Team Donovan Blog

 

Total sales during February of 401 across the resort area represented an increase of 19.5% from the 323 closings in January and 35.2% over the 264 sales of February 2020. A home selling in our market took on average 97 days and achieved 97.8% of its listed price which compared  to 96 days and 97.9% respectively during February 2020. Overall inventory levels have fallen 40% from twelve months ago when 1,345 recorded as listed for sale compared to 815 in February 2021. Listings were also down by 37.4% from the January 2021 total of 1,187. The markets median price reached $252,361 which was 5.8% higher than the year ago price of $237,469.  The number of homes under offer/contract also increased from 594 a year ago to 868. The pipeline total was also up by 32.6% from the previous months 672 pending total. During the month 107 homes were withdrawn from the market having failed to sell whilst listed. Using the current sales pace against total inventory suggests that the total February number of homes for sale stood at a 2 month supply at the current sales pace which compared to a 3.6 month level in January 2021 and the 4.9 month supply detailed in January 2020.   

 

  

There were fewer homes on the market during the initial month of 2021 with more people moving to Central Florida, stretching further the gap between supply and demand. The Orlando metropolitan area gained 60,977 new residents during 2020, which was the highest level recorded over the past five years. During January, homes spent an average 40 days on the market which compared to the 60 days recorded in January 2020. O.R.R.A members sold 2,727 homes during the month, an increase of 20% from sales levels the same month a year ago. The median sales price of $275,000 was up 12% from January 2020. Listings spent on average 40 days on the market until contract, a drop of 33% from a year ago. The Orlando area inventory was down 40% from the 7,030 homes recorded last January to 4,233 homes last month. The number of new listings also decreased falling 5% from 3,579 homes twelve months ago to 3,394 homes in January 2021.

 

 

The Florida housing market continued to show momentum during the month even with the ongoing pandemic, with more closed sales, rising median prices, more new pending sales and increased pending inventory from one year ago, according to Florida Realtors® latest housing data. Sales of existing single family homes rose 18% compared to a year ago with new pending sales up 16.9% for existing single family homes last month compared to January 2020.  New pending sales of condos and townhomes were 32% higher year on year. Closed sales of single family homes statewide totaled 21,587, representing an 18% increase year on year, while existing condo and townhome sales of 9,608 were up 24.6% from January 2020. The statewide median sales price for existing single family homes stood at $305,000, up 15.1% 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 condos and townhomes stood at $230,000, up 15% year on year. in January 2021, new listings of single family homes were down over 10% from a year ago in what is traditionally a strong month for new listings. Likewise, new listings of condos and townhouses also fell and were down by almost 7% statewide.  In general the total inventory level of active listings when compared to sales pace continued to be constrained during the month with existing single family homes at a 1.6 month supply level while condo and townhome inventory activity indicated a 3.9 month level of supply.

 

  

Existing home sales for single family homes, townhomes, condos were up 0.6% during January compared to December 2020 and are up just under 24% year on year, the National Association of REALTORS® reported during the month with all four major regions of the U.S. recording double digit annual gains for home sales during  January.  Seventy one percent of homes that closed during the month were on the market for less than a month, according to NARs report.  The median existing home price for all housing types during January was $303,900 which was a 14% jump from a year ago. Total housing inventory at the month end stood at 1.04 million units, down nearly 26% from twelve months ago. Unsold inventory sat at a 1.9 month supply at the current sales pace whilst properties typically remained on the market for 21 days, down from 43 days a year prior. First time buyers accounted for 33% of the nations sales during January, up slightly from 32% a year earlier. Cash buyers accounted for 19% of all transactions, down from a 21% level a year ago. Individual investors or second home buyers  accounted for 15% of all sales during January, down from 17% in January 2020.