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Orlando Real Estate Market News – June 2020

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June ‘judgements’ From The Resort Area…
Total resort area inventory of 1,480 homes represented an increase of 20.7% from the one year ago total of 1,226 listings but was down 125 homes compared to the 1,605 listings of May 2020.  The median price of a market area home was 7.5% higher than a year ago at $238,500 and also up 0.3% from the $237,600 median price last month. A home that closed during June sold after an average total of 96 days which compared to 97 days last month and the 98 day total of June 2019. Total sales during the month of 300 homes represented a fall of 25% from the 375 closings in June 2019 but an increase of 53% compared to the 196 sales last month. The average closed price attained during June reflected 97.4% of the corresponding listed price which was the same level as recorded one year ago.  The total pipeline number of homes under offer/contract awaiting closure climbed 34.6% from last months 512 homes total to 689 which was also up 4.1% on the 662 recorded total of June 2019.  During the month 113 homes were withdrawn from the market having failed to sell which was 59 less than the withdrawn total for the June 2019. Volatility in total inventory and sales has seen the home availability in June record a 4.9 month supply at the current pace of sales which compares to an 8.2 month level last month and the 3.2 month total recorded in June 2019.
The median price of an Orlando area home that sold during May was up just under 7% while transaction levels fell 44% during the second month of the COVID-19. This impacted the wider Orlando market whilst inventory experienced a year on year decline of 11% overall reported the Orlando Regional REALTOR® Association.  The median price of a home that sold (all types combined) during May stood at $259,900, which was 7% above the May 2019 median price of $243,000 but 1.5% below the April 2020 median of $263,750. The median price for single family homes that changed hands during May increased 5.4% over May 2019 at $277,250. The median price for condos was up 2.8% to $140,000 while townhomes/villas/duplexes gained 3.1% to $218,250.  Members of O.R.R.A participated in 2,127 sales of all home styles combined during the month,  which was 44.1% down on the the 3,806 sales of May 2019 and 11.1% lower than the 2,393 sales in  April 2020. Sales of single family homes totaled 1,732 during May which was 42.5% lower than in May 2019, while condo sales of 193 represented a fall of 55.3% year on year. Duplexes, townhomes, and villa sales combined of 202 decreased 44.5% over May 2019. Sales of distressed homes relating to foreclosures and short sales stood at 70 which was 46.1% lower than the 130 distressed sales in May 2019 with distressed related closings comprising 3% of total market transactions last month.  Pending sales were 13.5% lower than May last year but up 34% compared to last month. The overall inventory of homes available for purchase stood at 7,260 and represented a decrease of 10.6% compared to May 2019, and a 5.2% decrease compared to last month.  By home style there were 18.4% fewer single family homes, 9.5% more condos and 35.3% more duplexes/townhomes/villas, year on year.  Homes that closed during the month took an average 48 days to move from listing to pending and an average of 39 days between pending and closing, for a total average total of 87 days from listing to closing  which was up from 84 days the month prior.
The Florida market more broadly also saw a drop in closed sales during May with 19,622 single family changing hands, a fall of 36.2% from May 2019. Condo/townhome sales saw a larger decrease with 6,069 closed sales representing a fall of 50.3% from the corresponding month last year. In May, the statewide median sales prices for both single family homes and condo and townhouse properties was up year on year for the 101st consecutive month. The statewide median sales price of an existing single family home stood at $270,000, up 1.5% from May 2019 whilst last months statewide median price for condo and townhome units was $201,472, up 3.3% from May 2019. New pending/under offer sales of condos and townhomes were down 16.8% compared to May 2019.


Sales of existing homes across the nation in May fell 9.7% compared to April, for a seasonally adjusted annualized rate of 3.91 million units, according to the National Association of Realtors with sales down 26.6% year on year which was the the largest annual decline since 1982, when interest rates stood at 18%. May also recorded the slowest sales pace since October 2010 with the median price of an existing home sold during the month at $284,600. This represented an increase of 2.3% compared with May 2019 and the smallest annual rise seen since February 2012. There continues to be a large divergence between single family homes and condominium sales with single family home closings down 9.4% month on month, while condominium sales were down 12.8%. Properties typically spent 26 days on the market during May, seasonally down from 27 days in April but equal to the 26 day level of May 2019. Of all homes sold during May, 58% were on the market for less than a month. The nations pool of distressed sales relating to foreclosures and short sales represented 3% of all May closings which was equal to April but up from 2% compared tp May 2019. Regionally, existing home sales in the Northeast fell 13% for the month and 29.9% from a year ago. The median price in the Northeast was $327,900, up 7.8% from May 2019. Sales decreased 10% in the Midwest, down 20.2% a year ago. The median price in the Midwest was $227,400, a 3% increase from May 2019. Sales in the South dropped 8% for the month and 25.1% from the same month one year ago. The median price in the South stood at $247,400, a 2.1% increase from a year ago. Sales in the West fell 11.1% monthly and 35.1% annually. The median price in the West was $408,400, down 0.2% from May 2019. Inventories nationally fell 18.8% compared to May 2019 znd at the current sales pace, it would take 4.8 months to exhaust the overall inventory supply.

June 30th 2020
1 G.B.P…Buys 1.226 U.S.D – 1 U.S.D…Buys 0.815 G.B.P
1 EURO…Buys 1.120 U.S.D – 1 U.S.D…Buys 0.892 EURO
1 CAN $…Buys 0.730 U.S.D – 1 U.S.D…Buys 1.368 CAN $
1 BRL $…Buys 0.183 U.S.D – 1 U.S.D…Buys 5.456 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.