November ‘numbers’ from the Orlando resort area…
The median price of an Orlando resort area home was down 0.4 % from October at $165,993 from $166,656 but still remains 2.8% higher than the $161,375 median price of November 2014. During November 262 homes changed hands which was 33 less than in October when 295 sold but 13 higher than the corresponding month total last year. The average days on market that a home took to sell was down 2 from October at 130 while the average price that a home achieved at closing compared to list price remained unchanged at 96.6%. The markets overall inventory level increased by a net 13 homes during November to 1876 listings and also rose by 218 homes when compared to the November 2014 total of 1658. Further inspection of the current listed total reveals that 1736 represent normal owner listings, a net rise of 25 from last month. Bank owned listings month on month were down 4 at 98 while short sales fell 8 to 42. This months figures also record that 171 homes were removed from the market having failed to attract a buyer whilst the total number of homes under contract pending closure was not only down 4 month on month at 494 but also down 18 compared to the October 2014 total. The resort areas total inventory reviewed against current pace of sales suggests a 7.1 month supply of available homes in November which is up on the 6.3 month supply of October and also up on the 6.6 month supply level seen in November 2014.
Members of the Orlando Regional REALTOR® Association participated in the sale of 2,800 homes during October, a fall of 3% compared to October 2014 and a decrease of 7% compared to September 2015. The overall median price (all sales types and all home types combined) was $180,000, a 12.5% increase compared to the $160,000 median price in October 2014 although the median price was down 1.3% from the September 2015 median price of $182,500. Traditional sales were up 10.7% compared to October 2014 while the closure of short sales fell 34.3% and closings of foreclosures were down 30.7% over the same period. By home type/style single family home sales increased 0.1% compared to October 2014, while condo sales fell 20.3%. Orlando homes of all types spent an average of 71 days on the market before coming under contract with the average home selling for 96.7% of its listed price which compares to the October 2014 corresponding numbers of 72 days and 96.3%, respectively. Pending sales under contract and awaiting closure currently total 5,284. This pending total is 17.2% lower than the October 2014 total of 6,384 and also down 1.2% on the September 2015 5,351 total. The inventory of normal home listings was up 3.4%, while foreclosures were lower by 39.5% whilst short sales fell by 45.8%. The inventory of single family homes is down by 9.6% compared to October of 2014 and condo inventory is down 6.6%. The inventory of duplexes, townhomes, and villas was down by 4.4%. Current inventory combined with the current pace of sales created a 4 month supply of Orlando homes in October which compares to a 4.33 month supply in October 2014 and a 3.8 month supply last month.
The Florida housing market report detailed higher median prices, lower days on market and a reduced inventory of homes available in October, according to the latest housing data released by Florida Realtors®. Statewide closed sales of existing single family homes rose last month with 22,147 sales which represented an increase of 1.2% compared to October 2014. This marked the 47th consecutive month that statewide median sales prices have shown increases year on year for both single family homes, townhome and condo properties. Closed sales also received a higher percentage of the list price, with single family homes coming in at an average 94.3% and townhome and condos receiving 93.3%. Homes that sold during October achieved a median of 46 days on the market for single family homes and 50 days for townhomes and condos. The statewide median sales price for existing single family homes last month was $198,995, up 12.4% from the previous year, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. The median price for condo properties was $150,000, up 7.2% from last year. Floridas townhome and condo market recorded 9,294 sales last month, down 0.9% compared to October 2014. The closed sales data reflected fewer short sales during October for townhome and condo properties with these down 47.7% while short sales for single family homes was down by 33.1%. Inventory levels stood at a 4.4 month supply level in October for single family homes and at a 5.3 month supply for townhome and condo properties.
Total existing home sales for all home styles, fell 3.4% to a seasonally adjusted annual rate of 5.36 million in October from 5.55 million in September. Despite the decline sales remain 3.9% up from a year ago (5.16 million). The median existing home price for all housing styles in October was $219,600, which is 5.8% above the $207,500 level of October 2014. Octobers price increase marks the 44th consecutive month of year on year gains. Total housing inventory at the end of October was down 2.3% to 2.14 million existing homes available for sale, which is 4.5% lower than a year ago. Unsold inventory is at a 4.8 month supply at the current sales pace, up from 4.7 months in September. The percentage share of first time buyers in the market increased 31% during October, up from 29% in September and the same compared to one year ago. Cash sales represented 24% of all transactions (unchanged from September) but were down from the 27% level seen one year ago. Distressed sales of foreclosures and short sales declined to a 6% market share, which is the lowest since N.A.R began tracking this sale category in October 2008 and 3% down from the 9% level of a year ago as 5% of sales recorded as foreclosures and 1% short sales. Foreclosures sold at an average 18% discount below market value during October (17% in September), while short sales discounted at an average 8% (19% in September). Properties typically spent 57 days on the market, an increase from 49 days in September but below the 63 days seen in October 2014. Short sales sat on the market the longest at a median 90 days while foreclosures sold in 67 days with non distressed sales taking an average 57 days. Single family home sales fell 3.7% to a seasonally adjusted annual rate of 4.75 million in October from 4.93 million in September, but are still 4.6% above the 4.54 million pace of a year ago. The median existing single family home price was $221,200, up 6.3% from October 2014. Existing condominium and co-op sales fell 1.6% to a seasonally adjusted annual rate of 610,000 units in October from 620,000 in September and were down 1.6% from October 2014 (620,000 units). The median existing condo price was $207,100 in October, which is 1.6% up from a year ago. The Commerce Department also reported during the month that new home sales climbed 10.7% to a seasonally adjusted annual rate of 495,000. This rebound followed a 12.9% fall in sales during September.
November 30th 2015
1 G.B.P…Buys 1.505 U.S.D – 1 U.S.D…Buys 0.664 G.B.P
1 EURO…Buys 1.058 U.S.D – 1 U.S.D…Buys 0.944 EURO
1 CAN $…Buys 0.748 U.S.D – 1 U.S.D…Buys 1.335 CAN $
1 BRL $…Buys 0.259 U.S.D – 1 U.S.D…Buys 3.855 BRL $
U.S Prime Interest Rate = 0.25%
Team Donovan publish an updated 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.