The October resort area market saw 371 homes change hands during the month which was 17.4% up on the 316 closings of October 2019 but 61 sales down on the 432 sales recorded in September 2020. A home that did sell achieved an average of 97.6% of the listed price which was the same rate as a year ago whilst the average days that a home takes to sell was down by 2 days from twelve months ago at 97 days. The markets median price was up 8.3% from a year ago at 246,975 from 228,118. Overall inventory levels were up 8.4% from a year ago at 1,461 homes whilst the number of homes under offer/contract stood at 734 which was slightly up from 729 pipeline total of last month but 221 higher than the 513 total in October 2019. During the month 130 homes were withdrawn from the market having failed to sell whilst listed which compares to the 77 homes withdrawn twelve months ago. The October inventory when reviewed to pace of sales indicates a 3.9 month supply of home availability in October which in turn compared to a 3.4 month level last month and the 4.2 month supply total in August 2020. The October 2019 inventory total also indicated a 4.2 month supply at the then sales pace.
Orlando area homes continued to sell quickly as inventory remained tight, according to a new report from the Orlando Regional REALTOR® Association. Monthly housing report data from September 2020 revealed fewer homes listed and higher prices than last year, with a 23.3% fall in overall inventory and a 10.2% increase in the median home price to $270,000 compared to September 2019. Homes that sold during September spent an average 48 days on the market, a decrease from 51 in August. The median price for a single family home remained flat, increasing just $500 from August to $295,500. However, this figure is up 11.5% from September 2019, when the median price stood at $265,000. The median price for condos showed lower gains, hovering around $140,000, which was an increase of 5.8% from September 2019. ORRA members participated in 3,478 sales of all home types combined during the month, a gain of 16.4% over last year whilst overall sales were down 1.7% from August. This market recorded a large increase of 19.4% in the number of sales of single family homes but a corresponding drop in inventory over last year. A total of 2,750 single family homes changed hands, whilst the supply level of homes dropped 34.6% to 3,986 homes compared to 6,102 during the same month last year. For condos, inventory was up 18.2% between September 2019 and September 2020, with 1,240 new listings entering the market. However, the number of sales remained flat at 400 last year compared to 399 this year. More duplexes, townhomes, and villas were also listed for sale than sold in September 2020, versus 2019. The total number of sales detailed a 15% gain from 2019. Inventory overall increased 17.8% from 633 last year to 746 this year. The median price, sales, and inventory all saw moderate increases in indicators over August 2020. In September, there were 43 sales of distressed homes (foreclosures and short sales) accounting for 1.24% of all Orlando home transactions. The Orlando area pending sales total remained flat from August at 5,467 compared to 5,421 in September but compared to last year, there were 23.3% more homes pending this year. New contracts have also shown year on year gains from 2,757 to 3,400. However, new contracts were down 4.5% compared to last month .
During September, Floridas housing market reported more closed sales, an increase in pending sales, rising median prices and more new listings compared to a year ago despite the ongoing pandemic, according to the latest housing data from Florida Realtors. Existing single family home sales rose 22% compared to September 2019. Statewide inventory for single family existing homes recorded a record low of a 2.2 month supply. This imbalance in supply and demand could impact the market in the long term as housing shortages continue to put pressure on prices and affordability. Last months closings of single family homes were up 22% across the state year on year at 28,675, while existing condo and townhouse sales increased 25.3% from September 2019 to 11,290. The statewide median sales prices for both single family homes and condo and townhome properties was up year on year for the 105th consecutive month. The statewide median sales price of an existing single family home stood at $300,000, up 13.2% from the previous year, according to data from Florida Realtors Research Department in partnership with local realtor boards/associations. Last months statewide median price of condos and townhomes stood at $217,500, up 12.7% year on year. Statewide, new listings increased in both property categories during September with a rise of 12.1% for single family homes and 21.1% for condo and townhouse units. On the supply side total inventory of active listings continues to be tight, especially for existing single family homes, which were at a 2.2 month supply level in September while condo Condo and townhouse inventory recorded a 5.1 month level.
Total existing home sales of completed transactions of all home styles was up 9.4% from August to a seasonally adjusted annual rate of 6.54 million in September. Overall sales were up 20.9% from a year ago from 5.41 million in September 2019. The median existing home price for all housing types during September was $311,800, up 14.8% from the September 2019 price of $271,500, as prices increased in every region with the September national price increase marking the 103rd straight month of national year on year gains. Properties typically remained on the market for 21 days during September which represented an all time low level and compared to the 22 days of August and 32 day level of September 2019. Seventy one percent of homes sold during the month were on the market for less than one month. First time buyers accounted for 31% of all closings, down from 33% in both August 2020 and September 2019. Individual investors or second home buyers, who often account for many cash sales, were responsible for 12% of all sales during September, a small decline from the 14% figure recorded in both August 2020 and September 2019. Cash buyers accounted for 18% of the nations transactions, unchanged from August but up from 17% during September 2019. Distressed sales of foreclosures and short sales represented under 1% of the September market share, equal to the August percentage but down from a 2% level in September 2019. Single family home sales sat at a seasonally adjusted annual rate of 5.87 million, up 9.7% from 5.35 million in August, and up 21.8% from a year ago. The median existing single family home price stood at $316,200, up 15.2% from a year ago. Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 670,000 units, up 6.3% from August and 13.6% higher than twelve months ago. The median existing condo price was $272,700 representing an increase of 9.9% from a year ago. Total housing inventory in September was at 1.47 million units, down 1.3% from August and down 19.2% from the one year ago level of 1.82 million. Unsold inventory recorded a 2.7 month supply at the current sales pace, down from 3 months in August and down from the 4 month figure recorded in September 2019.
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.
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