Resort area total inventory continued its steep year on year decline during March with the revised number of homes listed for sale down 62% from the 1,463 listings of a year ago to 551. Last months inventory levels were also down 32% from the 815 listings in February. The average days that a home takes to sell was unchanged from a year ago at 98 but one day longer than last month. A home that closed during March achieved an average of 97.6% of its listed price which was up slightly on the 97.5% in March 2020. The markets median price was up 6.3% from twelve months ago rising from $237,496 to $253,420. During March 89homes were withdrawn from the market having failed to sell which compared to 113 withdrawn in March 2020. Total sales during the month stood at 539 which compared to 401 sales in February 2021 and the 361 closings one year ago. As a forward indicator the total number of homes under offer/pending stand at 911which is 45.3% higher than the 499 pending total of a year ago and 43 homes higher than the 868 pipeline total last month. The markets current pace of monthly sales when reviewed against total inventory suggests a 1 month supply of home availability in March which compared to a 2 Month supply in February and the4 month level recorded in March 2020.
Orlando Regional Realtors Association members sold 2,995 homes during February 2021, an increase of 19% compared to February 2020. The median sales price of $280,000 was up 12% from a year ago. The overall Orlando area inventory was down 50% from the 6,825 homes listed in February 2020 to 3,420. The total number of new listings was down 15% from 3,924 homes a year ago to 3,322 in February 2021. The fall in overall inventory marks the lowest total inventory level seen since May 2005, putting an even tighter squeeze on a market that continues to see high demand. The total supply of homes offers a 1.1 month level at the current sales pace, less than half of what it recorded at in February 2020 when it was recorded as 2.7 months. A healthy balanced market is generally regarded as offering a six month supply level. The median home price continued to rise, with the February median price reaching $280,000 up 2% from January. Orlando area listings spent on average 52 days on the market before coming under contract which was a fall of 10% from February 2020.
The Florida housing market in February saw more closed sales, higher median prices, more new pending sales and an increase in pending inventory when compared to a year ago, according to Florida Realtors® latest housing data. Closed sales of single family homes statewide totaled 23,947, a rise of 15.7% from twelve months ago, while existing condo townhome sales totaled 11,379, up 28.7% from February 2020. Condo and townhome sales totaled 11,379, representing a rise of 28.7% from February 2020. The statewide median sales price of an existing single family home was $314,900, up 16.6% 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 condo and townhome units was $233,240, a rise of 16.6% year on year. On the supply side overall inventory of active listings remained constrained during the month with existing single family homes indicating a 1.3 month supply while condo and townhome inventory detailed a 3.4 month level of inventory.
The nations existing home sales declined during February, following two prior months of gains, according to the National Association of Realtors®. Month on month just one major region saw an increase during February, but all four U.S. regions recorded year on year gains. Total existing home sales, for all home styles, decreased 6.6% from January to a seasonally adjusted annual rate of 6.22 million. Sales year on year were up 9.1% from the one year ago level of 5.7 million. The nations median price of an existing home stood at $313,000, up 15.8% from the $270,000 recorded in February 2020 with price rises reported in all regions. Februarys price increase marked the 108th straight month of year on year gains. Single family home sales decreased to a seasonally adjusted annual rate of 5.52 million during the month, down 6.6% from the 5.91 million level in January, but up 8% from a year ago. The median price of an existing single family home stood at $317,100, a rise of 16.2%. Existing condominium and co-op sales saw a seasonally adjusted annual rate of 700,000 units during the month, down 6.7% from January but 18.6% higher than a year ago. The median existing condo price was $280,500, an increase of 12.3% from twelve months ago. Total housing inventory at the end of February amounted to 1.03 million units, unchanged from January but down 29.5% from the one year ago level of 1.46 million. Unsold inventory sits at a 2 month supply at the current sales pace, slightly up from Januarys 1.9 month supply but down from the 3.1 month level of February 2020. Properties typically remained on the market for 20 days, down from 21 days in January and 36 days in February 2020. Seventy four percent of all homes sold during the month were on the market for less than a month. First time buyers were responsible for 31% of all sales, down from 33% in January but up from 32% in February 2020. N.A.R 2020 Profile of Home buyers and sellers revealed that the annual share of first time buyers stood at 31%. Individual investors or second home buyers accounted for 17% of all homes sold during February, up from 15% in January and equal to the February 2020 percentage share. Cash sales accounted for 22% of all closings, up from 19% in January and 20% in February 2020. Distressed sales of foreclosures and short sales represented less than 1% of all closings which was equal to Januarys percentage but down from the 2% level of February 2020.
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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