Team Donovan Blog

 

The Resort area median price reached $267,937 during August which represented an increase of 1.7% from last months $263,438 and a rise of 10.8% from the August 2020 median price of $241,750.  The average days on market that a home took to sell in our market was 4 lower than a year ago at 93 days whilst the average price percentage achieved when considered against listing price was 98.9%  which compares to 98.6% last month and 97.8% a year ago. Total sales during the month of 464 closings was 4.9% lower than last months 487 sales but 31.9% higher than the 369 closings during August 2020. For forward guidance, the number of homes under offer/contract awaiting closure stood at 816 at the month end which compares to 731 last month and a pipeline of 733 in August 2020.  During the month 61 homes were withdrawn from the market having failed to sell which was 47 more than in August 2020. Overall inventory levels when considered against current pace of sales indicates a 1 month supply of home availability in August which was the same as July but very different to the 4.2 month supply level recorded twelve months ago. 

 

 

Orlando Realtors sold 4,183 homes during July 2021, a 5.2% decrease from the 4,414 sales of  June 2021 but 13.7% up from July 2020. Interest rates fell to an average 2.83% during the month, continuing four straight months of decline. Listings spent an average of 26 days on the market which was the lowest level in O.R.R.A’s recorded history and a full month less than the time listings spent on the market during July 2020. Forty four distressed homes (bank-owned properties and short sales) accounted for 1% of all homes closed which was an increase of 0.3% from the previous month.  Orlandos median home price reached $320,000, continuing a six month trend of record breaking prices. This increase was 18.5% up from July 2020, when the median home price stood at $270,000. Overall sales during July fell 5.2% compared to the previous month, however, they have increased 13.7% from July 2020.  Inventory rose for a third straight month but was still down 43.3% year on year. Orlando area inventory overall has fallen from 6,220 homes in July 2020 to 3,524 homes in July 2021. However, that is a slight increase from the June 2021 total of 3,098 homes. The overall supply of Orlando homes was at a 3.5 week level at the current sales pace with a balanced market generally considered to offer a six month level of supply.

 

 

The wider Florida housing market reported higher median prices, more new listings and a rise in cash buyers compared to a year ago, according to Florida Realtors® latest housing data. Closed sales of single family homes statewide during July totaled 30,740, a decrease of 2.1% year on year, while existing condo and townhome sales totaled 13,481, up 21.1% over the same period. The statewide median sales price of an existing single family home stood at $355,000, up 20.3% 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 townhome units was $253,000, up 20.5% from the one year ago figure.  The 2.1% drop in single family home sales marks the first time that sales in this category have been lower year on year at the statewide level since May of 2020, near the beginning of the pandemic.  In a continuing trend, the share of closed sales that were cash purchases rose during July compared to the previous year. In July, existing single family homes purchased with cash were up 49.9% year on year, while cash closings of condo and townhome units was up 44%. On the supply side of the market, Florida inventory of active listings remained tight during the month. Existing single family homes continued at a 1.2 month supply while condo and townhome inventory was at a 1.8 month supply.

 

 

Sales of existing homes during July rose 2% from June to a seasonally adjusted, annualized rate of 5.99 million units, according to the National Association of Realtors. These sales figures are based on closings, so reflect contracts agreed and signed in May and June with sales up 1.5% from  July 2020. That is the second straight month of gains after a pullback in the spring. Sales are possibly improving due to rising supply.  Despite the slight increase in supply, demand continued to outpace supply, pushing prices to another all time high. The median price of an existing home sold during July was $359,900 which was a 17.8% increase over  July 2020. Some of that price rise is affected by the types of homes currently selling with  the market much more active at the higher end nationally. Annual price gains were larger last month, but given the spike seen in the market last summer, comparisons are now going to be smaller.  Homes are spending, on average, just 17 days on the market. First time buyers represented 30% of the market share, whereas they historically stand at a 40% level.  Nearly a quarter of all purchases were cash, which is also a higher market share than is normal. The total inventory of homes at the end of July was at 1.32 million, down 12% from a year ago, but that represents a smaller annual decline than in recent months. At the current sales pace, the inventory total represents a 2.6 month availability of supply.