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Real Estate Sales Snapshot-August

Real Estate Sales Snapshot-August

Real Estate Sales Snapshot-August

August 2020 brought 6.00 million in sales, a median sales price of $310,600, and 3.0 months of inventory. The median sales price is up 11.4% year over year, and inventory is down 1.0 month from August 2020.

 

The Existing-Home Sales data measures sales and prices of existing single-family homes for the nation overall, and gives breakdowns for the West, Midwest, South, and Northeast regions of the country. These figures include condos and co-ops, in addition to single-family homes.

July Real Estate Sales were Insane!!

July Real Estate Sales were Insane!!

July Real Estate Sales were Insane!!

WASHINGTON (August 21, 2020) – Existing-home sales continued on a strong, upward trajectory in 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-over-month increases, while the Northeast was the only region to show a year-over-year decline.

Total existing-home sales,1 https://www.nar.realtor/existing-home-sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, jumped 24.7% from June to a seasonally-adjusted annual rate of 5.86 million in July. The previous record monthly increase in sales was 20.7% in June of this year. Sales as a whole rose year-over-year, up 8.7% from a year ago (5.39 million in July 2019).

“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days,” said Lawrence Yun, NAR’s chief economist. “With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.”

The median existing-home price2 for all housing types in July was $304,100, up 8.5% from July 2019 ($280,400), as prices rose in every region. July’s national price increase marks 101 straight months of year-over-year gains. For the first time ever, national median home prices breached the $300,000 level.

Total housing inventory3 at the end of July totaled 1.50 million units, down from both 2.6% in June and 21.1% from one year ago (1.90 million). Unsold inventory sits at a 3.1-month supply at the current sales pace, down from 3.9 months in June and down from the 4.2-month figure recorded in July 2019.

Yun notes these dire inventory totals have a substantial effect on sales.

“The number of new listings is increasing, but they are quickly taken out of the market from heavy buyer competition,” he said. “More homes need to be built.”

Last week, NAR released its latest data for metro home prices, which found that in 2020’s second quarter, median single-family home prices saw a 96% increase when compared to a year earlier.

Properties typically remained on the market for 22 days in July, seasonally down from 24 days in June and from 29 days in July 2019. Sixty-eight percent of homes sold in July 2020 were on the market for less than a month.

First-time buyers were responsible for 34% of sales in July, down from 35% in June 2020 and up from 32% in July 2019. NAR’s 2019 Profile of Home Buyers and Sellers – released in late 20194 – revealed that the annual share of first-time buyers was 33%.

Individual investors or second-home buyers, who account for many cash sales, purchased 15% of homes in July, up from both 9% in June 2020 and from 11% in July 2019. All-cash sales accounted for 16% of transactions in July, equal to the percentage in June 2020 and down from 19% in July 2019.

Distressed sales5 – foreclosures and short sales – represented less than 1% of sales in July, down from 3% in June up from 2% in June 2019.

“Homebuyers’ eagerness to secure housing has helped rejuvenate our nation’s economy despite incredibly difficult circumstances,” said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, Calif. “Admittedly, we have a way to go toward full recovery, but I have faith in our communities, the real estate industry and in NAR’s 1.4 million members, and I know collectively we will continue to mount an impressive recovery.”

Realtor.com®’s Market Hotness Index, measuring time-on-the-market data and listing views per property, revealed that the hottest metro areas in July were Topeka, Kan.; Rochester, N.Y.; Burlington, N.C.; Columbus, Ohio; and Reading, Pa.

According to Freddie Mac, the average commitment rate(link is external) for a 30-year, conventional, fixed-rate mortgage decreased to 3.02% in July, down from 3.16% in June. The average commitment rate across all of 2019 was 3.94%.

Single-family and Condo/Co-op Sales

Single-family home sales sat at a seasonally-adjusted annual rate of 5.28 million in July, up 23.9% from 4.26 million in June, and up 9.8% from one year ago. The median existing single-family home price was $307,800 in July, up 8.5% from July 2019.

Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 580,000 units in July, up 31.8% from June and equal to a year ago. The median existing condo price was $270,100 in July, an increase of 6.4% from a year ago.

“Luxury homes in the suburbs are attracting buyers after having lagged the broader market for the past couple of years,” Yun said. “Single-family homes are continuing to outperform condominium units, suggesting a preference shift for a larger home, including an extra room for a home office.”

Regional Breakdown

For the second consecutive month, sales for July increased in every region and median home prices grew in each of the four major regions from one year ago.

July 2020 existing-home sales in the Northeast rocketed 30.6%, recording an annual rate of 640,000, a 5.9% decrease from a year ago. The median price in the Northeast was $317,800, up 4.0% from July 2019.

Existing-home sales jumped 27.5% in the Midwest to an annual rate of 1,390,000 in July, up 10.3% from a year ago. The median price in the Midwest was $244,500, an 8.0% increase from July 2019.

Existing-home sales in the South shot up 19.4% to an annual rate of 2.59 million in July, up 12.6% from the same time one year ago. The median price in the South was $268,500, a 9.9% increase from a year ago.

Existing-home sales in the West ascended 30.5% to an annual rate of 1,240,000 in July, a 7.8% increase from a year ago. The median price in the West was $453,800, up 11.3% from July 2019.

