Team Donovan Blog

 

Inventory levels across the market were down 2.1 % from last month at 1340 listings but up 3.3% from the 1297 total of March 2018. Homes under contract awaiting closure totaled 579 which was 7 higher than the 521 pending total of last month but 18.2% below the 616 total of one year ago. Total monthly closings of 322 compared to 205 last month but were little changed on the 325 closings  recorded in March 2018. Homes selling over the past month achieved an average 97.5% of their listed price having spent 103 days on the market which compares to the 97.5% and 132 days respectively a year ago. The March median price of $216,628 represents a 5.9% increase from the one year ago median of $204,111. Homes not selling during the month and withdrawing from the market totaled 72 which was 24 less than last month and 22 below the 94 withdrawn in March 2018.  Current total inventory once considered against pace of sales indicates a 4.1 month level of supply for March which compares to a 6.6 month level last month and a 4.0 month level in March 2018.

 

 

The overall median price of an Orlando home that sold in February was $235,000, which was 2.6% above the February 2018 median price of $229,000 and 3.5% above the January 2019 median of $227,000. Year on year increases in median price have now been recorded for the last 92 consecutive months with the February 2019 overall median price 103.5% higher than it was back in July 2011. The median price of single family home that changed hands during February remained stable compared to February 2018 at $249,900. The median price for condos increased 13.3% over the same period to $137,000. Members of ORRA participated in 2,402 sales of all home types combined during the month which was 5.4% less than the 2,538 sales of February 2018 but 23.2% more than the 1,950 sales recorded in January 2019.  The 1,865 total sales of single family homes during February was down 2.9% compared to February 2018, while condo sales of 261 represented a 12.9% fall year on year.  Sales of distressed homes relating to foreclosures and short sales totaled 104 in February which was 26.2% less than the 141 distressed sales of February 2018 with distressed sales comprising 4.3% of all Orlando area transactions during the month. The overall inventory of homes available for purchase was 8,194 and represents an increase of 6.3% compared to February 2018 but a 0.6% decrease compared to last month. By home type inventory totals revealed a 4.6% more single family homes and 29% more condos, year on year. Homes that closed in February took an average of 62 days to move from listing to pending and an average of 35 days between pending and closing, for a total average of 97 days from listing to closing, down from 98 days the month prior. Pending sales in February were down 15.1% compared to February of last year but 17%  higher than last month. Current inventory combined with pace of sales created a 3.4 month supply of homes in Orlando during February compared to a a 4.2 month supply in January 2018 and the 3 month supply level of February 2018.  

 

 

 

The Florida housing market reported higher median prices and increased inventory during February compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single family homes statewide totaled 18,966, up 1.9% compared to February 2018. The statewide median sales prices for both single family homes and condo and townhouse properties increased year on year for the 86th consecutive month. The statewide median sales price for single family existing homes was $250,000, up 1.3% 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 townhouse units was $187,500, up 4.7% over the year one year ago figure. Floridas condo and townhouse market recorded statewide closed sales of 7,981 which was down 5.7% compared to a year ago.  The median time to contract was 58 days, up from 51 days last year. 

 

 

Existing home sales rebounded in February, with the largest month on month gain since December 2015, according to the National Association of Realtors® (NAR). Three of the four major U.S. regions saw sales gains, while the Northeast remained unchanged from last month. Total existing home sales were up  11.8% from January to a seasonally adjusted annual rate of 5.51 million in February. However, sales were down 1.8% from the February 2018 total of 5.61 million.  The median existing home price for all housing types during February was $249,500, up 3.6% from the February 2018  figure of $240,800. February's price increase marks the 84th straight month of year on year gains. Total housing inventory at the end of February increased to 1.63 million, up from 1.59 million existing homes available for sale in January, a 3.2% increase from the 1.58 million of a year ago. Unsold inventory was at a 3.5 month supply at the current sales pace, down from 3.9 months in January but up from 3.4 months in February 2018. Properties remained on the market for an average 44 days, down from 49 days in January but up from 37 days a year ago with 41% of homes sold in February on the market for less than a month. First time buyers were responsible for 32% of all sales, up from the 29% level of a month and one year ago.  Cash purchasers accounted for 23% of all transactions in February, equal to Januarys percentage but marginally down from the 24% level of a year ago.  Distressed sales of foreclosures and short sales represented 4% of all sales in February, equal to both the 4% represented in January and at this time a year ago with 1% of February sales being short sales. Single family home achieved a seasonally adjusted annual rate of 4.94 million in February, up from 4.36 million in January and down 1.4% from 5.01 million of a year ago. The median existing single family home price was $251,400 in February, up 3.6% from February 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 570,000 units in February, unchanged from last month and down 5% from a year ago. The median existing condo price was $233,300 in February, which is up 3.1% from a year ago.

 

By region the February existing home sales numbers in the Northeast were identical to last month with the annual rate of 690,000 up 1.5% from a year ago with the median price in the Northeast at $272,900, which is up 3.8% from February 2018. In the Midwest, existing home sales rose 9.5% from last month to an annual rate of 1.27 million, roughly the same as the February 2018 level. The median price in the Midwest was $188,800, which is up 5.4% from last year. Existing home sales in the South grew 14.9% to an annual rate of 2.39 million in February, down 0.4% from last year. The median price in the South was $219,300, up 2.5% from a year ago. Existing home sales in the West increased 16.0% to an annual rate of 1.16 million in February, 7.9% below a year ago. The median price in the West was $379,300, up 3% from February 2018.