Team Donovan Blog

 

The median price of a resort area home in April stood at $217,936 which was 5.6% higher than the $206,286 median of a year ago and 0.6% up from last months $216,628. The total number of homes listed for sale was down 1,273 to 1,263 homes whilst a house that sold during April closed after an average of 100 days on the market achieving 97.3% of its listed price. This compares to the 132 days it took a year ago and an average achieved price then of 97.4% of the listed price. Total sales during the month of 331 compares to 345 closings in April 2018 and the 322 of last month. Homes under offer and awaiting closure totaled 657 which compared to 579 last month and a 698 pipeline total last April.  During the month 61 homes were withdrawn from the market having failed to sell which was 24.7% down on the 81 withdrawn listings recorded in April 2018.  The April sales total suggest a 3.8 month supply of inventory when considered against sales pace compared to a 4.1 month supply last month and the 3.6 month supply level of April 2018.

 

 

The Orlando housing market saw a 2% increase in median price during March, while year on year inventory levels were 5% higher whilst sales were down 11% compared to last year.  The overall median price of an Orlando area home (all types combined) that closed during March was $235,000, which is 2.2% above the March 2018 median price of $230,000 and unchanged from the February 2019 median of $235,000 as well.  Year on year increases in median price have now been recorded for the last 93 consecutive months with the March 2019 median price 103.5% higher than it was in July 2011.  The median price of a single family home that changed hands in March increased 2% over March 2018 at $255,000. The median price for condos was up 3.7% to $127,500.  Members of ORRA participated in 3,127 sales of all home styles combined, which is 11.4% below the 3,530 sales of March 2018 but 29.5% higher than the 2,414 sales of February 2019.  Sales of single family homes totaled 2,450 during the month which was down 10.7% compared to March 2018, while condo sales of 395 were 6.4% lower year on year. Sales of distressed homes (foreclosures and short sales) recorded 110 sales in March which was 6% lower than the 117 distressed sales of March 2018 with distressed sales comprising 3.5% of all Orlando area transactions last month.  The overall inventory of homes available for purchase was 8,117 representing an increase of 5.3% compared to March 2018, but a 0.9% decrease compared to last month. Single family home listings were up 4.4% and condominium supply was up 22.7%,  year on year. Homes that closed during the month took an average of 62 days to move from listed to pending and an average 37 days between pending and closed, for an average of 99 days from listing to closing (up from 97 days the month prior). Pending sales in March were down 8.9% compared to March of last year but up 11.2% compared to last month. Current inventory combined with the current pace of sales created a 2.6 month supply of homes in Orlando for March compared to a 2.2 month supply in March 2018 and a 3.4 month supply in February 2019.

 

 

 The Florida market reported more pending sales, higher median prices and increased inventory during March compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single family homes statewide totaled 25,013 last month which was the same level of activity as March 2018.  Statewide median sales prices for both single family homes and the condo/townhome market were up year on year for the 87th consecutive month. The statewide median sales price for single family existing homes was $256,000, up 2% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month's statewide median price for condominiums and townhomes was $189,500, up 3.6% year on  year.

 

Single family home sales sat at a seasonally adjusted annual rate of 4.67 million in March, down from 4.91 million in February and down 4.7% from 4.9 million a year ago. The median existing single family home price stood at $261,100, up 3.8% from March 2018. Existing condominium and co-op sales recorded an adjusted annual rate of 540,000 units in March, down 5.3% from last month and down 11.5% from a year ago. The median existing condo price was $244,400 which was up 3.6% from a year ago.  Cash purchasers accounted for 21% of all transactions in March, down from 23% in February, but up from 20% a year ago.  The nations distressed sales of foreclosures and short sales represented 3% of all sales, down from 4% last month and also down from 4% in March 2018, with 1% of March 2019 sales being short sale related. Total existing home sales for  completed transactions that include single family homes, townhomes, condominiums and co-ops were down  4.9% from February to a seasonally adjusted annual rate of 5.21 million. Sales as a whole are down 5.4% from the one year ago level of 5.51 million.  The median existing home price for all housing types in March was $259,400, up 3.8% from the March 2018 recorded figure of $249,800. The March price increase represented the 85th consecutive month of year on year gains.  Total housing inventory at the end of March of 1.68 million was up from 1.63 million in February and a 2.4 % increase from 1.64 million of a year ago. Unsold inventory is at a 3.9 month supply at the current sales pace, up from 3.6 months in February and also up from the 3.6 month level of March 2018.   

 

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.