Team Donovan Blog

 

 

 

The median price of an Orlando area sold home during July was up almost 7% while sales decreased 0.2% compared to July 2016, reported the Orlando Regional REALTOR® Association while overall inventory levels continued their year on year decline. Orlando’s median home price (all home types combined) was $220,000, which is 6.8%  up from the July 2016 median of $206,000. Year on year increases in median prices have now been recorded for the last 72 consecutive months with the overall median price having doubled since July 2010.  The median price for a single family home that closed in July increased 4.7% from July 2016 at $240,000 with the median price of a condo increasing 21% to $115,000. The average home price for July 2017 was $263,877, an increase of 8.3% from July 2016. The average home listed at $271,002 and closed for 97.4% of its listing price (97.3% in July 2016). Members of O.R.R.A participated in a total of 3,347 sales of all home types combined which was 0.2% less than the 3,353 sales of July 2016 and 13.8% less than the 3,882 sales in  June 2017.  Sales of single family homes (2,634) in July were down 0.9% compared to July 2016, while condo sales of 383 were up 6.1%. Distressed home sales (foreclosures and short sales) totaled 202 in July which was 46% less than July 2016 with distressed sales comprising 6% of all overall Orlando area transactions. The total inventory of homes available for purchase during July was 9,051 which represents a decrease of 15% compared to July 2016, and a 1% decrease compared to last month. Total inventory reflected 13.3% fewer single family homes and 25.5% less condos. Current Orlando inventory combined against pace of sales suggests a 2.7 month supply of homes in Orlando in July against a 3.2 month supply in July 2016 and a 2.4 month supply last month.

 

The Florida housing market saw more closed sales, higher median prices, increased pending sales and an increase in new listings, according to the latest housing data released by Florida Realtors®. Sales of single family homes statewide totaled 24,546 last month, up 2% compared to July 2016.  New listings for existing single family homes rose 6.1%  year on year as new listings for existing condo and townhome properties rose 5.5%. The number of homes under contract/pending closure was up 3.3%  for single family homes and 3.6% higher for condo and townhouse units.  The statewide median sales price for existing single family homes was $240,000, up 7.1% from the previous year, according to data from Florida Realtors Research department in partnership with local Realtor boards/associations. The statewide median price for townhome and condo properties during July was $170,950, up 6.8% from a year ago with July marking the 68th consecutive month that statewide median prices for both sectors have risen month on month. Inventory remained relatively low in July with a 3.9 month supply for single family homes and a 5.6 month supply of townhome and condo properties, according to Florida Realtors.

 

 

Total existing home sales across the nation for all home styles was down 1.3% to a seasonally adjusted annual rate of 5.44 million in July from a downwardly revised 5.51 million in June with the July sales pace still 2.1% up from a year ago, but the lowest pace of 2017. The median existing home price for all housing types was $258,300, up 6.2% from the July 2016 price of $243,200 with Julys price increase marking the 65th straight month of year on year gains. Total housing inventory at the end of July declined 1% overall to 1.92 million existing homes available for sale, and was 9% lower than the 2.11 million level of a year ago with year on year falls now seen for 26 consecutive months. Unsold inventory represented a 4.2 month supply level at the reported sales pace, which was down from 4.8 months a year ago.  Cash buyers represented 19% of the nations total transactions, up from 18% in June but down from 21% a year ago.  Distressed sales of foreclosures and short sales represented 5% of July total sales, up from 4% in June and unchanged from a year ago with 4% of ball July sales foreclosure related and 1% short sales. Single family home sales overall decreased 0.8 % to a seasonally adjusted annual rate of 4.84 million in July from 4.88 million in June, but are still 1.7% above the 4.76 million pace of a year ago. The median existing single family home price stood at $260,600, up 6.3% from July 2016. Existing condominium and co-op sales fell 4.8% to a seasonally adjusted annual rate of 600,000 units in July, but are still 5.3% up on a year ago with the median existing condo price at $239,800 which is 5.3% higher. The Commerce Department also reported during the month that new home sales fell to a seasonally adjusted annual rate of 571,000 in July, down from 630,000 in June with last months figure the weakest since December.