Team Donovan Blog

 

 

Total resort area sales in April were 10.4% higher than April 2016 as 339 homes changed hands during the month. The number of homes under contract awaiting closure year on year was also up by 17.5% as 703 sales sat pending awaiting closure with the average median price of an area home having increased 9.9% year on year from $170,812 to $187,819. Homes that sold during the month achieved an average 97.2% after having spent 141 days on the market which compares to the 96.7% and 151 days recorded 12 months ago. Total market inventory was down by 3.7% from last month at 1,791 listings and down 12.4% from the April 2016 level of 2,014. By type the April inventory detailed 1,737 normal owner listings, down 69 from last month and also down 185 compared to April 2016. Bank owned listings month on month remained the same at 34 while short sales were down by 1 at 19. Year on year bank owned listings were down 79% while short sales fell by 55%. During April the number of homes withdrawn from the market having not achieved a sale totaled 141 whilst overall current inventory levels considered against sales pace indicate a 5.2 month supply of home availability in April which compared to a 6.6 month supply in March 2017 and the 6.5 month level of April 2016. 

 

Members of the Orlando Regional Realtors Association participated in 3,437 sales of all home types combined in March, which was a 12.4% increase on the 3,058 sales of March 2016 and 38.5% higher than the 2,482 sales of February 2017. Total sales of single family at 2,707 was 10.6% up from March 2016, while the 405 condo sales were 18.4% higher. The sales of distressed homes (foreclosures and short sales) totaled 271 which was 46.7% lower than March 2016 with distressed sales comprising a market share of 7.9% last month.  Total inventory saw the supply of homes available for purchase fall to to the lowest level since May 2013.  Orlando’s overall median home price (all home types combined) was $217,000, which is 11.3% up from the March 2016 median of $195,000. Year on year increases in median prices  have now been recorded for the last 68 consecutive months with the overall median up 87.9% from the July 2011 recorded total. The median price of a single family home that closed during March was 10.6%  higher than March 2016 at $234,900. The median price for condos increased 6.3% to $102,000. The overall average home price for March was $253,985, an increase of 10.1% over the average price of March 2016. The average home listed at $261,787 and sold for 97% of its listed price compared to 97.1% in March 2016.  The overall inventory of homes available for purchase in March represented a decrease of 19.3% from March 2016 with 18.7% fewer single family homes and 23.5% less condos. Current Orlando inventory combined with the pace of sales resulted in a 2.5 month supply of homes in March compared to a 3.5 month supply in March 2016 and a 3.4 month supply last month.

 

 

The Florida housing market reported increased sales, higher median prices and an increase in pending homes during March, according to the latest housing data released by Florida Realtors. Sales of single family homes statewide totaled 25,921, up 9.3% compared to March 2016. The statewide median sales price for existing single family homes was $231,900, up 10.4% from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price for townhomes and condos was $171,000, a rise of 9.4% from a year ago. The Florida townhome and condo market recorded closed sales of 11,193, up 11.4% from March 2016. Closed sales data reflected fewer short sales and cash only sales last month with short sales of townhome and condo properties declining 29.7% while short sales for single family homes were down 33%. In a continuing trend, inventory fell to a 4.1 month supply in March for single family homes and a 6.3 month level of supply for townhomes and condo properties.

 

 

Total existing home sales of all home styles were up 4.4% to a seasonally adjusted annual rate of 5.71 million in March from a downwardly revised 5.47 million in February. The March sales pace is 5.9% up on a year ago and surpasses January as the nations best month for sales since February 2007 (5.79 million).  The median existing home price for all housing types was $236,400, up 6.8% from March 2016 ($221,400) with the March price increase marking the 61st consecutive month of year on year gains. Total housing inventory at the end of March was higher by 5.8% at 1.83 million existing homes available for sale, but remains 6.6% down from the levels of a year ago (1.96 million) and has now fallen year on year for 22 consecutive months. Unsold inventory reflects a 3.8 month supply level at the current sales pace which was unchanged from February. Properties typically spent 34 days on the market in March, which is down from 45 days in February and 47 days seen a year ago. Short sales were on the market the longest at a median of 90 days, while foreclosures sold in an average 52 days and non distressed homes taking 32 days. By type single family home sales were up 4.3% to a seasonally adjusted annual rate of 5.08 million from 4.87 million in February to be 6.1% above the 4.79 million pace of a year ago. The median existing single family home price stood at $237,800 in March, up 6.6% from March 2016. Existing condominium and co-op sales increased 5% to a seasonally adjusted annual rate of 630,000 units and are now 5% higher than a year ago. The median existing condo price was $224,700, which is 8% up on 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.