Orlando Real Estate Market News - October 2019

Posted by Team Donovan on Tuesday, October 1st, 2019 at 7:46pm.

September 'summary' From The Resort Area...

Resort area prices recorded a year on year median price increase of 6.9% from $211,293 to $226,731 during September according to the latest monthly figures. The average days on market that a home takes to sell has fallen by 22 days during the same period to 98 days whilst a home that sells achieves on average 97.6% of its listed price compared to 97.6% back in September 2018. Total inventory was up 4.5% or by 55 homes from a year ago at 1,200 whilst the pipeline number of homes under contract awaiting closure stood at 529, up from 524 in September 2018 and also up on last months pipeline of 513 homes. Completed closings during September totaled 301 which was 5.9% down on the 319 sales of a year ago and 24.9% down on the 376 sales recorded last month. Homes withdrawn from the market having failed to sell totaled 76 compared to a 67 withdrawn total a year ago. The September inventory when reviewed against pace of sales indicates a 4.3 month supply of homes which compares to the 3.3 month level last month and a 3.6 month availability of home supply in September 2018.

Orlando...

The monthly Orlando Regional Realtors Associations report noted a 2% decrease in total available inventory across the Orlando market. The pace of sales also slowed an increase of just 0.1% from August 2018. Members of the O.R.R.A participated in a total of 3,385 sales which was 4 more closings than the total recorded in August of 2018. When considering all types of housing combined, the overall median price of an Orlando area home that sold during August was $250,000 which is 8.7% above the August 2018 median price of $230,000, and 1.1% higher than the July 2019 median of $247,250. Sales of single family homes totaled 2,657 which was an increase of 2.7% year on year. Condo sales conversely were 6.7% lower than a year ago at 419 for the month with the total overall inventory of homes available for purchase down 2% from a year ago at 7,652. From July to August, Orlandos inventory of homes for sale was down by 4.3%. The median price for single family homes that changed hands during the month increased 5.9% from a year ago to $270,000 whilst the median price for condominiums was up 8.8% to $137,000. Sales of distressed homes relating to foreclosures and short sales, were 29.5% lower than August 2018 and comprised 2.4% market share overall of all Orlando area sales.

Florida...

The Florida housing market reported rising median prices and more pending inventory during the month compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single family homes statewide totaled 27,107 which was 3.2% higher than August 2018. The statewide median sales prices for both single family homes and condo and townhouse properties rose year on year for the 92nd consecutive month. The statewide median sales price of an existing single family home was $265,000, up 4.2% 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 florida condo and townhome units was $190,000, up 2.7% from one year ago. This market during August saw statewide closed sales of 10,062 which was down 2.9% when compared to a year ago.

U.S...

Existing home sales inched up during August, marking two consecutive months of growth, according to the National Association of Realtors® (NAR). Three of the four major regions reported a rise in sales, while the West recorded a decline. Total existing home sales of all home styles was up 1.3% from July to a seasonally adjusted annual rate of 5.49 million in August with overall sales up 2.6% from the one year ago figure of 5.35 million. The median existing home price for all housing types stood at $278,200, rising 4.7% year on year with the August price increase marking the 90th straight month of year on year gains. Total housing inventory at the end of August decreased to 1.86 million, down from 1.90 million existing homes available for sale in July which in turn was a 2.6% decrease from 1.91 million pace of a year ago. Properties typically spent 31 days on the market during August, up from 29 days in both July and August 2018 with 49% of all homes sold during the month on the market for less than 30 days. First time purchasers were responsible for 31% of the nations sales, down from 32% in July and equal to the 31% recorded in August 2018. Cash buyers accounted for 19% of all transactions during the month, which was equal to the July percentage but moderately down from August 2018 (19% and 20%, respectively). Distressed sales of foreclosures and short sales represented 2% of the nations sales, unchanged from July but down from the 3% level in August 2018. Unsold inventory was at a 4.1 month supply at the current sales pace, down from 4.2 months in July and 4.3 month one year ago.

September 30th 2019

1 G.B.P...Buys 1.230 U.S.D - 1 U.S.D...Buys 0.812 G.B.P

1 EURO...Buys 1.092 U.S.D - 1 U.S.D...Buys 0.915 EURO

1 CAN $...Buys 0.754 U.S.D - 1 U.S.D...Buys 1.324 CAN $

1 BRL $...Buys 0.240 U.S.D - 1 U.S.D...Buys 4.160 BRL $

U.S Prime Interest Rate = 5.25%

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.