Orlando Real Estate Market News - July 2020

Posted by Team Donovan on Saturday, August 1st, 2020 at 6:58am.

July 'judgements' From The Resort Area...
 
Resort area sales of 413 homes represented an increase of 37.6% closings from the 300 sales of last month and also an increase of 5% on the 393 closings total of July 2019. Homes selling during July achieved an average 97.7% of the listed price after spending 97 days on the market which compared to 97.6% and 98 days respectively one year ago.  The markets median price stood at $239,844 which was up 7.4% from the one year ago figure of $223,250 and 0.5% higher than the $238,500 median price recorded last month. Total pending sales of 706 were up 29.9% from the 548 pending pipeline total of a year ago and also 17 homes higher than the June 2020 recorded total of 689. July saw 111 homes withdrawn from the resort area market which was 61 higher than the 40 recorded in July 2019.  Julys total inventory when considered against pace of sales indicates a 3.6 month home availability supply at the current sales pace which compares to a 4.9 month level last month and a 8.2 month supply in May 2020. The  July 2019 level stood at 3.1 months 
 
Orlando...
 
According to the Orlando Regional Realtor Association, Central Florida home sales skyrocketed during June, up nearly 46% from May whilst the total number of homes listed for sale declined 19% compared to June of 2019.  Pending sales were also up, recording an increase 14.5% from May.  The overall median price of Orlando homes (all types combined) sold during June stood at $265,000, which was 6% above the June 2019 median price of $249,999 and 1.9% up on the May 2020 median price of $259,900.  The median price of a single family home that sold during June increased 3.7% from  June 2019 at $280,000. The median price for condos was up 4.9% to $141,000 and townhomes/villas/duplexes saw an increase of 0.5% to $219,950.  Members of ORRA participated in a total of 3,103 sales of all home styles,  which was 9% less than the 3,412 sales of June 2019 but 45.9% higher than the 2,127 sales of May 2020. Sales of single family homes totaled 2,478 which was an 8.2% decrease compared to June 2019, while condo sales at 325 represented a fall of 20% year on year. Duplexes, townhomes, and villas recorded 300 sales combined which was 2.6% higher than a year ago. Sales of distressed homes (foreclosures and short sales) were 87 which was 25.6% less than the 117 distressed sales of June 2019. Distressed sales overall comprised 2.8% of all Orlando area transactions last month.  Homes that closed during June took an average 52 days to move from listing to pending and an average of 38 days between pending and closing, for a total average of 90 days from listing to closing (up from of 87 days the previous month).  The overall inventory of homes available for purchase during June was 6,557 which represented a decrease of 18.6% compared to June 2019, and a 9.7% decrease compared to the preceding month. Inventory levels overall reflected 26.8% fewer single family homes but an increase of 6.3% in condos and 19% more duplexes/townhomes/villas, year on year.  Current total inventory combined with pace of sales created a 2.1 month supply of home availability in June compared to a 2.4 month supply in June last year and a 3.4 month supply last month.
 
Florida...
 
The Florida housing market detailed positive recovery signs despite the continuing coronavirus pandemic, with more new pending sales, more pending inventory and higher median sales prices compared to a year ago, according to Florida Realtors® latest housing data. Existing single family existing homes sales increased year year by 1.3%, which was the first increase since March and a significant change compared to April and May, according to Florida Realtors.  Closed sales of single family homes statewide were up 1.3% year on year, totaling 27,650, while condo and townhome sales decreased 10.9% to a total of 8,996 with closings overall down just over 7% for the year compared to the first half of 2019.  In June, the statewide median sales prices for both single family homes and condo and townhome properties was up for the 102nd consecutive month. The statewide median sales price of an existing single family home stood at $282,000, up 4.4% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last months statewide median price of a condo or townhome unit stood at $210,000, up 7.7%  from one year ago.  New pending sales continued an upward trend for a second month with the statewide number of pending sales of single family homes up 23.2% year on year and new pending sales of condo/townhome units up 19.8% compared to June 2019. The supply side of the market revealed that Florida inventory levels remain historically low, particularly in the existing single family home category, which was at a 2.8 month supply level in June, whilst the condo townhome inventory of active listings represented a 5.7 month supply.
 
U.S...
 
The nations existing home sales rebounded during June, but year on year year transactions are still down by double digits, according to data released by the National Association of Realtors (NAR) during the month. After three consecutive months of decline, sales of single family homes, townhomes, condominiums and co-ops increased by nearly 21% to a seasonally adjusted annual rate of 4.72 million. When compared to June 2019, sales were down by 11% from 5.32 million. Each of the nation’s four major regions achieved month on month growth, with the West experiencing the greatest sales recovery but sales in all sections were down compared to last June.  While sales were lower than a year ago, prices continued to climb nationwide. The median price for all housing types stood at $295,300, up 3.5% from June 2019 when it stood at $285,400.  Year on year prices have risen in every region for 100 straight months as inventory levels of homes for sale continues to fall. At the end of June, 1.57 million units were available for purchase, down 18% from a year ago when 1.92 million units were available. Properties remained on the market for an average 24 days, down from 27 days in June 2019 with more than 60% of homes sold during June on the market for less than a month.  By region the West saw sales up 32% to an annual rate of 950,000 but down 13.6% from a year ago. The median price in the West was $432,600, up 5.4% from June 2019. Existing home sales in the Northeast rose 4.3%, recording an annual rate of 490,000, a decrease of 28% from one year ago. The median price in the Northeast was $332,900, up 3.6% from June 2019.   Sales of existing homes increased 11% in the Midwest to an annual rate of 1.1 million during June, down 13.4% from a year ago. The median price in the Midwest stood at  $236,900 which represented a 3.2% increase from one year ago.  Existing home sales in the South were up 26% to an annual rate of 2.18 million but down 4% from June 2019. The median price in the South was $258,500, a 4.4% rise from a year ago.
 
July 31st 2020
 
1 G.B.P...Buys 1.313 U.S.D - 1 U.S.D...Buys 0.761 G.B.P
 
1 EURO...Buys 1.183 U.S.D - 1 U.S.D...Buys 0.844 EURO
 
1 CAN $...Buys 0.745 U.S.D - 1 U.S.D...Buys 1.342 CAN $
 
1 BRL $...Buys 0.193 U.S.D - 1 U.S.D...Buys 5.155 BRL $
 
U.S Prime Interest Rate = 4.25%
 
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.