June ‘journal’ from the Orlando Resort Area…
Junes sales were up 2.8% compared to May as 311 homes changed hands across the Orlando resort area covered by Team Donovan. Overall inventory in the market was little changed month on month with a total 1944 homes listed for sale but was 31.8% higher than the corresponding month last year. By listing type the current inventory comprises 1739 normal owner homes, 155 bank owned listings and 50 short sales. Homes that sold during June achieved an average 96.6% of the asking price which compares to 96.5% in May and 96.7% in June 2014. The average days that a home takes to sell was unchanged month on month at 129 but was 4 days less than the 133 day average of the same month last year. Prices month on month were up by just over 1% with the average home now recording a median price of $163,937. The total number of homes recorded under offer/contract stood at 604 which was down 11 from May but was an 11% rise in pending sales from the June 2014 recorded total. During June 166 Homes were withdrawn from the market by owners having been unsuccesful in achieving a sale. June inventory when reviewed against existing inventory suggests a 6.2 month resort area supply which is down from the 6.4 month supply recorded in May but 1 month higher than the 5.2 month level logged in June 2014.
Members of the Orlando Regional Realtors Association participated in the sale of 2,951 homes during May which was an increase of 9.9% from May 2014 but a fall of 5% compared to April 2015 while the median price of an area home increased 10% compared to May of 2014. The overall median price (all sales types and all home types combined) for May recorded as 181,900 which was a 10.2% increase compared to the $165,000 May 2014 median price. Traditional sales in Orlando were up 22.2% compared to May 2014 while the closing of short sales fell 53.7% and foreclosure sales increased 1.5%. Orlandos total pending sales awaiting closure stood at 7,016 which was 5.2% lower than May 2014 (7,407) and 0.6% higher than April 2015 (6,975). The total number of existing homes available for purchase in May was 8.1% above that of May 2014 at 11,798 with overall inventory also rising by 73 properties from April. The number of Orlando homes on the market overall was up 8%. The inventory of single family homes climbed 5.3% compared to May of 2014, while condo inventory is 16.1% higher. The inventory of duplexes, townhomes and villas was up by 21.1%. Orlando homes of all types spent an average of 72 days on the market before coming under contract with the average home selling at 96.8% of its listed price. In May 2014 these indices recorded as 73 days and 96.4% respectively. The sale of Orlando condos were down 7.4% in May, with 325 sales recorded compared to 351 in May 2014. Orlando homebuyers purchased 294 duplexes, townhomes, and villas during May, which was 19.5% higher than the May 2014 sales total.
Realtors across the state reported rising median prices and fewer days on the market for existing single family homes townhomes and condo properties. Last months closed sales statewide of existing single family homes totaled 24,789 which was 7.7% up from May 2014. Existing single family homes spent a median 49 days on the market which was down 9.3% from a year ago. The median days on market for a townhouse or condo property was 52, down 5.5% from May 2014. The sellers of single family homes achieved an average 94% of their asking price at the closing whilst the states townhome and condo sellers averaged just under 93% of their asking price. During May statewide median sales prices for single family, townhomes and condo properties rose year on year for the 42nd month in a row. The statewide median sales price for existing single family stood at $200,000, up 11.1% from a year ago according to data from Florida Realtors. The statewide median price for townhouse and condo properties sat at $159,000, up 9.7% from one year ago. Floridas townhouse and condo market recorded essentially flat sales last month with a total of 10,549 closings, down 0.1% compared to May 2014. The closed sales data reflected fewer short sales overall in May with short sales for townhouse and condo properties down 45.1% whilst this type of sale for single family homes fell 37.7%. Inventory totals recorded a 4.7 month supply in May for single family homes and a 5.8 month supply for townhome and condo properties.
Total existing home sales covering all home styles rose 5.1% to a seasonally adjusted annual rate of 5.35 million in May from an upwardly revised 5.09 million in April. Sales have now increased year on year for eight consecutive months and are 9.2% up from a year ago (4.90 million). Total housing inventory at the end of May increased 3.2% to 2.29 million existing homes available for sale, and is 1.8% higher than a year ago (2.25 million). Unsold inventory is at a 5.1 month supply at the current sales pace, down from 5.2 months in April. The nations existing home median price for all housing types was $228,700, which is 7.9% above that of May 2014. The percentage share of first time buyers in the market increased to 32% in May, up from 30% in April to record the the highest level percentage share since September 2012. A year ago, first time buyers accounted for 27% of all sales. Cash sales accounted for 24% of the nations transactions for the third straight month but remain down considerably from the 32% level seen a year ago. Individual investors purchased 14% of all homes which was unchanged from last month but down 16% from May 2014. Distressed sales of foreclosures and short sales remained at a 10% market share for the third consecutive month but this was down 1% from the 11% share seen a year ago. Foreclosures amounted to 7% of all May closings whilst 3% were short sales. Foreclosures sold at an average 15% discount below market value, while short sales discounted at an average 16%. Single family home sales increased 5.6% to a seasonally adjusted annual rate of 4.73 million in May from 4.48 million in April to stand at 9.7% above the 4.31 million pace seen a year ago. The median existing single family home price was $230,300 in May which is up 8.6% from May 2014. Existing condominium and co-op sales increased 1.6% overall to a seasonally adjusted annual rate of 620,000 units from 610,000 units in April, and are 5.1% higher than the level of May 2014 (590,000 units). The median existing condo price stood at $216,400, which is 1.9% higher than a year ago. The Commerce Department reported during the month that new home sales rose 2.2% to a seasonally adjusted annual rate of 546,000, the strongest pace in more than seven years.
June 30th 2015
1 G.B.P…Buys 1.574 U.S.D – 1 U.S.D…Buys 0.635 G.B.P
1 EURO…Buys 1.121 U.S.D – 1 U.S.D…Buys 0.891 EURO
1 CAN $…Buys 0.804 U.S.D – 1 U.S.D…Buys 1.242 CAN $
1 BRL $…Buys 0.322 U.S.D – 1 U.S.D…Buys 3.097 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.