The Resort Area
The resort area overall inventory was down 8.9% from 12 months ago as May total listings stood at 1794 compared to the 1955 in May 2016. By type normal owner listings totaled 1736 which compared to 1880 in May 2016. Bank owned homes comprised 36 of the total inventory while short sales comprised 22 which compared to the 41 and 34 respectively recorded in May 2016. The average number of days that a home took to sell increased by 1 from a year ago to 131 while a sold home achieved an average 97.1% of its listed price, up from the 96.6% a year ago. The average median price of an area home was up 10.4% year on year from $171,750 to $189,644. Total sales in May were 401 which is a 19.3% increase in closings compared to the May 2016 total of 336. The pipeline of homes under contract awaiting closure stood at 689 which was down 2% from the 703 total of last month but up 8.9% from the 614 total a year ago. The number of homes withdrawn from the market having not achieved a sale during May was 142. Total current inventory levels reviewed against pace of closings would suggest a 4.5 month supply of home availability in May which compares to a 5.2 month supply in April 2017 and the 5.8 month level of May 2016.
Orlando home sales declined 4% in April compared to April of 2016 as reduced inventory continued to push prices upwards, with the areas year on year median home price recording a double digit increase. Orlandos overall median home price for all style of homes was $215,000, which is 12% up from the April 2016 median of $192,000. Year on year increases in median price have been recorded for the past 69 consecutive months with the April 2017 overall median price 86.2% higher up from July 2011. The median price for single family homes that changed hands during April was up 11.2% from 2016 at $233,500. The median condo price increased 20% to $108,000. The overall average home price for April 2017 was $252,653, an increase of 9.7% compared to the average home price of April 2016. The listing price of an average home was $260,321 and sold for 97.1% of its listed price compared to 97.6% in April 2016. Members of Orlando Regional Realtors Association participated in a total of 3,061 sales of all home types during the month which is 3.5% less than the 3,172 sales of April 2016 and 12% less than the 3,477 sales of March 2017. Sales of single family homes totaled 2,373 which was a decrease of 4.9% compared to April 2016, while condo sales of 381 was up 3%. Sales of distressed homes (foreclosures and short sales) comprised 247 during April and were 56.5% less than in April 2016. Distressed sales comprised 8.1% of all Orlando area transactions during April. The overall inventory level of homes available for purchase was 8,675 and represents a decrease of 17% compared to April 2016 with 16.5% fewer single family homes and 20.6% less condos. Current inventory combined with the pace of sales created a 2.8 month supply of homes availability in April compared to a 3.3 month supply in April 2016 and a 2.5 month supply last month.
Rising median prices combined with constrained inventory was a continued trend in Floridas housing market during April, according to the latest housing data released by Florida Realtors®. This resulted in a loss of momentum for home sales of single family homes statewide totaled 23,829, down 1.2% compared to April 2016. The statewide median sales price of an existing single family home was $234,900, up 10.3% from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price for townhomes and condos was $172,000, up 7.2% from a year ago figure. Aprils rise was the 65th consecutive month that statewide median prices for both sectors rose year on year. Aprils inventory remained constricted with a 4 month level of supply for single family homes and a 6.1 month supply for townhome and condo properties, According to Florida Realtors median metrics show that half of all single family homes closing in April last year in 90 days or less compared to 85 days or less during April 2017.
Total existing home sales covering completed transactions for single family homes, townhomes, condominiums and co-ops was down 2.3% to a seasonally adjusted annual rate of 5.57 million in April from a downwardly revised 5.70 million in March. Despite last months decline, sales are still 1.6% up on a year ago and at the fourth highest pace over the past year. The median existing home price for all housing types was $244,800, up 6% from April 2016 ($230,900). Total housing inventory at the end of April was up 7.2% to 1.93 million existing homes available for sale, but remains 9% lower than a year ago and has now fallen year on year for 23 consecutive months. Unsold inventory is at a 4.2 month supply at the current sales pace, which is down from a 4.6 month level a year ago. Properties typically spent 29 days on the market which is down from 34 days in March and 39 days a year ago, and surpasses last Mays 32 days as the shortest time frame since NAR began tracking in May 2011. Short sales were on the market for the longest period of time at a median 88 days while foreclosures sold in 46 days and non distressed closings took 28 days. Cash purchases amounted to 21% of all transactions, down from 23% in March and 24% a year ago. Distressed sales of foreclosures and short sales represented 5% of all closings (3% bank owned and 2% short sales) in April, down from 6% in March and 7% a year ago. Foreclosures sold for an average discount of 18% under market value while short sales discounted at an average 12%. Single family home sales were down 2.4% to a seasonally adjusted annual rate of 4.95 million in April from 5.07 million in March, but are still 1.6% above the 4.87 million pace of a year ago. The median existing single family home price was $246,100 during April, up 6.1% from April 2016. Existing condominium and co-op sales declined 1.6% to a seasonally adjusted annual rate of 620,000 units in April, but are still 1.6% higher than a year ago. The median existing condo price was $234,600 in April, which is 5.6% above a year ago.