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Orlando Real Estate Market News – August 2020

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August ‘announcements’ From The Resort Area…
August resort area inventory levels saw an overall increase of 25.3% year on year to 1,561 homes which was also a rise of 4% from the 1,500 homes listed last month. The total number of sales during August was 369 which was 7 closings down on the corresponding month a year ago and 44 lower that the 413 sales in July. A sold home during August closed in an average of 97 days which was the same as August 2019 and achieved on average of 97.8% of the asking price which was also little changed from the 97.7% level last year.  The markets median price stood at $241,750 which was 7.9% up on the $223,968 median price of one year ago.  The number of homes pending under offer/contract awaiting closure stood at 733 which was 42.3% higher than twelve months ago. Homes withdrawn from the market during August having failed to sell totaled 108 which compared to 111 last month and 94 in August last year.  The months inventory reviewed against sales paces suggests a 4.2 month home availability level which compares to 3.6 months last month and a 4.9 month supply in June 2020. In August 2019 this indicator recorded a 3.3 month supply.
Orlando’s July housing market saw an increase in buyer activity that put home sales back into the black after three months of year on year declines caused by the COVID-19 pandemic, reported the Orlando Regional REALTOR® Association. The median price of homes sold in Orlando continued an upward path, while overall inventory fell to its lowest level seen this year.  The overall median price of an Orlando home (all types combined) that sold during July was $270,000, which is 9.2% above the July 2019 median price of $247,250 and 1.9% above the June 2020 median price of $265,000. The median price for single family homes that changed hands during the month was up 10.1% from July 2019 at $295,000. The median price for condos increased 5.1% to $145,000 and townhomes/villas/duplexes increased 4.6% to $224,900. Members of O.R.R.A participated in 3,679 sales of all home types combined, which was 1.4% up on the 3,628 sales of July 2019 and 18.6% above the the 3,103 sales in June 2020.  Sales of single family homes totaled 2,920 which was an increase of 2.4% compared to July 2019, while condo sales of 401 were down 4.8% year on year. Duplexes, townhomes, and villas saw 358 closings combined to be up 0.9% from July 2019. Sales of distressed homes (foreclosures and short sales) reached 79 during July which was 27.5% lower than the 109 distressed sales of July 2019 with distressed sales comprising 2.2% of all Orlando area transactions during the month. Homes that closed in July took an average 54 days to move from listing to pending and an average 39 days between pending and closing, for a total average  of 93 days from listing to closing which was up from 87 days the previous month. Pending sales were up 8.7% compared to July last year but down 1.5% from last month. New contracts were up 8.2% year on year while new listings were 3.6% higher.  The overall inventory of homes available for purchase in July stood at 6,220 which represented a decrease of 22.2% from July 2019, and a 5.1% decrease compared to June 2020. By home type this represented 32.7% fewer single family homes but 11.4% more condos and 22.8% more duplexes/townhomes/villas, year on year.
The wider Florida housing market continued its positive momentum during July despite the coronavirus pandemic, with more closed sales, an increase in new pending sales, higher median prices and more new listings compared to a year ago, according to Florida Realtors® latest housing data. Existing single family home sales were up 11.7% compared to July 2019, which was the best monthly performance for this property class since Januarys 17% increase, according to Florida Realtors.  New pending sales of single family homes also showed large gains, up by 21.7% compared to July last year. Coupled with a 23.2% year on year increase in new pending sales during June, all indications are that this wave of closed sales will continue through the end of the summer and perhaps beyond. Overall year to date through to July, statewide existing single family home sales are down 4% compared to last year.  Julys existing condo and townhome sales were also up year on year, while this category of new pending sales increased 19% compared to July 2019, after a gain of 19.8% year on year during June. The statewide median sales prices for both single family homes and condo townhome properties was up year on year for the 103rd consecutive month. The statewide median sales price for existing single family homes stood at $295,000, up 10.1% 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 and townhome units stood at $210,000, up 11.7% from the one year ago figure. The States supply side of the market recorded lower inventory levels, particularly in the existing single family home category, which was at a much reduced 2.5 month supply during July. Condo and townhome inventory  recorded a 5.6 month level of supply.
Existing home sales continued an upward trajectory during July, marking two consecutive months of significant sales gains, according to the National Association of Realtors®. Each of the four major regions attained double digit, month on month increases, while the Northeast was the only region to show a year on year decline.  Total existing home sales, covering completed transactions for all home styles was up 24.7% from June to a seasonally adjusted annual rate of 5.86 million units in July. The previous record monthly increase in sales was 20.7% in June of this year. Sales as a whole year on year were up 8.7% from twelve months ago (5.39 million in July 2019). The median existing home price for all housing types stood at 304,100, up 8.5% from the July 2019 figure of $280,400, as prices rose in every region. July’s national price increase marks the 101st straight month of year on year gains with Julys figure being the first time ever, national median home prices have breached the $300,000 level. Single family home sales sat at a seasonally adjusted annual rate of 5.28 million, up 23.9% from the 4.26 million in June, and up 9.8% from a year ago. The median existing single family home price stood at $307,800, up 8.5% from July 2019. Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 580,000 units, up 31.8% from June and equal to a year ago. The median existing condo price stood at $270,100, representing an increase of 6.4% from a year ago. Properties typically remained on the market for 22 days, seasonally down from 24 days in June and 29 days in July 2019.  First time buyers were responsible for 34% of sales during July, down from 35% in June 2020 and up from 32% in July 2019.  Total housing inventory stood at 1.5 million units, down 2.6% from June and also down 21.1% from the one year ago figure of 1.9 million.  Unsold inventory sits at a 3.1 month supply at the current sales pace, down from 3.9 months in June and also down from the 4.2 month figure recorded in July 2019.
 August 31st 2020
1 G.B.P…Buys 1.330 U.S.D – 1 U.S.D…Buys 0.751 G.B.P
1 EURO…Buys 1.191 U.S.D – 1 U.S.D…Buys 0.839 EURO
1 CAN $…Buys 0.765 U.S.D – 1 U.S.D…Buys 1.306 CAN $
1 BRL $…Buys 0.185 U.S.D – 1 U.S.D…Buys 5.389 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.