last year and were also down 9.9% when compared to last month. The overall inventory of homes available for purchase in June was 7,558 which represents a decrease of 17.3% compared to June 2017, and a 1% increase from last month. Overall there were 16.1% fewer single family homes and 22.6% fewer condos available for purchase. Current inventory combined with the pace of sales created a 2.2 month supply of homes in Orlando in  June compared to a 2.3 month supply in June 2017 and a 2.2 month supply last month. 

 

 

The wider Florida market reported rising median prices, fewer days to contract and a continuing tightening of inventory supply during June, according to the latest housing data released by Florida Realtors®.  Sellers of existing single family homes received 96.9% (median percentage) of their original listing price, while those selling townhome and condo properties received 95.2%. It took fewer days for a home to go under contract in June compared to a year ago with 34 days for a single family home, down 10.5% from June 2017 and 44 days for townhome and condo properties which was down 15.4%. Sales of single family homes statewide totaled 27,836 last month, down 1.3% compared to June 2017. Meanwhile, the statewide median sales price of an existing single family home was  up 6.1% from a year ago at $260,000 according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median price of townhome and condo properties was $190,000, up 7.5% from one year ago. The June report was the 78th consecutive month that the statewide median sales prices for both single family homes and townhome and condo properties recorded year on year gains. The Florida townhome and condo market statewide saw closed sales totaling 11,128 during the month which was 1.2% higher than a year ago. Closed sales data also reflected fewer short sales and foreclosures in the market with short sales of townhome and condo properties down 50.5% from a year ago while foreclosures fell 30.1%.  For single family homes short sales were down 43.1% and foreclosures fell 42.9%. The statewide inventory of single family home listings was 1% below where it was in June last year, which is a smaller year on year decline than has been recorded during most months over the past couple of years. Some of this is seems attributable to a rise in new listings of single family homes, which are up 3% so far this year, despite being relatively flat in June. Overall inventory during June remained tight, at a 3.9 month supply for single family homes and a 5.5month supply for townhome and condo properties, according to Florida Realtors.

 

 

Existing home sales decreased for the third straight month in June, as declines in the South and West exceeded sales gains recorded in the Northeast and Midwest, according to the National Association of Realtors® (NAR). Total existing home sales covering all style of homes were down 0.6% to a seasonally adjusted annual rate of 5.38 million from a downwardly revised 5.41 million in May. With last months decline, sales were 2.2% below levels of one year ago. The median existing home price for all housing types was $276,900, surpassing last month as the new all time high and up 5.2% year on year from $263,300.  Total housing inventory at the end of June was up 4.3% to 1.95 million homes and was 0.5% up on the one year ago level of 1.94 million representing the first year on year increase since June 2015. Unsold inventory nationally is at a 4.3 month supply level at the current sales pace compared to the 4.2 month level of one year ago.  Properties typically stayed on the market for 26 days which was unchanged from the last three months but down from 28 days a year ago.  First time buyers represented 31% of sales during June, which was unchanged from last month but down from 32% a year ago.  Cash buyers comprised 22% of all transactions up from 21% in May and 18% a year ago. Distressed sales of foreclosures and short sales represented 3% of all sales (lowest since NAR began tracking in October 2008), unchanged from last month but down from 4% a year ago with 2% of sales foreclosure related and 1% short sales.  Single family home sales declined 0.6% to a seasonally adjusted annual rate of 4.76 million from 4.79 million during May and were 2.3% below the 4.87 million sales pace of a year ago. The median existing single family home price was $279,300, up 5.2% from June 2017. Existing condominium and co-op sales were at a seasonally adjusted annual rate of 620,000 units (unchanged from last month) and were 1.6% below a year ago. The median existing condo price was $258,100 which was 4.9% up from  one year ago.