July 2014

June ‘numbers’ from the Orlando Resort Area…

The resort area median price for an existing home was little changed in June at $156,400 with homes selling during the month at an average 96.75% of the listed price after 133 days on the market. Both these figures were unchanged from May. The resort area market saw a total of 251 homes change hands which was down 17 from the May 268 total. The June inventory was down by 40 homes overall to record a revised 1474 listings. Reviewed by listing type, normal owner listings were down by a net 22 homes month on month at 1241 while short sale listings fell by 18 to a revised 90 total. Listings of bank owned homes increased by a net 1 to a revised 143 total. During June owners withdrew 180 homes from the market having been unsuccessful in attracting a buyer whilst listed. The pipeline of homes under offer/contract and awaiting closure fell by 83 month on month to record a revised 536 total. The June resort area inventory when considered against current sales pace suggests a 5.22 month inventory availability which compares to a 6.03 month supply in May and a 5.57 total in April.

Orlando…

The total number of Orlando existing homes (all sales types and all home types combined) available for purchase in May is 50% above that seen in May 2013 to stand at 10,908. Inventory increased by 261 properties overall from last month. The inventory of single family homes is now 53.2% higher than May of 2013, while condo inventory was up by 38.5%. The inventory of duplexes, townhomes and villas increased by 42.5%.The median price of an Orlando home stands at $165,000 which represents a 13.6% rise from the May 2013 median price of $145,148. Short sales experienced the greatest increase in median prices to be up 13.5% from May 2013. The median price for foreclosure sales increased 10%, while “normal” sales increased by 9% year on year. The median price of single family home increased 9.6% compared to May of last year with the median price of a condo increasing 4.4% over this same period. Members of O.R.R.A participated in the closing of 2,651 homes (all home types and all sale types combined) in May 2014, a decrease of 11.1% from May 2013 and a decrease of 1.7% from April 2014. Foreclosure closings in Orlando increased 15.4% compared to May 2013. “Normal” home sales in Orlando fell 0.3% compared to May 2013 but contributed a total of 66% of all closings. Closings of short sales overall fell 62.8%. Single family home sales fell 8.3% compared to May 2013, while condo sales were down by 24.0%. Month on month, single family home sales decreased 1.9% and condo sales decreased 1.7%. Homes of all types spent an average of 73 days on the market with the average Orlando home selling at 96.2% of its listed price. In May 2013 these figures recorded as 69 days and 96.7% respectively. Homes under contract and awaiting closure currently total 7,407 with the number of pending sales down 14.18% from this time last year, and 0.7% lower than the April 2014 total of 7,465. Orlando condominium sales were down 24% in May, with 345 sales recorded against the 454 seen in May 2013. Orlando homebuyers purchased 242 duplexes, town homes and villas, which was a 13.2% decrease compared to the 279 closings in May 2013. Current Orlando inventory combined with the pace of sales created a 4.11 month supply of homes which compares to a 2.44 month supply in May 2013 and the 3.95 month supply seen last month.

Florida…

Floridas housing market reported increased listings and an increase in median sales prices in May, according to the latest housing data released by Florida Realtors. Closed sales of single family homes statewide totaled 23,013, up 3.6% from May 2013. New listings for existing single family homes rose 13.1% year on year, while new listings for townhome and condos rose 3.9% from the previous year. Floridas townhome and condo market statewide saw a total of 10,558 sales, down 7% compared to May 2013. The closed sales data reflected fewer short sales compared to last year with short sales of condo and townhome properties down 61.2% while short sales of single family homes fell by 54.3%. The states inventory level recorded a 5.7 month supply for single family homes and at a 6 month supply level of townhome and condo properties which is the same level as the previous two months, according to Florida Realtors.

U.S…

Total existing home sales rose 4.9% to a seasonally adjusted annual rate of 4.89 million in May from an upwardly revised 4.66 million in April. However, year on year sales were 5% below the 5.15 million unit level seen in May 2013. The 4.9% month on month gain seen in May was the highest monthly rise since August 2011 (5.5%). Total housing inventory at the end of May climbed 2.2% to 2.28 million existing homes available for sale, which represents a 5.6 month supply at the current sales pace, down slightly from 5.7 months in April. Unsold inventory is 6% higher than one year ago, when there were 2.15 million existing homes available for sale. The median existing home price for all housing types in May was $213,400 which is 5.1% above May 2013.  Distressed sales accounted for 11% of all May closings which was down from 18% in May 2013. The nations May figures also reveal that 8% of all sales were foreclosure related and 3% were short sales. Nationally foreclosures sold at an average 18% discount, while short sales discounted at an average of 11%. First time buyers represented less than one third of all buyers during the month at 27%, down from 29% in April. The median time on market for all homes was 47 days, down from 48 days in April and up from the 41 days in May 2013. Short sales were on the market for a median 125 days, while foreclosures typically sold in 57 days with non distressed homes taking 44 days. Cash buyers comprised 32% of all May transactions, unchanged from last month and down from 33% in May 2013. Single family home sales overall rose 5.7% to a seasonally adjusted annual rate of 4.3 million from 4.07 million in April, but are 5.7% below the 4.56 million pace seen a year ago. The median existing single family home price was $213,600 in May, up 4.9% from May 2013. Existing condominium and co-op sales remained unchanged in May from April at an annual rate of 590,000 units. The median existing condo price was $212,300 in May which is 6.6% higher than one year ago. New home sales jumped 18.6% following a 3.7% increase in April, the Commerce Department reported during the month. These gains followed declines in February and March that were blamed in part on the harsh winter weather. The May increase pushed the seasonally adjusted annual sales rate to 504,000, the highest level seen since May 2008.

June 30th 2014

1 G.B.P…Buys 1.708 U.S.D – 1 U.S.D…Buys 0.585 G.B.P

1 EURO…Buys 1.367 U.S.D – 1 U.S.D…Buys 0.731 EURO

1 CAN $…Buys 0.937 U.S.D – 1 U.S.D…Buys 1.066 CAN $

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.