August ‘arithmetic’ From The Resort Area…
The resort area market reported 331 sales in August which was a 14.6% increase in closings compared to August 2015 and 13 higher than the July 2016 318 closed total. Homes that sold achieved an average 97% of asking price which was up slightly from the 96.8% recorded last month. Homes that sold did so after an average 137 days on the market, up 1 from last month and 8 higher than the 129 days it took for a home to change hands the same month last year. The median price of an area home was up 7.4% year on year to $177,183 with inventory levels almost unchanged from a year ago at 1890 homes listed for sale. By type current inventory comprised 1,811 normal owner listings, 48 bank owned homes and 31 short sales. The total number of homes under offer/contract awaiting closure stood at 463 which was 100 lower than the 563 level of August 2015 and 24 lower than last months 487 total. During the month 130 homes were withdrawn from the market having failed to attract a buyer whilst listed for sale. Inventory levels in August represented a 5.7 month supply at the current sales pace which was 1 month lower than the 6.7 month level of August 2015 and also down from the 6.2 month supply in July.
Members of Orlando Realtors Association participated in the sale of 3,342 homes (all home types and all sale types combined) during July 2016, a decrease of 6.2% from July 2015 and a decrease of 6% compared to June 2016. Sales of normal homes increased 10.4% during July, while foreclosures fell 62.9% with short sales down 29.5%. Sales of single family homes decreased 6.8% year over year and condo sales decreased 7.6%. Orlando homes of all styles spent an average 60 days on the market before coming under contract in July 2016 with the average home closing at 97.2% of its listed price. In July 2015 those numbers were 69 days and 96.9%, respectively. The total inventory of homes available for purchase fell 9.9% in July 2016, contributing to a 6.2% decrease in sales and a 12% increase in median price compared to July 2015. Total area inventory has now experienced 13 consecutive months of year on year declines. The overall median price (all sales types and all home types combined) was $205,383, a 12% increase from the $183,310 median price in July 2015 but down 0.8% compared to the June median of $207,000. The year on year median price of normal sales increased 6.9%, while the median price for foreclosure related sales increased 4.9% with short sales down 3.2%. The median price of single family homes increased 14.5% compared to July of last year with the median price of condos increasing 9.2%. Pending sales under contract/offer awaiting closure stood at 5,178. This pending total is 17.2% lower than July 2015 and 6% lower than June 2016. Normal properties comprised 72.4% of all pending sales while short sales accounted for 15.3% and bank owned 12.2%. The number of existing homes (all types combined) available for purchase was 9.9% below that of July 2015 at 10,648 while inventory increased overall by a net 0.1% (19 homes) from the previous month. The inventory of traditional listings was up 1.0%, while foreclosures decreased 66.7% and short sales decreased 47.8%. The inventory of single family homes overall is down by 8.6% from July 2015, while condo inventory is down by 15.1% with duplex, townhome and villas inventory down 11.7%. Condominium sales were down 7.6%, with 362 sales recorded compared to 392 in July 2015. Orlando home buyers purchased 334 duplexes, town homes and villas during July 2016, which is exactly the same as in July 2015. Orlandos current overall inventory combined with the current pace of sales created a 3.2 month supply of homes in July compared to the 3.3 month supply level of July 2015 and 2.9 month supply last month.
The Florida housing market reported rising median prices and fewer cash buyers during July according to the latest housing data released by Florida Realtors®. Closed sales for single family homes totaled 24,083, down 8% from July 2015, reflecting the states overall lower levels of inventory. Home sellers continued to get closer to their original asking price with sellers of existing single family homes achieving an average 96.4% of the original listing price, while those selling townhomes and condo propertiesachieved an average 94.6%. The statewide median sales price for existing single family homes was $223,238, up 11.6% 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 in the same period was $160,000, up 6.8% for the year on year figure. Statewide median sales prices for single family homes, townhomes and condo properties increased for the 56th month in a row. Statewide closed sales totaled 8,934 last month, down 11.5% compared to July 2015. Closed sales data reflected fewer short sales and cash buyers during July as short sales of townhomes and condo properties fell by 41.1% while short sales for single family homes decreased 34%. Compared to July of 2015, closed single family home sales were down in 18 of Floridas 22 metro areas. Inventory stood at a 4.3 month level in July for single family homes and 5.9 months for townhome and condo properties.
The nations existing home sales lost some momentum in July according to the National Association of Realtors® (N.A.R) with only the West region seeing an increase in sales during the month. Total existing home sales for all home styles was down 3.2% to a seasonally adjusted annual rate of 5.39 million in July from 5.57 million in June. For only the second time in the last 21 months, sales were at levels below those from the corresponding month in the previous year by 1.6% (5.48 million). The median existing home price for all housing types stood at $244,100, up 5.3% from July 2015 ($231,800). Total housing inventory at the end of July increased 0.9% to 2.13 million existing homes available for sale, but remains 5.8% below levels seen a year ago (2.26 million) and have declined year on year for 14 consecutive months. The share of first time buyers stood at 32% in July, which is down on last month (33%) but up from the 28% level seen a year ago. Cash buyers accounted for 21% of all July transactions, down from 22% in June and 23% a year ago. Recording the lowest market share since N.A.R began tracking these statistics in October 2008, distressed sales of foreclosures and short sales took a 5% market share, down from 6% in June and 7% in July 2015 with 4% of july sales relating to foreclosures and 1% short sales. Foreclosures that closed offered an average 18% discount below market value (11% in June), while short sales discounted at an average 16% (18% in June). Properties typically spent 36 days on the market, up from 34 days in June but down from the 42 day level seen a year ago. Short sales spent the longest period of time on the market at 95 days, while foreclosures sold in 54 days and non distressed homes took 34 days. Single family home sales fell 2% overall to a seasonally adjusted annual rate of 4.82 million from 4.92 million in June, and are now 0.8% under the 4.86 million pace of a year ago. The median existing single family home price was $246,000, up 5.4% from July 2015. Existing condominium and co-op sales fell 12.3% to a seasonally adjusted annual rate of 570,000 units in July from 650,000 in June, and are now 8.1% below July 2015 (620,000 units). The median existing condo price was $228,400 in July, which is 4.1% up from a year ago. Unsold inventory represents a 4.3 month supply at the current sales pace, which is down from the 4.5 month supply level in June.
August 31st 2016
1 G.B.P…Buys 1.309 U.S.D – 1 U.S.D…Buys 0.763 G.B.P
1 EURO…Buys 1.114 U.S.D – 1 U.S.D…Buys 0.897 EURO
1 CAN $…Buys 0.762 U.S.D – 1 U.S.D…Buys 1.311 CAN $
1 BRL $…Buys 0.309 U.S.D – 1 U.S.D…Buys 3.231 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.