Orlando Real Estate Market News - April 2020
March 'math' From The Resort Area...
 
Pre coronavirus pandemic figures revealed that resort area inventory was up 9.2% from a year ago at 1463 homes compared to 1340 listings in March 2019 and 5.6% higher than last month.  The average number of days that a home to took to sell during March was 98 which was 5 less than it took twelve months ago whilst achieving on average 97.5% of the respective listed price, which was unchanged over the same period. The markets median price of $237,496 was little changed from last month but was up 9.6% from the one year ago median price of $216,628. The total number of homes sold during the month was 61 which compared to 322 in March 2019 while the number of homes pending under offer/contract stood at 499 which was 80 lower than the 579 total of a year ago and 95 lower than the 594 February 2020 total. During the month 113 homes were withdrawn from the market having failed to sell which compared to 72 in the corresponding month of last year. Total inventory when considered against pace of sales indicates a 4 month supply of home availability in March which compared to a 4.9 month level last month and a 4.1 month total in February 2019. 
 
Orlando...
 
The Orlando Regional Realtor Association reported that the February 2020 Orlando housing market saw total home sales up by over 4% compared to February 2019, while the markets median price experienced a 6% increase whilst inventory levels conversely experienced a decline of 17%. The overall median price of Orlando homes (all types combined) that sold during February was $250,000, which was 6.4% up from the February 2019 median price of $235,000 and 2% higher than the  January median price of $245,000.  The median price of a single family home that changed hands was up 8% from February 2019 to stand at $270,000 whilst the median price of condos climbed 6.2% to $145,500.  Members of O.R.R.A participated in a total of 2,521 sales of all home types combined, which was 4.4% more than the 2,414 sales in February 2019 and 11.1% up on the 2,270 sales of January 2020.  Sales of single family homes totaled 1,959 which was up 4.5% while condo sales of 326 represented a year on year increase of 16.9%. Duplexes, townhomes, and villas (236 combined) were down 9.6% from a year ago.  Sales of distressed homes (foreclosures and short sales) totaled 113 which was 5.6% higher than the 107 distressed sales of February 2019 with distressed sales comprising 4.4% of all Orlando area transactions last month.  The overall inventory of homes available for purchase during February of 6,825 represented a decrease of 16.7% compared to February 2019, and a 2.9% decrease compared to last month. By home type inventory levels revealed 19.9% fewer single family homes, 11.1% fewer condos but 7.7% more duplexes/townhomes/villas, year on year.  Homes that closed during February took an average 58 days to move from listing to pending and an average 36 days between pending and closing, for a total average of 94 days from listing to closing (down from a 98 day total the prior month).  Pending sales in February are up 10.9% compared to February last year and also up 20.4% compared to a month ago.  Current inventory combined with the current pace of sales created a 2.7 month supply of homes in Orlando during February which compared to a 3.4 month supply in February last year and a 3.1 month supply last month.
 
Florida...
 
The sale of single family homes in Florida totaled 20,693 last month which was up 9.1% from February 2019, Florida Realtors reported.  Statewide median sales prices for both single family homes and condo and townhouse properties during February rose year on year for the 98th consecutive month. The statewide median sales price of an existing single family home was $270,000, up 8% 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 stood at $200,000, up 6.7% year on year. In the condo townhouse market statewide closed sales totaled 8,842, up 10.8% from a year ago.
   
U.S...
 
U.S. home sales recorded a 13 year high in February, but the housing market is likely to be derailed by the coronavirus pandemic, which has unleashed a wave of layoffs and left the economy on the brink of recession. The strong report from the National Association of Realtors reflected contracts signed in January and early February, before the virus affected through the country and disrupting economic activity.  Existing home sales jumped 6.5% to a seasonally adjusted annual rate of 5.77 million units last month, the highest level since February 2007, the N.A.R reported. Existing home sales, which make up about 90% of U.S. home sale transactions, accelerated 7.2% on a year on year basis.  Home sales last month rose 0.8% in the Midwest and jumped 7.2% in the populous South. They were 18.9% higher in the West, the most expensive region, but fell 4.1% in the Northeast. There were 1.47 million previously owned homes on the market during February, down 9.8% from a year ago.  The median existing house price increased 8% from a year ago to $270,100 in February.  Last month, homes for sale typically stayed on the market for 36 days, down from a 43 day total in January, and 44 days a year ago with 46% of homes sold during February on the market for less than a month. First time buyers accounted for 32% of all sales last month which was the same as January.  At the February sales pace, it would take 3.1 months to exhaust the total current inventory level which was unchanged from January but down from a 3.6 month supply level one year ago.   
March 31st 2020
 
1 G.B.P...Buys 1.236 U.S.D - 1 U.S.D...Buys 0.808 G.B.P
 
1 EURO...Buys 1.095 U.S.D - 1 U.S.D...Buys 0.912 EURO
 
1 CAN $...Buys 0.703 U.S.D - 1 U.S.D...Buys 1.422 CAN $
 
1 BRL $...Buys 0.192 U.S.D - 1 U.S.D...Buys 5.194 BRL $
 
U.S Prime Interest Rate = 4.25%
 
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.
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