Team Donovan Blog

 

May Orlando resort area sales were down 48.8% as 196 homes changed hands in the market compared to 402 in May 2019. Total sales were also 45 homes less than the 241 closings in April latest activity figures reveal. From one year ago the number of days that a home now takes to sell is 2 faster than a year ago at 97 whilst a sold home achieved on average 97.6% of the asking price compared to 97.5% one year ago and 97.2% in April 2020. The markets median price was up 8% over the past 12 months from $219,813 to $237,600. Homes withdrawn from the market during May totaled 108 which compared to the 73 withdrawn in May 2019 and 144 in April 2020. The number of homes under offer/contract stood at 512 which was an increase of 32.6% from the 386 total of the previous month but down 29.4% from the 663 pipeline total of May one year ago.  The total May 2020 inventory when reviewed against pace of sales indicates an 8.2 month supply of available homes across the market which compares to the 6.7 month supply recorded last month and a very different 2.4 month supply recorded in May 2019. 

 

 

Orlandos April housing market saw a median home price increase of 12%, while home sales fell 28% in the first full month of an anticipated decline in activity as a result of the COVID-19 pandemic. While overall inventory experienced a year on year decline of 3%, reported the Orlando Regional REALTOR® Association.  The overall median price of an Orlando home (all types combined) that sold during April was $263,750, which was 12.2% higher than the April 2019 median price of $235,000 and 4% up on the March median price of $253,500.  The median price of a single family home that changed hands was 9% higher than in April 2019 at $278,000. The median price for condos increased 5.1% to $145,000 whilst townhomes/villas/duplexes increased 5.6% to $225,000.  Members of O.R.R.A participated in a total of 2,393 sales of all home styles which was 28.1% lower than the 3,329 sales recorded during April 2019 and 25.3% less than the 3,204 sales of March 2020.  Closings of single family homes totaled 1,926 which was a decrease of 24% compared to April 2019, while condo sales of 249 represented a 42.5% decrease year on year. Duplexes, townhomes, and villa sales combined of 218 were down 37.2% over April 2019.  Sales of distressed homes (foreclosures and short sales) totaled 61 which was 49.9% lower than the 105 distressed sales of April 2019 with distressed related sales comprising 2.6% of all Orlando area transactions during the month.  The overall inventory of homes available for purchase stood at 7,651 which represented a decrease of 2.9% compared to April 2019, and a 4.3% increase from last month. By home style there were 8.7% fewer single family home listings, 6.9% more condos and 42.4% more duplexes/townhomes/villas, year over year.  Homes that closed during April took an average 47 days to move from listing to pending and an average of 39 days between pending and closing, giving a total average of 86 days from listing to closing, down from a total of 91 days the prior month.  Pending sales were down 36.3% from April last year and also down 17.1% compared to last month. Orlandos current inventory when combined against pace of sales created a 3.2 month supply of homes in April which compared to the 2.4 month supply in April 2019 and a 2.3 month supply recorded last month.

 

  

The latest housing data from Florida Realtors reported a lower levels of closed sales, pending sales, new listings and other metrics compared to a year ago with the exception of median sale prices, which rose compared to April 2019.  Last months closed sales of single family homes statewide was down 20.7% year on year, totaling 21,403 while condo and townhouse sales fell 36.5%, to give a total of 7,506 closings. Aprils statewide median sales prices for both single family homes and condo and townhouse properties means that sales prices have now risen year on year for 100 consecutive months.  The statewide median sales price of an existing single family home stood at $275,000, up 6% from a year ago, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last months statewide median price of condo and townhouse units was $209,000, up 7.7% from twelve months ago.

    

 

U.S. home sales logged their biggest drop in nearly 10 years during April as the coronavirus pandemic upended the labor market and broader economy, slowing sales demand. The National Association of Realtors reported existing home sales down 17.8% to a seasonally adjusted annual rate of 4.33 million units. The percentage decline was the largest recorded since July 2010 with economists polled by Reuters forecasting existing home decreasing of 18.9% to a rate of 4.30 million units in April.  Existing home sales, which comprise about 90% of U.S. home closings, dropped 17.2% year on year. The latest report came on the heels of other data detailed during the month showing a record collapse in homebuilding and permits during April with home sales last month overall declining in all four regions.  There were 1.47 million previously owned homes on the market during the month, the lowest on record for the month and down 19.7% from a year ago with the N.A.R reporting that some sellers had either withdrawn or withheld their properties from the market following the mandated stay at home orders. The overall median existing house price was up 7.4% from a year ago to a record $286,800. At April's sales pace, it would take 4.1 months to exhaust the nations current inventory, down from 4.2 months a year ago.  Sales of new U.S. single family homes fell by the largest total in more than 6.5 years in March whilst sales of new homes fell 15.4% to a seasonally adjusted annual rate of 627,000 units. with this percentage decline the largest since July 2013. Februarys sales pace was revised down to 741,000 units from the previously reported 765,000 units.