Team Donovan Blog

 

A resort area home that changed hands during March achieved on average 97.4% of its listed price after having spent 132 days on the market latest figures show. This compares to an average 97.2% a year ago after 133 days spent listed for sale. Total market sales of 324 were 10.2% higher than the 294 sales recorded last month and 15.3% up on the 281 sales in March 2017 . The pipeline number of homes under offer/contract pending closure stood 43 higher than a year ago at 324. The areas median sales price of 204,111 is 9.6% up on a year ago when the median price was 186,146. The number of homes withdrawn from the market having failed to sell during March was 94 which was 51 less than the withdrawn total of the same month last year. Overall inventory continues to fall with March total listings at 1,297 down 43.3% from the March 2017 total of 1,859. At the current sales pace the March inventory total would suggest a 4.0 month supply of home availability which was down from 4.5 months supply last month and the 6.6 month total recorded in March 2017.  

 

 

The Orlando median home price has risen 10% from February of last year while sales recorded a 1% increase, reported the Orlando Regional REALTOR® during the month.  The overall median price of an Orlando home (all types combined) that sold was $228,000, which is 10.4% up on the February 2017 median of $206,500 and 1.3% above the January 2018 median price of $225,000.  Year on year increases in median price have been recorded for the last 80 consecutive months with the overall median price up 97.4% from July 2011. The median price of a single family home that changed hands during the month was 11.3% higher at $249,250 whilst the median price for condos was 22.2% higher than a year ago at $120,950. Members of ORRA participated in 2,497 sales of all home types during February, which is 0.6% more than the 2,482 sales of February 2017 and 11% higher than the 2,250 sales of January 2018.  Sales of single family homes (1,886) were down 1% from February 2017, while condo sales of 316 were down 7.3%.  Sales of distressed homes (foreclosures and short sales) totaled 139 which was 41.4% less than the 237 distressed closings of February 2017 with distressed sales comprising 5.6% of total Orlando transactions last month. The overall inventory of homes available for purchase stood at 7,706 which represents a decrease of 8.9% compared to February 2017, and a 1.3% increase over last month. By home type single family homes were down by 4.3% and condo inventory was down 25.1%. Pending sales in February were 5.6% lower than February of last year but were 15% higher than last month. Current inventory combined with pace of sales suggests a 3 month supply of homes in February compared to a 3.4 month supply in February 2017 and a 3.4 month supply last month.

 

 

Total sales of single family homes statewide of 18,620 last month were up 3.3% compared to February 2017 with the median sales price for existing single family homes at $246,500 which was 9.6% up 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 was $179,500, up 7.2% from the one year ago figure with February marking the 74th consecutive month that statewide median sales prices for both single family homes and townhome/condo properties have risen year on year.  Floridas townhome and condo market saw statewide sales of 8,457 last month, up 6.4% compared to February 2017. Closed sales data in general reflected fewer short sales and foreclosures last month with short sales of townhome and condo properties down 24.4% and foreclosures down 51.8% year on year. Short sales of single family homes were down 43.3% and foreclosures fell 51.3%. February listed inventory for the State stood offered a 3.9 month supply for single family homes and a 6 month supply for townhome and condo properties. 

 

 

Existing home sales were higher in February after two straight months of decline, according to the National Association of Realtors® (NAR) with sizeable sales increases in the South and West offsetting  declines in the Northeast and Midwest. Total existing home sales for all home styles grew 3% to a seasonally adjusted annual rate of 5.54 million. The median existing home price for all housing types was $241,700, up 5.9% from the February 2017 figure of $228,200. Februarys price increase marked the 72nd straight month of year on year gains. Single family home sales rose 4.2% to a seasonally adjusted annual rate of 4.96 million from 4.76 million in January to be 1.8% above the 4.87 million pace of a year ago. The median existing single family home price was $243,400 in February, up 5.9% from February 2017. Existing condominium and co-op sales were down 6.5% to a seasonally adjusted annual rate of 580,000 units and are now 4.9% below levels of a year ago. The median existing condo price was $227,300 which is 5.7% up from a year ago.  Cash buyers accounted for 24% of all transactions in February, which is up from 22% in January and the highest level since last Februarys 27% total. Individual investors, who account for many cash sales, purchased 15% of homes, which is down from 17% in January and unchanged from the purchase level of a year ago. Distressed sales of foreclosures and short sales represented 4% of all sales in February, down from 5% in January and 7% a year ago with 3% of February sales representing foreclosures and 1% short sales. Total housing inventory at the end of February was up 4.6% to 1.59 million existing homes available for sale but remains 8.1% lower than levels of a year ago (1.73 million) and have now fallen year on year for 33 consecutive months. Unsold inventory nationally is at a 3.4 month supply at the current sales pace, down from a 3.8 month level one year ago).