Team Donovan Blog

 

 

Total market inventory throughout the resort area was down 22.6% from September 2016 with 1,569 homes listed for sale compared to the 1,923 level of a year ago. September 2017 inventory by type detailed 1,514 normal owner listings, down from 1,857 a year ago, bank owned listings of 35 down 4 from 39 a year ago and 20 short sales, down from 27 twelve months ago. The average days on market that a home took to sell was 131, down 3 from the 134 day level seen a year ago but up by 1 on the 130 days of August 2017. The average percentage price achieved of a sold home when compared against listing price was 97.1% which was little changed from the 97% level of a year ago. The resort area median price was up 11.6%  overall at $198,468. During the month 117 homes were withdrawn from the market having failed to sell which compared to 144 withdrawls last month and 176 in the corresponding month last year. The pipeline total number of homes under contract and awaiting closure was up 20.6% from September last year at 572 while total sales for the month of 257 were down 9.3% from last years 281 and down 44.7% from last months 372 total.  September total inventory reviewed against pace of sales indicated a 6.1 month supply of home availability which was up from the 4.3 month supply last month but down from the 6.8 month level witnessed a year ago. 

 

 

The median price of an Orlando area home that changed hands during August was up nearly 10%  while overall sales were 3% higher than August 2016, reported the Orlando Regional REALTOR® Association ( O.R.R.A). Inventory continued to decrease overall and was down 16%. The Orlando median home price (all home types combined) stood at $225,000, which was 9.8% up on the August 2016 median of $205,000. Year on year increases in median price have now been evident for the past 73 consecutive months with the August 2017 median price 94.8%  up on July 2011.  The median price of a single family home that closed during the month was 7.5% higher than the August 2016 level of $241,850 with the median price of condos up 12.5% at $112,500. The overall average home price for August 2017 was $259,331, which represented an increase of 6.7 % from the average price in August 2016. The average home listed at $266,784 and achieved 97.2% of its listed price (97.3% in August 2016).  Members of O.R.R.A participated in a total of 3,544 sales of all home types and styles combined which was 2.7% up on the 3,451 closings of August 2016 and 4.8% higher than the 3,381 closed sales of July 2017. Total single family home sales of 2,742 were up 1.3% from August 2016, while condo sales of 422 increased 2.9%. Distressed sales of foreclosures and short sales saw 204 closings during August, up 3.6% on the 197 distressed sales of August 2016 with distressed closings comprising 5.8% of total Orlando area transactions. The overall inventory of homes available for purchase was 8,833 which represented a fall of 15.9% from August 2016, and a 2.4% decrease compared to last month. Inventory records revealed that there were 13.5% fewer single family homes and 27.5% fewer condos available for purchase.  Total existing inventory combined with the pace of sales created a 2.5 month supply of Orlando homes in August compared to the 3.0 month supply level of August 2016 and a 2.7 month supply last month. 

 

 

The Florida housing market recorded an increase in closed sales, more pending sales, more new listings and rising median prices, according to the latest housing data released by Florida Realtors®. Sales of single family homes statewide totaled 25,235, up 0.9% compared to August 2016. The statewide median sales price for existing single family homes was $240,000, up 6.7% 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 condo properties was $170,000, up 6.3% from the one year ago figure. August marked the 69th consecutive month that statewide median prices for both sectors rose year on year. The Florida townhome and condo market, statewide saw closed sales total of 9,716, up 2.6% compared to August 2016 with closed sales data reflecting fewer short sales and foreclosures during the month. Short sales of townhome and condo properties declined 39.4% and foreclosures fell 49.1% year on year, short sales for single family homes were down 34.8% and foreclosures fell 45.4% year on year.  Overall inventory continued to decrease in August with a 3.8 months supply for single family homes and a 5.4 month supply for townhomes and condo properties, according to Florida Realtors.

 

The nations total existing sales of single family homes, townhomes, condominiums and co-ops retreated 1.7% to a seasonally adjusted annual rate of 5.35 million in August from 5.44 million in July with last months sales pace up 0.2% compared to August 2016.  The median existing home price for all housing types was $253,500, up 5.6% from the $240,000 of a year ago with the August price increase marking the 66th straight month of year on year gains.  First time buyers represented 31% of all sales which was down from 33% in July and is the lowest share since last August, which was also 31%.  Cash buyers stood behind 20% of all transactions in August, up from 19% in July but down from 22% a year ago. The nations distressed sales total of foreclosures and short sales represented 4% of total sales, down from 5% in July and the same one year ago with August sales of foreclosures at 3% and short sales at 1%. By type, single family home sales decreased 2.1% to a seasonally adjusted annual rate of 4.74 million from 4.84 million in July, but remain 0.4% above the 4.72 million pace of a year ago. The median existing single family home price was $255,500, up 5.6% from August 2016. Existing condominium and co-op sales were 1.7% higher to a seasonally adjusted annual rate of 610,000 units in August, but remain 1.6% down from a year ago. The median existing condo price was $237,600 in August, which is 5.4% above a year ago. Total housing inventory at the end of August declined 2.1% overall to 1.88 million existing homes available for sale, and is 6.5% lower than a year ago (2.01 million) and has now fallen year on year for 27 consecutive months. Unsold inventory is at a 4.2 month supply at the current sales pace, which is down from 4.5 months a year ago.