March ‘maths’ From The Orlando Resort Area…
Resort area sales increased by 51 homes from last month as 230 homes changed hands across the communities tracked by Team Donovan. Compared to March 2013 this figure was 14 homes lower than the recorded 243 sales. Month on month figures show that a March closing achieved on average 97% of its listed price having spent 135 days on the market, down 1 day from last month but down 15 from the average 150 days seen in March 2013. The markets median price was up 0.6% from last month to stand at $154,081. Inventory levels increased by a net 27 homes during March to revise the total number of homes listed for sale to 1464. By type these comprised 1233 normal owner listings, up 38 from February, 133 bank owned, down 5 and 98 short sales which was 6 less than last months total. During March 96 homes withdrew from the market having failed to sell whilst the number of homes under offer/contract awaiting closure increased by 33 to stand at 607. The sales pace when considered against inventory total suggests a March 6.36 month supply level which compares with the 8.02 supply in February and 8.27 month figure recorded in January.
Members of the Orlando Realtors Association participated in the sale of 1,917 homes during February, a decrease of 17.2% compared to February 2013. Single family home sales decreased 16.7% while condo sales decreased 18.4%. Compared to last month, single family home sales were up 2.8% and condo sales increased 0.36%. Homes of all types spent an average of 76 days on the market before coming under contract with the average home selling at 96.6% of its listed price. Total inventory was up by 42% during February. The overall median price (all sales types and all home types combined) for the month was $158,000, an 18.8% increase compared to the $133,000 median price of February 2013. The median price of single family homes increased 17.6% compared to February of last year, and the median price of condos increased 16.4%. Pending sales under contract and awaiting closure stand at 7,085 which is 19.7% lower than the February 2013 figure of 8,825, but 9.6% higher than the January 2014 total of 6,460. The total number of existing homes available for purchase in February is 41.7% up from one year ago at 10,184 with the overall inventory increasing month on month by 257 homes. The inventory of single family homes increased by 44.0% compared to February of 2013, while condo inventory is up by 34.2%. The inventory of duplexes, townhomes and villas is up by 35.3%. The sale of condos in Orlando were down 18.4% in February, with 275 sales recorded compared to 337 in February 2013. Orlando homebuyers purchased 177 duplexes, town homes and villas during February 2014, which is a 19.9% decrease over the 221 purchased in February 2013. Current inventory combined with the current pace of sales created a 5.31 month supply of homes in February which compares to the 3.1 month supply of February 2013 and the 5.26 month supply last month.
The statewide median sales price for an existing single family home last month was $165,000, up 10% from the previous year, according to data provided during the month by Florida Realtors. The statewide median price for townhome and condo properties stood at $132,500, up 15.2% from one year ago. Florida’s townhome and condo market recorded a total of 7,578 closed sales last month, down 6.8% compared to February 2013. The closed sales data reflected fewer short sales last month with short sales of condo and townhome properties down by 59.6% while short sales for single family homes fell by 51.9%. Inventory was at a 5.7 month supply last month for single family homes and at a 6.1 month supply for townhome and condo properties, according to Florida Realtors.
Nationally existing home sales fell in February, according to the National Association of Realtors® (NAR) with total existing home sales of all styles down 0.4% to a seasonally adjusted annual rate of 4.60 million from 4.62 million in January, and 7.1% below the 4.95 million-unit level seen in February 2013. Februarys pace of sales was the lowest since July 2012, when 4.59 million was the recorded figure. The median existing home price for all housing types in February was $189,000, which is 9.1% above February 2013. Distressed home sales covering foreclosures and short sales accounted for 16% of all February sales, compared with 15% in January and 25% in February 2013. The Nations unsold inventory is 5.3% up from a year ago, when this recorded a 4.6 month supply. The median time on market last month for all homes was 62 days, down from 67 days in January and 74 days in February 2013. Short sales were on the market for a median of 94 days, while foreclosures typically sold in 60 days and non distressed homes took an average 61 days. First time buyers accounted for 28% of all purchases in February, up from 26% in January, but down from 30% in February 2013. Single family home sales edged down 0.2% to a seasonally adjusted annual rate of 4.04 million in February from 4.05 million in January, and are 6.9% below the 4.34 million-unit level in February 2013. The median existing single family home price was $189,200 in February, up 9.0% from a year ago. Existing condominium and co-op sales declined 1.8% to an annual rate of 560,000 units in February from 570,000 in January, and are 8.2% below levels of one year ago. The median existing condo price was $187,900 in February, which is 9.8% higher than February 2013.
March 31st 2013
1 G.B.P…Buys 1.663 U.S.D – 1 U.S.D…Buys 0.601 G.B.P
1 EURO…Buys 1.379 U.S.D – 1 U.S.D…Buys 0.724 EURO
1 CAN $…Buys 0.907 U.S.D – 1 U.S.D…Buys 1.102 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.