November 2015

October ‘oracle’ from the Orlando resort area…

The average days on market that a home took to sell in the Resort area increased by 1 during October to a revised 132 day average whilst the average price that a home achieves at closing compared to listed price is up slightly from last month at 96.6%. The areas total inventory increased by a net 9 homes during October to 1863 listings but is up by 307 homes compared to the October 2014 1566 total. By listing type the current inventory mix records 1711 normal owner listings, a net rise of 14 from last month. Bank owned listings month on month were down 1 at 102 while short sales fell by 4 to 50. The resort areas median price was up 0.4 % from last month at $166,656 from $165,375 to be 2.5% higher than the $162,275 median price recorded in October 2014. Closed sales in October resulted in 295 homes changing hands which was down 25 from September but up 27 on the October 2014 total of 268. The monthly figures also revealed that 177 homes were withdrawn from the market having failed to sell whilst the number of homes under contract awaiting closure was down 27 month on month at 496 but up 30 compared to the October 2014 total. The resort areas total inventory when compared against pace of sales indicates a 6.3 month supply of available homes in October which compares to a 5.8 month supply in September and the same 5.8 month supply back in October 2014.

Orlando…

Members of the Orlando Regional REALTOR® Association contributed to the closing of 2,857 homes (all home types and all sale types combined) in September 2015, an increase of 3.1% compared to September 2014 but a decrease of 10.5% compared to August 2015. Traditional sales were up 15.7% compared to September 2014. Closings of short sales fell 49%  while foreclosure completions were down by 16.2%. Single family home sales increased 3.2% compared to September 2014, while condo sales fell 5.8%.  Orlando homes of all types and styles spent an average 67 days on the market before coming under contract with the average home selling at 96.9% of the listed price. Those numbers for September 2014 recorded as 70 days and 96.3%, respectively. The overall median price (all sales types and all home types combined) for the month of September 2015 was $182,000 reflecting an 8.9% increase compared to the $167,063 median price of September 2014. This median price is up 0.5% compared to the August 2015 median of $181,000. The median price of single family homes increased 9.8% compared to September of last year whilst the median price of condos increased 10.5%. Pending sales currently under contract and awaiting closure total 5,356. This pending total is 15.1% down on the September 2014 6,310 total and 9.3% lower than the August 2015 total of 5,909. Normal owner sales comprised 57.1% of all Orlando pending sales during September. Short sales accounted for 22.7% and bank owned properties accounted for 20.0%. The number of existing homes (all types) available for purchase in September was 6.3% below that of September 2014 at 11,533 with inventory also down 128 properties from the previous month. The inventory of normal homes increased 6.7% during the month while foreclosures fell 38.6% and short sales decreased 44.6%. The inventory of single family homes is down by 7.8% compared to September of 2014, while condo inventory overall is up 1.4% .  The inventory levels of duplexes, townhomes, and villas is down by 5.3%.  Current inventory combined with the current pace of sales created a 4.0 month supply of homes in Orlando in September. This compares to a 4.4 month supply in September 2014 and a 3.6 month supply last month. The sales of condos were down 5.8% in September, with 320 closings recorded compared to 340 in September 2014. Orlando homebuyers purchased 279 duplexes, town homes, and villas during September 2015, which is a 14.3% increase over September 2014.

Florida…

Floridas existing single family home sales statewide totaled 23,574 last month, up 13.4% from September 2014 with September recording the 46th consecutive month that statewide median sales prices increased year on year for both single family homes and townhome and condo properties. The states average single family home achieved 94.3%  of the listed price whilst townhome and condos closed at an average 93.2%.  The time it now takes to sell a Florida home recorded a median 46 days for single family homes and 53 days for townhouse condos. The statewide median sales price for existing single family homes last month was $199,900 up 11.1%  from the previous year, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. The statewide median price for townhome and condo properties in August stood at $150,000, up 5.1% over the year on year figure. Turning to Floridas townhome and condo market, statewide closed sales increased last month with a total of 9,348 closings which was up 8.4% compared to September 2014. The closed sales data reflected fewer short sales during August with short sales for townhome and condo properties falling 43% overall while short sales of single family homes fell 36%.  Inventory continued to tighten, with a 4.4 month supply in September for single family homes and a 5.2 month supply for townhome and condo properties.

U.S…

The Nations existing home sales for all home styles increased 4.7% to a seasonally adjusted annual rate of 5.55 million in September from a downwardly revised 5.30 million in August, and are now 8.8% above a year ago (5.10 million). The median existing home price for all housing types was $221,900, which is 6.1% above the September 2014 figure of $209,100. The September price increase marks the 43rd consecutive month of year on year gains. Total housing inventory at the end of September was down 2.6% to 2.21 million existing homes available for sale, and is now 3.1% lower than a year ago (2.28 million). Unsold inventory is at a 4.8 month supply at the current sales pace, down from 5.1 months in August. First time buyers fell to 29% of all sales in September after reaching a 32% peak in August. Cash buyers accounted for 24% of all transactions during September which was unchanged from a year ago. Properties typically stayed on the market for 49 days which was an increase from 47 days in August but below the 56 days recorded in September 2014. Short sales were on the market the longest at a median of 135 days while foreclosures sold in 57 days with non distressed homes selling in 48 days. Distressed sales of foreclosures and short sales accounted for 7% of market share for the third consecutive month. This figure one year ago stood at 10%.  Foreclosures sold for an average discount of 17% (18%) in August), while short sales discounted at an average 19% (12%) in August. Single family home sales rose 5.3% to a seasonally adjusted annual rate of 4.93 million from 4.68 million in August, and are now 9.6% above the 4.50 million pace seen a year ago. The median existing single family home price was $223,500, up 6.6% from September 2014. Existing condominium and co-op sales were at a seasonally adjusted annual rate of 620,000 units, and are up 3.3% from September 2014 (600,000 units). The median existing condo price was $209,200 in September, which is 1.9% up from a year ago.

October 30th 2015

1 G.B.P…Buys 1.534 U.S.D – 1 U.S.D…Buys 0.651 G.B.P

1 EURO…Buys 1.103 U.S.D – 1 U.S.D…Buys 0.906 EURO

1 CAN $…Buys 0.759 U.S.D – 1 U.S.D…Buys 1.316 CAN $

1 BRL $…Buys 0.259 U.S.D – 1 U.S.D…Buys 3.860 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.