The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

New Construction-Chelsea Park by Avex Homes

New Construction-Chelsea Park by Avex Homes

New Construction-Chelsea Park by Avex Homes

Chelsea Park by Avex Homes

Prices starting in the Mid $200’s


 

New Construction-Chelsea Park by Avex Homes is a private, gated enclave of new homes set within the mature, beautifully-landscaped community of Davenport, FL. Built around a picturesque wetland preserve, residents can see wading birds or sandhill cranes right from their back porch. At Avex Homes, our goal is to create a picturesque Central Florida environment based on your personal, unique style while still being functional for your everyday life.

Choosing your new home should be a carefully considered, yet enjoyable experience all-in-one. Selecting a school district, a working environment, and a community where you feel perfectly at home is what we are here for. Chelsea Park in ChampionsGate, FL has all the amenities you are looking for and more in your new community. Avex Homes offers beautiful new homes in Davenport, FL.

With six floor plans ranging in size and style, Chelsea Park has something for everyone. Low monthly homeowners association fees and no CDD help make the cost of ownership in this community affordable. Our design center will guide you through our quick move-in homes or a new home built just for you.

We take pride in getting you into the home you have always wanted. Your home is here at Chelsea Park–and it’s ready for you. Contact us  today to begin designing the home of your dreams today! 

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

55+Community-K. Hovnanian’s Four Seasons at Orlando

55+Community-K. Hovnanian’s Four Seasons at Orlando

55+Community-K. Hovnanian’s Four Seasons at Orlando

K. Hovnanian’s Four Seasons at Orlando


 

Welcome to K. Hovnanian’s® Four Seasons at Orlando, a new active adult 55+ community in Kissimmee, FL, offering active adults a well-deserved lifestyle of relaxation & recreation starting from the lower $300s. Enjoy a gated, resort-style community with world-class amenities & golf course views.

Residents can experience exclusive amenities and low-maintenance living year-round. The community’s planned amenities include a 12,000-square-foot clubhouse with a luxurious swimming pool, a state-of-the-art fitness center, arts & crafts rooms, and more. There are also plenty of ways to stay active outdoors, with on-site walking trails, lighted tennis and pickleball courts, and the nearby golf course.

Located in beautiful Kissimmee, Florida,  this 55 and over community is in an ideal location with easy access to major roadways, shopping, dining, theme parks, and the entertainment attractions of Orlando. Everyday conveniences such as grocery stores, cafes, and healthcare facilities are just down the street in the prestigious town of Celebration.

 

Resort-Style Living

Maintenance free living at its best! Experience the harmonious balance of comfort and luxury at Four Seasons at Orlando.

Explore the Neighborhood

With more than a dozen theme parks, Orlando is one of America’s most visited cities. But it’s also an amazing place to live, shop, dine, eat and explore all year-round. Life doesn’t get much happier than this!

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

New Construction Contact

Villa Domani by Bellavista Homes

Villa Domani by Bellavista Homes

Villa Domani by Bellavista Homes

Villa Domani by Bellavista Homes


A boutique gated resort with only 63 exclusives homes, within minutes of Central Florida attractions and International Airport.  A unique blend of contemporary and industrial architecture for exterior elevations. Floor plans designed for resort living lifestyle.

 

Close to Orlando attractions

Stay close to the parks and outlets, as well as restaurants with international cuisine. Vacation is synonymous of comfort and convenience.

 

Modern and innovative architecture

You will fall in love with the models of the houses of the Condominium Villa Domani, totally exclusive and with a touch of charm.

 

Full Club House

Everything you need to feel at home while on vacation in Orlando. Pool, waterpark, ballroom, lounge, gym and business center.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

New Construction Contact

7 Reasons to Work With a REALTOR®

7 Reasons to Work With a REALTOR®

Ethical treatment. Every REALTOR® must adhere to a strict code of ethics, which is based on professionalism and protection of the public. As a REALTOR®’s client, you can expect honest and ethical treatment in all transaction-related matters. The first obligation is to you, the client.

An expert guide. Buying a home usually requires dozens of forms, reports, disclosures, and other technical documents. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes. Also, there’s a lot of jargon involved, so you want to work with a professional who can speak the language.

Objective information and opinions. REALTORS® can provide local information on utilities, zoning, schools, and more. They also have objective information about each property. REALTORs® can use that data to help you determine if the property has what you need. By understanding both your needs and search area, they can also point out neighborhoods you don’t know much about but that might suit your needs better than you’d thought.

Expanded search power. Sometimes properties are available but not actively advertised. A REALTOR® can help you find opportunities not listed on home search sites and can help you avoid out-of-date listings that might be showing up as available online but are no longer on the market.

Negotiation knowledge. There are many factors up for discussion in a deal. A REALTOR® will look at every angle from your perspective, including crafting a purchase agreement that allows enough time for you to complete inspections and investigations of the property before you are bound to complete the purchase.

Up-to-date experience. Most people buy only a few homes in their lifetime, usually with quite a few years in between each purchase. Even if you’ve done it before, laws and regulations change. REALTORS® handle hundreds of transactions over the course of their career.

Your rock during emotional moments. A home is so much more than four walls and a roof. And for most people, property represents the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you stay focused on the issues most important to you.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.