Team Donovan Blog

 

Total resort area inventory was 11% up from a year ago with 1,180 listings recorded in May 2018 to a revised 1,310 this month. The average days on market that a home took to sell during May  was down 31 days from May 2018 at 99 days while a home that sold during this past month closed at 97.5% of the listed price, little change from the 97.4% level of twelve months ago. Homes withdrawn from the market having failed to sell totaled 73 compared to 93 withdrawals a year ago and 61 last month. The markets median price was 5% higher than a year ago at $219,813 from $208,875. Total homes under contract awaiting closure rose from 657 in April to 663 in May which was up by 25 compared to the 638 pipeline total of May 2018. Total sales during May of 402 were 21.4% up on the 331 sales of last month but 5.4% down on the May 2018 closed total of 424.  The May sold total indicates a 2.4 month supply of inventory at the current sales pace compared to the 2.7 month supply level of last month and a 3.8 month supply level recorded in May 2018.

 

 

After 93 months of consecutive year on year increases in median price, the Orlando housing market saw its first decline in April. The decrease of 1% comes at the start of the traditional summer selling season, which often records an increase in both median price and sales.  According to the latest monthly report from the Orlando Regional REALTOR® Association, the median price stood at $235,000.  The report also detailed that 3,315 homes sold during April compared to 3,371 representing a 2% decrease. The decline may be attributed to factors such Orlando's lower inventory levels (especially in the lower price categories) and a period of consistent rising prices with overall Orlando inventory at a 2.4 month level of supply. Orlando inventory in general has experienced small but consistent increases with April inventory of available homes up 2%. By home type condos are exhibiting the largest rises in availability with 20% more condos available iin the market than a year ago while single family home sales were down 4% in April, with 2,535 units sold throughout the Orlando area compared to 2,636 last month as April marked the fourth consecutive month of total sales declines.  January saw the largest fall of 14% while February sales overall were down 2%.  The median price for an Orlando single family home was down by 1% to $255,000 with the total inventory of this home type of home increasing by just under 1%. Aprils total inventory of single family homes stood at 6,193  available for purchase through the multiple listing service. Condo sales are up by 19%  at 433 while total condo inventory is 20% higher at 1,157 with the condo median price up 6%  at $138,000.

 

 

Floridas housing market reported an increase in sales, higher median prices and increased inventory in April compared to a year ago, according to the latest housing data released by Florida Realtors®.  The State sales of single  family homes totaled 26,992 last month, up 6.2% from April 2018 with new pending sales for existing single family homes in April up 4.4% year on year, with pending sales of existing condo and townhome properties at the same level as April 2018.  The statewide median sales prices for both single family homes and condo and townhouse properties was up year on year for the 88th consecutive month. The statewide median sales price of an existing single family home stood was $259,470, up 2.6% 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 and townhome units was $194,050, up 2.1% from a year ago. The condo and townhouse market statewide saw closed sales of 11,817, up 3.2% compared to a year ago.  April overall was the strongest month this year for total home sales as prior to April, single family closed sales for the year so far were down year on year, but with April's increase of 6.2%, sales in 2019 are now up 1% compared to the first four months of 2018.  The statewide inventory of active listings continued to rise on a year on year with the rate of growth continuing to slow. As of the end of April, there were approximately 95,000 single family homes listed in Florida's M.L.S (Multiple Listing Services) or 6.6% more than were recorded at the same time last year. The total of active listings of condos and townhouses stood at 58,500, a rise of 6.4% from a year ago.

 

 

 Existing home sales across the nation declined slightly in April following a drop the month earlier, according to the National Association of Realtors® (NAR). Two of the four major U.S. regions saw a dip in sales, while the West saw sales growth the Midwest was unchanged. Total existing home sales for all home styles was down 0.4% from March to a seasonally adjusted annual rate of 5.19 million in April. Total sales were down 4.4% from a year ago at 5.43 million. The median existing home price for all home types in April was $267,300, up 3.6% from the April 2018 figure of $257,900 with Aprils price increase marking the 86th straight month of year on year gains.  Total housing inventory at the end of April increased to 1.83 million from 1.67 million existing homes available for sale in March and a 1.7% increase from the 1.80 million level of a year ago. Unsold inventory is at a 4.2 month supply at the current sales pace, up from 3.8 months in March and up from 4 months in April 2018.   Properties remained on the market for an average of 24 days during April, down from 36 days in March and down from 26 days a year ago with 53% of homes selling in April on the market for less than a month.   Buyer profile reveals that first time buyers were responsible for 32% of April sales, down from a 33% level reported last month and one year ago. Cash buyers accounted for 20% of all transactions during April, down from 21% in both March and a year ago. Distressed sales of foreclosures and short sales had a 3% market share in April, the same as March but down from 4% in April 2018 with 1% of April 2019 sales being short sales.   Single family home sales sat at a seasonally adjusted annual rate of 4.62 million, down from 4.67 million in March and down 4 from the 4.81 million level a year ago. The median existing single family home price was $269,300, up 3.7% from April 2018.  Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 570,000, up 5.6% from the prior month and down 8.1% from a year ago. The median existing condo price stood at $251,000 in April, which is 3.4% higher than a year ago.

 

 

 

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.