Team Donovan Blog

 

Inventory levels overall were up 20% month on month in September across the resort area with 586 homes listed for sale compared to the 489 total in August. From one year ago total listed home inventory reveals a very different picture with the number of homes listed in September 2020 at 1,484.  The markets median price reached $272,763 which is an increase of 1.8% from last months $267,937 and an 11.5% increase from the September 2020 median price of $244,658.  Total closings during September of 461 sales was just 3 homes less than last month but represented a  6.7% increase on the 432 closings recorded during September 2020.The average days on market that a home now takes to sell was down 2 from a month ago at 91 days and 5 lower than a year ago. The average price percentage achieved when calculated against listed price stood at 99.1% which was up from 98.9% last month and 97.8% a year ago.  As a continued indicator of forward activity, the pipeline total number of homes under offer/contract awaiting closure stood at 820 at the month end which compared to 816 last month and a pending total of 729 in September 2020. A total of 68 homes were withdrawn from the market during the month having not achieved a sale which was 50 lower than the September 2020 withdrawn total. Inventory levels when reviewed against pace of sales indicate a 1.3 month supply of home availability in September which was up on the 1.0 month supply in August but a long way adrift from the 3.4 month supply recorded in September 2020.

 

 

Metro Orlando sales fell for a second successive month during August  with closed transactions down 4.4% from the previous month. Orlando Regional Realtor Association members sold 3,999 homes during August which was a decrease from 4,183 closings in July 2021 with total sales still 13% higher than August 2020.  Interest rates showed little change, as they remained low with the average interest rate of 2.84%, an increase of .01% over July 2021.  During the month 31 distressed homes (bank-owned properties and short sales) accounted for .8% of overall total sales which represented a 62% drop compared to August 2020, when 82 distressed homes closed.  Orlandos median home price remained unchanged during August from the prior month with a record high of $320,000 with the median price now representing a 16% gain from one year ago when the median price recorded as $275,000. Homes spent an average of 25 days on the market during the month, which was a record low and half the time that homes spent on the market during August 2020. For a fourth straight month, inventory increased, after reaching its lowest point back in April 2021 which was in line with national trends from the National Association of REALTORS®.  Orlando area inventory overall has increased 3.2% from July 2021 to August 2021 from 3,524 homes to 3,638 but overall inventory levels were down 39% from August 2020 levels. The supply of homes was up to nearly one month during August with the general consensus that a balanced market offers a six months of supply. 

 

 

The Florida housing market reported more closed sales, an increase in new pending sales, higher median prices and a higher level of new listings during August compared to a year ago despite the ongoing pandemic, according to Florida Realtors® latest housing data.  Last months closed sales of single family homes statewide were up 8.8% year on year, totaling 29,495, while existing condo and townhome sales increased 10.3% over August 2019 to total 11,100. During the month, the statewide median sales prices for both single family homes and condo and townhome properties increased for the 104th month year on year. The statewide median sales price for existing single family homes stood at $300,000, up 13.2% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last months statewide median price for condo and townhome units was $217,500, a rise of 14.5% year on year. Closings for single family homes of $1,000,000 or more were up nearly 82%  from the levels seen a year ago, while sales in the $600,000 to $1,000,000 price range were up almost 72% as was the case in the single family category where sales recorded at $1,000,000 and above with these increasing by 63.5% from last August.  Inventory of new listings rose year on year in all property type categories during August, up by 2% for existing single family homes and 15.1% for condo and townhouse units. In general the supply side of the market the overall inventory of active listings continues to remain relatively restricted, particularly in the single family market, which offered a 2.3 month level of supply during August while condo and townhome inventory recorded a 5.3 month supply.

 

 

Home sales in the U.S. cooled in the final month of summer. Existing home sales fell 2% to a seasonally adjusted 5.88 million units in August from a month earlier, according to the National Association of Realtors (NAR) while July sales were revised slightly upward to 6 million units. The results exceeded analyst expectations of a 1.7% decline, according to consensus estimates. The dip was expected since pending home sales, which offer a leading indicator for actual sales,  fell for two straight months during July and June. Year to date, home sales are up 16% from the same period a year ago and up 12% from the same period in 2019 suggesting that sales activity continues to perform at pre pandemic levels. In February 2020, prior to the local lockdowns, there were 5.7 million units sold.  The median existing home price for all housing types in August was $356,700, up 14.9% from the August 2020 price of $310,400, as prices increased in all four regions of the U.S.  While this marks 114 straight months of year on year gains the pace of growth is slowing down from the +20% increases seen during the surge of activity last year. Tight inventory is continuing to push prices up and putting pressure on housing affordability. First time homebuyers represented 29% of sales during the month, the lowest level since January 2019. Total housing inventory, or homes available for sale at the end of August, totaled 1.29 million units, down 1.5% from July’s supply and down 13.4% from the one year ago level of 1.49 million. At the current sales pace, unsold inventory represents a 2.6 month supply, unchanged from July but down from the 3.0 month level in August 2020. 

 September 30th 2021