Team Donovan Blog

 

The total 205 resort area sales in February were 12.2% lower than the 230 sales in January and 31.3% below the 294 closings in the corresponding month last year. The markets median price was up 5.6% from a year ago at $216,125 whilst an average home achieved 97.5% of its listed price ( unchanged from a year ago) having spent 101 days on the market compared to 103 days in January and 133 days in February 2018.  Total inventory of 1369 homes was 4.4% below the 1430 level of last month but 4.5% up on the February 2018 total of 1310.  The number of homes under contract awaiting closure stood at 521 which was 32.5% higher than last year but 4% down year on year.  Homes withdrawn from the market having failed to sell during February totaled 96 which was little changed from the January 2019 & February 2018 withdrawn total. Overall inventory when compared against monthly pace of sales suggests a 6.6 month level of supply in February which compares to the 6.2 month level last month and the 4.5 month level recorded in February 2018. 

 

The January Orlando housing market saw its third consecutive month of year on year increases in the number of homes available for purchase, along with a fall in sales but little change in median price. The overall median of an Orlando area home (all types combined) that closed during January was $226,500, which is 0.7% above the January 2018 median of $225,000 but 2.4% below the December 2018 median price of $225,000.  Year on year increases in median price have now been recorded for the last 91 consecutive months with the January 2019 overall median some 96.1% higher than it was back in July 2011.  The median price of a single family home that changed hands during January was up 3.3% from January 2018 at $247,950 while the median price of condos increased 8.7% to $125,000.  Members of O.R.R.A participated in a total of 1,938 sales of all home styles during the month which was 13.8% less than the 2,249 sales recorded in January 2018 and 20% down on the 2,422 sales of December 2018. Sales of single family homes totaled 1,486 which was down 15% compared to January 2018, while condo sales of 289 were up 7% year on year.  Orlando closings of distressed homes (foreclosures and short sales) totaled 92 which was 34.8% less than the 141 total in  January 2018 with distressed sales comprising 4.8% of all Orlando area transactions during last month.  The overall 8,243 homes available for purchase represented an increase in inventory of 8.4% compared to January 2018, and a 4.7% increase from the previous month with single family homes 6.8% higher while condo inventory was up 26.2% year on year.  Homes that closed during January took an average 60 days to move from listing to pending and an average of 38 days between pending and closing, for a total average of 98 days from listing to closing which was up from a total of 92 days the prior month. Pending sales in January are down 16.5% compared to January 2018 but up 24.8% from last month. Current Orlando inventory considered against pace of sales created a 4.3 month supply of homes in  January compared to a 3.3 month supply in December 2018 and a 3.4 month supply in January 2018.

 

The Florida housing market as a whole also saw an increase in new listings and higher median prices in January compared to a year ago, according to data released by Florida Realtors® during the month. However, uncertainty over mortgage interest rates combined with the federal government shutdown may have affected home sale totals with levels down from one year ago. Closings of single family homes statewide totaled 15,526 last month, down 6.2% compared to January 2018 while statewide median sales prices for both single family homes and condo/townhome properties was up year on year for the 85th consecutive month. The statewide median sales price for an existing single family home stood at $249,900, up 4.1% from last 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 properties was $182,500, up 2.8% from a year ago.  The condo and townhome market in January saw statewide closed sales totaling 6,739 which was down 10.9% from a year ago.  Inventory levels continued to rise across almost every price band during January, while closed sales were down year on year.  Total listings at the end of January were 13.8% up for single family homes from a year ago with single family inventory at levels not seen since March of 2015. The ongoing rise in inventory continues to be broad based among the price tiers tracked with single family inventory only falling among the small segment of homes priced below the $100,000 price point which is a significant change from the position of a year ago, when much of the state lower tier inventory was still declining.  For condo and townhome properties, the statewide count of active listings in January reached its highest level since May of 2012, after rising by 10.1% year on year.