Team Donovan Blog

 

Resort area inventory month on month continued the rising trend that has been evident for the past few months with the number of homes listed for sale up 14.2% from 1252 listings last month to 1430 this month although compared to inventory levels of a year ago total overall levels year on year remain unchanged. The average days on market that a home now takes to sell stood at 103 during  January which was 1 day higher than December but some 30 days below the 133 level recorded in January 2018. A home that sells now achieves on average 97.5% of its listed price which is unchanged from last month but up from the 97.25% average attained price of a year ago.  The markets median price is 5.2% higher than a year ago at $214,425 while the January pipeline number of homes under contract awaiting closure was 393 which is down 30% from the 511 level of a year ago.  Total closed sales of 230 were 25.2% down on the corresponding month of last year and also 62 sales lower than the 292 sales recorded last month.  During the month a total of 95 homes were withdrawn from the market having failed to sell which compares to the 130 withdrawn l in January 2018. The total market inventory indicates a 6.2 month supply of home availability at the current sales pace which compares to a 4.3 month level last month and the 4.9 month supply recorded back in January 2018.

 

 

The Orlando annual median home price for 2018 of $232,500 was 5.7% higher than the 2017 annual median price thanks to 12 consecutive months of year on year year price increases, according to the Orlando Regional REALTOR® Associations year end report. Orlando sales during 2018 finished at 36,048, which was 3.2% below the cumulative sales total of 37,237 in 2017. By comparison, annual sales during 2017 were 3.9% up on the 2016 total. The overall median price of Orlando homes (all types combined) that sold during December was $232,750, which is 1.2% above the December 2017 median price of $230,000  but 0.1% below the November 2018 median price level of $233,000.  Year on year increases in median price have now been recorded for the last 90 consecutive months with the overall median price in December 2018 101.5% higher than it was in July 2011.  The median price of a single family home that changed hands during December was 3.7% up on December 2017 at $254,000. The median price for condos was up 10.5% to $132,000.   Members of ORRA participated in 2,412 sales of all home types during December, which is 20.8% less than the 3,045 sales in December 2017 and 6.7% less than the 2,585 sales in November 2018.   Sales of single family homes totaled 1,872 during December which was a fall of 21.9% compared to December 2017, while condo sales of 302 were down by 11.4% year on year.  Sales of distressed homes (foreclosures and short sales) totaled 92 in December which was 39.5% less than the 152 distressed sales in December 2017 and comprised 3.8% of all Orlando area transactions.  The overall inventory of homes available for purchase in December of 7,872 represents an increase of 4.9%  compared to December 2017, and a 6.6% decrease compared to last month. There were 4.5% more single family homes and 17.1% more condos, year over year.   Current inventory combined with the current pace of sales created a 3.3 month supply of home availability in Orlando for December compared to a 3.3 month supply in November 2018 and the 2.5 month supply level of December 2017.  

 

 

The Florida housing market reported higher median prices and increased inventory during December from a year ago, according to the latest housing data released by Florida Realtors®. However, buyer uncertainty from rising mortgage rates combined with a federal government shutdown may have impacted home sales, which were down from levels of a year ago. Sales of single family homes statewide totaled 20,633 which was down 9.9% compared to December 2017.  The condo and townhome market saw statewide closed sales of 8,156, down 11.4% compared to a year ago with closed sales data continuing to show fewer short sales and foreclosures during November as short sales for condo/townhome properties declined 39.7% and foreclosures fell 33.7%. Short sales of single family homes were down 49.8% and foreclosures fell 26.8% year on year.

 

 

After two consecutive months of increases, existing home sales declined during  December, according to the National Association of Realtors® (NAR) as none of the four major U.S. regions saw gains in sales activity. Total existing home sales for all home styles was down 6.4% from November to a seasonally adjusted rate of 4.99 million in December with sales now down 10.3%  from a year ago  at 5.56 million during December 2017.  The median existing home price for all housing types stood at $253,600, up 2.9%  from the December 2017 figure of $246,500.  December price increase marked the 82nd straight month of year on year gains.  Total housing inventory at the end of December decreased to 1.55 million, down from the 1.74 million home availability of November, but reflects a year on year inventory increase from 1.46 million.  Homes that sold spent longer on the market before securing a contract in December at a typical 46 days, up from 42 days in November and the 40 day level of one year ago.  First time buyers were responsible for 32% of the nations sales during December, down from 33% in November and equal to the same level a year ago. Cash buyers accounted for 22% of all transactions, up from November and a year ago at 21% and 20%, respectively.  Distressed sales of foreclosures and short sales represented a 2% market share in December, unchanged from the same level last month but down from the 5%  level of a year ago.  For the year single family home sales were at a seasonally adjusted rate of 4.45 million in December, down from 4.71 million in November and 10.1% below the 4.95 million sales pace  a year ago.  The median existing single family home price was $255,200 in December, up 2.9%  from December 2017. Existing condominium and co-op sales were at a seasonally adjusted annual rate of 540,000 units in December, down 12.9% from last month and down 11.5%  from a year ago. The median existing condo price stood at $240,600 in December, which was a 2.3% increase from a year ago. Unsold inventory is at a 3.7 month supply at the current sales pace, down from 3.9 months last month but up from 3.2 months a year ago.  

 

 

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.