Orlando Real Estate Market News – September 2020

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September ‘summary’ From The Resort Area…
The Resort areas median price was up 7.9% year on year in September from $226,731 to $244,658 whilst homes were also selling on average 2 days quicker than they were a year ago at 96 days.  A September closed home achieved on average 97.8% of the asking price which was marginally up on the 97.6% level being achieved 12 months ago. Total inventory of homes available for purchase stood at 1,484 which was 5.1% less than the previous months inventory but 184 homes higher than the September 2019 total of 1,300. Total market sales of 432 reflected a 43.5% increase on the 301 closings of September last year and were also up  63 sales compared to the 369 closings last month. During September 118 homes were withdrawn from the market having failed to sell which was 42 more than a year ago.  Septembers total inventory when considered against pace of sales suggests a 3.4 month home supply level which compared to the 4.2 level last month and a 3.6 month supply total of July 2020. The September 2019 level indicated a 4.3 month supply at the then sales pace.
Orlando…
A spring of paused transactions in the wider Orlando market have propelled to an upswing in buyer activity that continued during August to send Orlando area home sales into positive territory for the second consecutive month, reported the Orlando Regional REALTOR® Association. Orlandos median price has continued an upward path, while inventory levels fell to a new low.  The overall median price of an Orlando area home (all types combined) that sold during August was $275,000, which was 10% above the August 2019 median price of $250,000 and 1.9% up from the July 2020 median price of $270,000. The median price of single family homes that changed hands increased 9.3% over August 2019 at $295,000. The median price for condos was up 11.3% to $152,500 whilst townhome/villas/duplexes increased 4.2% to $225,900.  Members of O.R.R.A participated in 3,539 sales of all home types during August, which was 4.2% higher than the 3,397 sales recorded during August 2019 and 3.8% up from the 3,679 sales in July 2020. Sales of single family homes totaled 2,868 which was an increase of 7.5% compared to August 2019, while condo sales of 367 represented a decrease of 12.8% year on year. Duplexes, townhomes, and villas saw 304 combined sales which represented a decrease of 1.6% from August 2019.  Sales of distressed homes (foreclosures and short sales) totaled 82 which was 4.7% down on the 86 distressed sales recorded in August 2019 with distressed sales in total comprising 2.5% of total Orlando area transactions during for the month.  Homes that closed during  August took an average 49 days to move from listing to pending and an average of 44 days between pending and closing, for a total average of 93 days from listing to closing.  The overall inventory of homes available for purchase during August stood at 5,958 and represented a decrease of 22.1% compared to August 2019, and a 4.2% decrease compared to last month. In total there were 34.3.% fewer single family homes, 20.3% more condos; and 28.3% more duplexes/townhomes/villas, year on year.  Pending sales were up 15.8% compared to August last year but down 1.7% compared to last month. New contracts are up 11.4% year on year, whilst new new home listings were up 3.3%.
Florida…
The Florida housing market reported more closed sales, an increase in pending sales, higher median prices and more new listings during August compared to a year ago despite the ongoing pandemic, according to Florida Realtors® latest housing data.  Last months closed sales of single family homes statewide was up 8.8% year on year, totaling 29,495, while existing condo and townhome sales increased 10.3% from August 2019 to a total of 11,100. The statewide median sales prices for both single family homes and condo/townhouse properties was up year on year for the 104th consecutive month. The statewide median sales price for existing single family homes 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 for condo/townhome units was $217,50 which was up 14.5% from a year ago.  New listings were up year on year in all property categories, with existing single family homes seeing an increase of 2.4% and condo and townhouse units up 15.1%. Against sales pace the overall supply side of the market remained relatively restricted, particularly in the existing single family home category, which recorded a 2.3 month supply level in August whilst Condo and townhome inventory indicated a 5.3 month supply.
U.S…
Monthly data by the National Association of Realtors revealed that existing U.S. home sales continued to climb during August 2020, marking three consecutive months of positive sales gains. Each of the four major regions experienced both month on month gains and year on year growth, with the Northeast seeing the greatest improvement from the prior month. Total existing home sales for all home styles combined was up 2.4% from July to a seasonally adjusted annual rate of 6.0 million units in August.  Sales as a whole rose year on year, up 10.5% from twelve month ago from 5.43 million in August 2019.  The median existing home price for all housing types during August was $310,600, a rise of 11.4% from the August 2019 price of $278,800, as prices rose in every region. The August national price increase marked the 102nd straight month of year on year gains.  Single family home sales sat at a seasonally adjusted annual rate of 5.37 million, up 1.7% from the 5.28 million level in July, and up 11% from a year ago. The median existing single family home price was $315,000 in August, up 11.7% from August 2019. Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 630,000 units during August, up 8.6% from July and up 6.8% from a year ago. The median existing condo price was $273,300 which represented an increase of 7.8% from twelve months ago.  Total housing inventory at the end of August recorded 1.49 million units, down 0.7% from July and down 18.6% from a year ago (1.83 million).  Unsold inventory sits at a 3 month supply at the current sales pace, down from 3.1 months in July and down from the 4 month level recorded in August 2019.  Properties typically remained on the market for 22 days, seasonally equal to the number of days in July and down from 31 days in August 2019. Sixty nine percent of homes sold during August were on the market for less than a month.   First time buyers were responsible for 33% of the nations sales during August, down from 34% in July 2020, but up from 31% in August 2019.  Cash buyers accounted for 18% of all transactions, up from 16% in July 2020 and down from 19% in August 2019. Distressed sales of foreclosures and short sales represented less than 1% of all sales in August, equal to July’s percentage, but down from a 2% level in August 2019.
September 30th 2020
 
1 G.B.P…Buys 1.282 U.S.D – 1 U.S.D…Buys 0.779 G.B.P
 
1 EURO…Buys 1.170 U.S.D – 1 U.S.D…Buys 0.854 EURO
 
1 CAN $…Buys 0.746 U.S.D – 1 U.S.D…Buys 1.338 CAN $
 
1 BRL $…Buys 0.177 U.S.D – 1 U.S.D…Buys 5.650 BRL $
 
U.S Prime Interest Rate = 4.25%
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.