Team Donovan Blog

 

Resort area inventory month on month was 10.8% higher at 1287 homes listed for sale from the October total of 1161 whilst year on year inventory levels were 11.1% lower than the 1430 listings of the corresponding month last year. Homes that sold during November closed on average 5 days faster than last month at 111 days and 21 days quicker than the 132 day average of a year ago.  A November closed home secured on average 97.3% of its listed price which was a slight adjustment on the 97.1% level achieved a year ago. The total of 286 sales was down 19.9% compared to November 2017 and also down 22% from last months 349 closings. The median price of a resort area home has increased 5.8% from a year ago to $213,306 whilst the number of homes under contract awaiting closure stood at 446 which was down 117 homes from the year ago total of 563. During November 75 homes were removed from the market having failed to attract a buyer whilst listed.  The total November market inventory suggests a 4.5 month supply of homes at the current sales pace which compares to a 3.3 month level last month and a 4.2 month supply in the corresponding month last year. 

 

 

The continued decrease in homes available for purchase throughout the Orlando market fell to its slowest pace this year, with October showing 2.3% less homes listed on the market than in the same month of 2017. Meanwhile, Orlandos median home price continued its upward swing while total sales were down. The overall median price of an Orlando home for all all types combined that closed during October stood at $228,750, which was 4.5% up on the October 2017 median price of $219,000 and 1.8% below the September 2018 median price of $233,000.  Year on year increases in median price have been recorded for the past 88 consecutive months with the overall median price 98.1% higher than was recorded back in July 2011.  The median price for single family homes that closed during October increased 4.6% from October 2017 to $249,900 with the median price of condos up 15.2% to $127,000.  Orlando market homes that closed in October took an average of 52 days to move from listing to pending and took an average of 88 days from being listed to closed. Pending sales in October were down 19.7% compared to October last year and down 5% compared to last month.

 

 

The wider Florida housing market recorded more closed sales, rising median prices and an increase in new listings during October compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single family homes statewide totaled 22,272 last month, up 8.5% compared to October 2017. New listings of existing single family homes rose 9.5% compared to a year ago while new listings of condo and townhome properties increased 7.9% from last October.  At the same time, the median time that an offer converts to contract is getting shorter with single family homes at 40 days, down 7% from the same time last year. For  condo and townhome properties, it was 44 days which was down 12%. October marked 82 consecutive months that statewide median sales prices for both single family homes and condo and townhome properties increased year on year. The statewide median sales price of an existing single family home was $253,853, up 7.6% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median price for a condo or townhome unit in October was $180,000, up 5.9%  year on year.  Floridas condo and townhome market, statewide saw 9,270 closed sales, up 14.1% compared to a year ago. Closed sales data continued to reflect fewer short sales and foreclosures during October with short sales of condo and townhome properties down 45.2%  while foreclosures fell 28.2% year on year with short sales of single family homes down 31.5% and foreclosures down 21%. Closings of single family homes were 8.5% higher in October compared to last year, thanks in part to a level of inventory that has been rising since July with the inventory of single family home listings up 9.8%  year on year,  while inventory of condo and townhome listings were up 5.4% statewide compared against last year. 

 

 

Existing home sales increased during October after six straight months of decreases, according to the National Association of Realtors® (NAR), and three of the four major U.S. regions tracked saw gains in sales activity during the month.  Total existing home sales of all home styles increased 1.4% from September to a seasonally adjusted rate of 5.22 million with sales down 5.1%  year on year.  The median existing home price for all housing types was $255,400, up 3.8% from the October 2017 figure of $246,000 with Octobers price increase marking the 80th straight month of year on  gains.  Total housing inventory at the end of October decreased from 1.88 million in September to 1.85 million existing homes available for sale, but that represents an increase from 1.80 million level of a year ago.  Unsold inventory is at a 4.3 month supply at the current sales pace, down from 4.4 last month and up from 3.9 months a year ago.  Properties typically stayed on the market for 33 days during October, an increase from 32 days in September but down from 34 days a year ago. Overall, 46%  of homes sold during October were on the market for less than a month. First time buyers comprised 31% of October sales which was down both month on month and year on year. The level of distressed sales relating to foreclosures and short sales represented 3% of sales market share in October which was the lowest percentage since NAR began tracking in October 2008 and down 4% overall year on year. October closings of foreclosures represented 2% with 1% being short sale related.  Single family home sales sat at a seasonally adjusted annual rate of 4.62 million, up from 4.58 million in September and 5.3% below the 4.88 million sales pace from a year ago. The median existing single family home price was $257,900 which was up 4.3% from October 2017.  Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 600,000 units in October, up 5.3% from last month but down 3.2% from a year ago.