The resort are median market price was up 8.2% from November 2019 at $248,425 which was also a 0.6% increase over October 2020. Total inventory of 1,423homes represents a decrease of 3.8% from last months 1,461 listed total and is just 6 homes higher than the 1,417 recorded total of a year ago. A sold home on average attained 97.8% of its final listed price after spending on average 94 days in the market which compared to 97.5% and 97 days, respectively, one year ago. Total closings of 417 homes during the month were 32.8% up on the 314 sales recorded a year ago and also 12.4% more than the 371 sales last month. The pipeline number of homes awaiting closure under offer/pending stands at 687 which is 41% higher than the 487 total of a year ago but 47 homes below the 734 pipeline of last month. During the last 30 days 109 homes were withdrawn from the market having failed to sell whilst listed. The November inventory when considered against pace of monthly sales indicates a 3.4 month supply total which compared to a 3.9 month level in October 2020 and the 4.5month total reported in November 2019.
The Orlando area avoided a typical fall sales slow down and, instead, showed increases in both homes closings and home prices during October, according to a new report from the Orlando Regional REALTOR® Association. Monthly report data revealed that the number of homes sold during October 2020 was up 25% compared to October 2019, with the median price up 11.6% during the same period. Overall year on year home sales for 2020 were down 3% from last year, despite the impact from COVID-19. In October 2020, the overall median price stood at $269,950. By type, single family homes recorded a median price of $290,000, 10%higher than in October 2019 but falling $5,500, from September 2020. The median price of condos showed smaller gains over the past 12 months with a 4.9% rise and 7.1%increase from September 2020, to stand at $150,000. For duplexes, townhomes, and villas, the October median price was up 9.2% to $238,000, an increase of 3.5% from September. O.R.R.A members sold a total of 3,634 homes during October, an increase of 4% from September. Single family homes sales, accounted for 2,877 closings which was up 28.9% compared the October last year total of 2,232 and 4.6% from the previous months total sales of 2,750. The 383 condos sold were up 6% from the 361closings twelve months ago but down by 4% from Septembers 399 sales. Townhomes, duplexes, and villas had showed larger gains, with the 374 sales completed during October which was 19.5% higher than 2019. When comparing September and October, there was a 13.7% increase in units sold. The number of single family homes listed for sale stood at 3,880 which was 37% below the 6,140 listings in October 2019 with more condos, townhomes, villas, and duplexes available than a year ago. Low inventory remains a top concern for REALTORS®, as the trend continued into October with the overall Orlando sales pace revealing a 1.61 month supply of homes listed in the market. The average time spent listed stood at 48 days, which was the same as September. In October, there were 67 distressed homes listed, accounting for 1.84% of all Orlando area transactions. Tight inventory continues to play a role in the number of pending home sales which totaled 4,977 with October being the first month to show a decline in homes under contract since April. Compared to a year ago, there were 4,308 sales pending, revealing a 16% increase year on year of homes under contract awaiting closure. New contracts have also stayed steady from last month, with numbers rising from 3,400 to 3,409. That number is considerably up from the October 2019 total of 3,003.
The Florida housing market continued to be a bright spot in the states broader economy in October, even as the coronavirus pandemic showed no signs of easing. More closed sales, increased new pending sales, higher median prices and an increase in new listings were recorded statewide last month compared to October 2019, according to Florida Realtors® latest housing data. Existing single family home sales rose 26.9% compared to a year ago. with the statewide median sales prices for both single family homes and condo/townhome properties increasing year on year during October for the 106th consecutive month. The statewide median sales price for an existing single family home stood at $305,000, up 15.6% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last months statewide median price for condo/townhouse units stood at $221,000, up 15.9% year on year. New listings statewide increased year on year for all property type categories during October rising 1.6% for single family homes and 3.4% for condo and townhouse units. Active listings of single family homes continued to fall throughout October, although the rate of decline was not as steep as seen in previous months. At the end of the October, the statewide inventory of single family homes recorded a multi year low of 39.4% below where it stood at the same point in time last year. Condo and townhouse inventory, by contrast, was down by 11.8% year on year as at the end of the month. Octobers statewide inventory of existing single family homes saw a record low of a 2.1 month supply, while the inventory for existing condos dropped to 4.9 months.
According to the National Association of Realtors, U.S. existing home sales continued to trend upward in October, marking the fifth consecutive month of month on month gains. All four major U.S. regions reported both month on month and year on year growth, with the Midwest experiencing the greatest monthly increases. Total existing home sales covering all home types was up 4.3% from September to a seasonally adjusted annual rate of 6.85 million in October. Overall, sales rose year on year, up 26.6% from the twelve month ago level of 5.41 million. The median existing home price for all housing types was $313,000, up 15.5% from October 2019 level of $271,100, as prices increased in every region. The October national price increase marked the 104th straight month of year on year gains. Total housing inventory at the end of October stood at 1.42 million units, down 2.7% from September and down 19.8% from the one year ago level of 1.77 million. Unsold inventory sits at an all time low level of a 2.5 month supply at the current sales pace, down from 2.7 months in September and down from 3.9 months a year ago. Properties typically remained on the market for 21 days during October, which was down from 36 days in October 2019 with some 72% of homes sold on the market for less than a month. First time buyers were responsible for 32% of the nations sales during October, up from the 31% level in both September 2020 and October 2019. Cash buyers accounted for 19% of all transactions, up from 18% in September but unchanged from October 2019. Distressed sales relating to foreclosures and short sales represented less than 1% of all closings, equal to Septembers percentage but down from the 2% level in October 2019. Properties typically remained on the market for 21 days during the month which was down from 36 days in October 2019 with 72% of homes sold during the month on the market for less than a month. First time buyers were responsible for 32% of all sales completed in October, up from the 31% in both September 2020 and October 2019.
Team Donovan publishes 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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