Team Donovan Blog

 

The October report for the resort area showed sales up 28% from last month at 329 and also 25% higher than the 263 closings of October 2016. The number of homes under contract awaiting closure was 6 up on last month at 578 and 49 homes higher than the 529 pipeline total for the corresponding month a year ago. The areas median price was up 11.1% from the $179,247 price in October 2016 to $199,231.  A sold home during October achieved an average 97.1% of the listed price after having spent 132 days on the market which was unchanged from last month but down 1 day from the 133 days of October 2016. As is customary a certain percentage of homes were withdrawn from the market having failed to sell and this month saw 117 removed which was the same amount as in September. The overall total inventory level of 1,426 homes was down 31.1% from the October 2016 total of 1923 and also down 10% from last months total. By type, Octobers inventory represented 1,371 normal owner listings, down from 1,870 a year ago, 36 bank owned listings, down 4 from the 40 of a year ago and 19 short sales, down 10 from the 29 total twelve months ago. Octobers total inventory when considered against pace of sales suggests a 4.3 month of inventory supply availability which is down from 6.1 months last month and also lower than the 6.8 month level of one year ago. 

  

 

Hurricane Irma contributed to a reduction in Orlando’s overall home sales as recorded closings were down by nearly 20% in September compared to September of last year, reported the Orlando Regional REALTOR® Association with sales also down almost 30% compared to last month.  Despite this impact the median price of Orlando homes sold during the month continued an overall upward trend with the median home price (all home types combined) of $225,000, which was 9.8% above the September 2016 median price of $205,000 with the median price unchanged from last month.  The median price of a single family home that changed hands during September was 8.9% higher than September 2016 at $245,000 with the median price of condos up 26.9% at $118,000. The overall average home price was $267,578, an increase of 8.4% over the average home price of September 2016. The average Orlando home listed at $276,276 and sold for 96.9% of its listed price (97.1% in September 2016).  Members of O.R.R.A participated in 2,526 sales of all home types combined during the month, which is 18.8% less than the 3,110 sales recorded during September 2016 and 29.5% less than the 3,580 sales of August 2017.  Sales of single family homes (1,926) in September 2017 were down 20.8% compared to September 2016, while condo sales (316) were 12% lower. The 127 sales of distressed homes (foreclosures and short sales) were 60% down from the 325 distressed sales level of September 2016. Distressed closings comprised 5% of all Orlando area transactions last month.  The overall inventory of homes available for purchase during September of 8,643 represented a decrease of 16.6% compared to September 2016, and a 2.2% decrease compared to last month. There were 14.3% fewer single family homes and 27.9% fewer condos.  Current inventory combined with pace of sales created a 3.4 month supply of homes in Orlando during September. There was a 3.3 month supply in September 2016 and a 2.5 month supply last month.

 

 

The statewide median sales price for an existing single family home last month stood at $239,900, 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 townhomes and condos was $173,000, up 8.1% from a year ago with September being the 70th consecutive month that statewide median prices for both sectors having risen year on year.  The Florida townhome and condo market saw statewide transactions total 7,404 last month, down 15.9% compared to September 2016. Closed sales data overall reflected fewer short sales and foreclosures during the month with the short sale of townhomes and condo properties down 57% while foreclosures fell 62.3% year on year. Short sales of single family homes were down 60.8% with foreclosures down 60% year on year.  The states total inventory remained constrained during September with a 3.8 month supply level for single family homes and a 5.5 month supply for townhome and condo properties, according to Florida Realtors.

 

Following 3 straight months of decline in existing home sales records detailed a slightly reversed course in September, but ongoing supply shortages and recent hurricanes muted overall activity and caused sales to fall back on an annual basis, according to the National Association of Realtors® (NAR).  Total existing home sales covering all home styles rose 0.7% to a seasonally adjusted annual rate of 5.39 million in September from 5.35 million in August.  Last month's sales pace was 1.5% down on a year ago and the second slowest of the last year.  The median existing home price for all housing types in was $245,100, up 4.2% from September 2016 ($235,200). Septembers price increase marked the 67th consecutive month of year on year gains. Total housing inventory at the end of September was up 1.6% to 1.90 million existing homes available for sale, but still remains 6.4% lower than a year ago (2.03 million). Unsold inventory is at a 4.2 month supply at the current sales pace, which is down from 4.5 months a year ago.  First time buyers represented 29% of all sales in September, which is down from 31% in August and 34% a year ago and matches the lowest share since September 2015. Distressed sales of foreclosures and short sales represented 4% of  total sales, unchanged from both last month and a year ago. Foreclosures related to 3% of all September closings while short sales represented 1%.  By type single family home sales were up 1.1% to a seasonally adjusted annual rate of 4.79 million from 4.74 million in August, but remain 1.2% below the 4.85 million pace of a year ago. The median existing single family home price of $246,800 was up 4.2% from September 2016. Existing condominium and co-op sales decreased 1.6% to a seasonally adjusted annual rate of 600,000 units during September, and are now 3.2% below a year ago. The median existing condo price stood at $231,300 which was 4.1% up on a year ago. Properties typically stayed on the market for 34 days during the month, which is up from 30 days in August but down from 39 days a year ago. 

By region September existing home sales in the Northeast were at an annual rate of 720,000 (unchanged from August), to be 1.4% below a year ago. The median price in the Northeast was $274,100, which is 4.8% above September 2016.  In the Midwest, existing home sales rose 1.6% to an annual rate of 1.30 million and are 1.5% below a year ago. The median price in the Midwest was $195,800, up 5.4%  from a year ago. Existing home sales in the South fell 0.9% to an annual rate of 2.13 million in September, and are now 2.3% lower than a year ago. The median price in the South was $215,100, up 4.6% from a year ago. Existing home sales in the West were up 3.3% to an annual rate of 1.24 million (unchanged from a year ago). The median price in the West was $362,700, up 5% from September.