Resort area market inventory was down 10% from December with the total number of listings across the market falling from 1,306 homes to 1,187 which reflects a fall of 21.6% from the inventory level of 1,443 in January 2020. Overall sales during the month totaled 323 which was up 30.1% from the 247 closings recorded a year ago but down 37.8 from the 415 sales in the final month of 2020. The markets average price recorded a year on year increase of 6.9% from $234,688 twelve months ago to $250,800 in January 2021. A home that closed saw a 1 day reduction in time on the market from a year ago at 96 days whilst the average price achieved at closing when reviewed to listed price stood at 97.9% which compared to the 97.7% level achieved in Jan 2020. Total homes under offer/contract stood at 672 which was 40.3% up on the 479 pipeline of a year ago whilst the number of homes withdrawn from the market having failed to sell during the month totaled 129 which compared to 48 withdrawn a year ago. Based on current sales pace when considered against total inventory indicators suggest that the January number of homes for sale offered a 3.6 month supply at the current sales pace which compares a 3.2 month level last month and the 5.8 month supply recorded 12 months ago.
The overall median price of Orlando homes (all types combined) that sold during December was $275,000, which was 10.4% above the December 2019 median of $249,000. The median price for a single family home that changed hands during the month increased 12.1% from December 2019 to $296,950. The median price of condos increased 5.7% to $148,000 over the same period. Members of O.R.R.A participated in a total 3,672 sales of all home styles combined during the month which was 21.1% up on the 3,033 sales of December 2019 and 25.2% higher than the 2,422 sales in December 2018. Sales of single family homes totaled 2,890 which represented an increase of 20.1% compared to December 2019, while condo sales of 401 recorded 35.9% year on year gains. The overall inventory of homes available for purchase during December was 4,875 which represented a decrease of 30.6% compared to December 2019 and a 12.7% fall from November 2020. By home type inventory levels detailed 42.6% fewer single family homes available for purchase but conversely a 12.1% increase in condos, year on year. Homes that closed during December took an average 45 days to move from a listed status to pending. Pending sales during the month were up 20.9% compared to December 2019 but down 11.4% from November 2020. Orlandos current inventory when considered against pace of sales, suggest a 1.3 month supply of homes during December compared to a 2.3 month supply in December 2019 and a 3.3 month supply in December 2018, highlighting how overall inventory has decreased over these periods.
Sales of single family homes in Florida totaled 20,633 last month, down 9.9% compared to December 2019 Florida Realtors reported during the month. During December, statewide median sales prices for both single family homes and condo townhouse properties increased year on year for the 84th consecutive month. The statewide median sales price of an existing single family home was $255,000, up 4.2% 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 condo/townhouse units stood at $185,000, a rise of 2.8% from a year ago. The statewide condo/townhouse market saw closed sales totaling 8,156, down 11.4% compared to one year ago. Closed sales data continued to detail fewer short sales and foreclosures across the market as short sales of condo/townhouse properties declined 39.7% and foreclosures fell 33.7% year on year. Short sales of single family homes fell 49.8% while foreclosures were down 26.8%. Statewide, active listings of existing single family homes have been on the rise since July, which has helped contribute to an overall softening of price growth, and continued to climb during December with year end inventory up over 13% compared to levels at the end of 2019.
The N.A.R summary of existing home sales data for the nation revealed that housing market activity during December rose a modest 0.7% from November 2020. Decembers existing home sales reached a 6.76 million seasonally adjusted annual rate, which was 22.2% up from December 2019. The pandemic took some steam out of a typically busy first quarter of 2020 but robust sales have then followed to close out the year. Total existing home sales rose to 5.64 million during 2020, up 5.6% from the prior year, with all regions showing net sales gains. The annual sales figure recorded is at the highest level seen since 2006 when existing home sales totaled 6.477 million. The national median existing home price for all housing types rose to $309,800 in December, up 12.9% from one year ago. Home prices have continued to escalate, with the December rise marking the 106th consecutive month of year on year gains. Regionally, all four regions showed double digit price growth from one year ago. The Northeast had the largest gain of 19.% followed by the West with an increase of 14.2%. The Midwest showed a 13.7% increase whilst the South had the smallest price gain at 11.3% from December 2019. Decembers inventory figures were down 16.4% from the previous month to stand at 1.07 million homes available for sale. Compared with December of 2019, inventory levels nationally were down 23%. This marked the 19th consecutive month of net year on year declines in inventory. It will take 1.9 months to move the current level of inventory at the current sales pace whilst it takes approximately 21 days for a home nationally to go from listing to a contract in the current market compared to the one year ago period of 41days.
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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