Team Donovan Blog

 

Total sales during October were up 8.7% from September at 501 closings compared to 461. Year on year sales were also 35% higher than the 371 closings during October 2020. The resort area median price stands at $275,875 which is an increase of  1.1% from last months median of $272,763 and an increase of 11.7% from the October 2020 median of $246,965. Inventory levels are down by 9.6% month on month from 586 listings in September to 534 this month while year on year inventory levels are down by 73% from the 1,461 listings back in  October 2020. The average days on market that a home takes to sell is down 2 from last month at 89 which was also down 8 days from the 97 days of a year ago. A sold home achieved on average 99.2% of the listed price which was up from 97.6% a year ago. The total number of homes under offer/contract awaiting closure stands at 799 which compares to the 820 home pipeline recorded last month and the 734 pipeline total of October 2020. During the month 64 homes withdrew from the market having failed to sell.  Total resort area inventory levels when considered against pace of sales indicate a 1 month supply of home availability during October which is down on the 1.3 month supply of September and much below the 3.9 month supply level calculated back in October 2020.

 

 

Orlando’s median home price dropped by $2,000 from last month with the median home price recorded as $318,000, down from the record high of $320,000 set in August 2021. The median price has made steady gains over the past 11 months from when it recorded as $269,950 in October 2020. Overall sales during September were down 5.25% in the Orlando metro market, with a total of 3,879 closings. Homes that sold spent an average 27 days on the market during the month, an 8% increase from August. Inventory edged upward for the fifth consecutive month, rising by 0.8% from August to September, with a total of 3,667 homes listed during the month.  O.R.R.A members sold 3,789 homes which was a decrease of 5.25% from the 3,999 sales of August 2021 but total closings were still 9% higher than back in September 2020.  Interest rates showed little change, and remain low. The average interest rate in September was 2.86%, an increase of .7% over August 2021.  Twenty seven distressed homes (bank-owned properties and short sales) accounted for .7% of all closings which represents a 37% drop from September 2020, when 43 distressed homes sold.  Orlando area inventory rose .8% from August 2021 to September 2021 from 3,638 to 3,667 homes with overall levels 39% lower than during September 2020. The supply of homes moved up by almost a month during September while a balanced market is generally considered to offer a six month level of inventory supply.  The number of new listings decreased from September 2021 from August 2021 by 7.9% from 4,375 homes to 4,026 homes. 

 

 

The state’s housing market reported higher median prices, a rise in cash buyers and constrained inventory levels during September compared to a year ago, according to new housing data from Florida Realtors. According to the monthly report issued by the Florida Realtors Research Department, the statewide median sales price for an existing single family home in September was $355,000, up 18.3% from the previous year. The report also found that last month’s statewide median price for condo and townhome units was $255,000, up 17.2% from  September 2020. In total, closed sales of single family homes statewide totaled 28,302, down 1.3% year on year, while existing condo and townhome sales totaled 11,845, up 4.9% over September 2020.  The percentage share of closed sales that were cash purchases was up when compared to the previous year. During September existing single family home sales paid for in  cash were 38.5% year on year, while cash sales of condo and townhomes increased 22.9% . Meanwhile, the supply side of the market saw new listings and inventory remain restricted with new listings of single family homes up 2.2% year on year, the lowest increase since February 2021. New listings of condos and townhomes, meanwhile, declined on a year on year basis for the first time since January, falling by 7.3%. This slow down in new listings relative to the pace of sales has resulted in levels of inventory falling as the total inventory available for existing single family homes recorded a 1.3 month supply, while condo and townhomes offered a 1.7 month listing supply at the current sales pace.

 

Home sales in the U.S. rebounded during September with existing home sales up 7% to a seasonally adjusted 6.29 million units from a month earlier, according to the National Associate of Realtors (N.A.R).  The increase in home sales was not unexpected since pending home sales in August, which lead to actual sales, was up by 8.1%.  Median existing home prices for all housing types stood at $352,800, up 13.3% from a year ago, but slightly down from previous month and the third straight month of declines.  Despite the downward trend, first time buyers represented 28% of total sales last month, the lowest amount since July 2015. Total housing inventory at the end of September amounted to 1.27 million units, down 0.8% from August and down 13.0% from a year ago (1.46 million). Unsold inventory records a 2.4 month supply at the current sales pace, down 7.7% from August and down from the 2.7 month level in September 2020.

 

By region existing home sales in the Northeast grew 5.5% in September, posting an annual rate of 770,000, an 8.3% decrease from September 2020. The median price in the Northeast was $387,200, up 9.2% from one year ago. Sales in the Midwest were up 5.1% to an annual rate of 1,440,000 during September which was a 2.7% fall from a year ago. The median price in the Midwest stood at $265,300, a 9.1% increase over September 2020. Existing sales in the South increased 8.6%, recording an annual rate of 2,770,000, unchanged from a year ago. The median price in the South was $307,500, a 14.8% rise from twelve months ago. Finally, sales in the West climbed 6.5% at an annual rate of 1,310,000 during September, down 3% from a year ago. The median price for the West stood at $506,300, up 8.3% from September 2020.