March ‘musings’ from the Orlando Resort Area…
The resort area saw 283 homes change hands in March which was 61 closings higher than the 222 February total. An average area home now closes at 96.3% of its asking price having spent 128 days on the market. Month on month area median home prices were down by just under 1% at $162,118. Overall market inventory increased by a net 16 homes during the month to 1785 and is up by 321 homes compared to the same month last year. Traditional owner instructed listings month on month were up 22 at 1576 while bank owned homes rose 1 at 156. In contrast short sale listings compared to last month were down 7 at 53. The total number of homes under offer awaiting closure increased by 32 from last month to 574. The resort areas total inventory when combined with sales pace suggests a 6.3 month supply of March home availability which compares to a 7.96 month supply in February and 10.3 month supply in January. During the past 30 days 143 homes were withdrawn from the market by owners having not had success in locating a buyer whilst listed.
The Orlando overall median price for all homes of all sales types in February was $165,000, a 4.4% increase compared to the $158,000 median price of February 2014. The Orlando year on year median price comparison has now shown gains for 43 consecutive months to stand 42.8% higher than the $115,500 low recorded back in July 2011. Members of the Orlando Regional Realtor Association participated in the closing of 2,377 homes (all home types and all sale types combined) in February which was an increase of 19% compared to February 2014 and an increase of 12.1% from January 2015. Traditional sales increased 20.6% from February 2014 whilst the closing of short sales fell 32.8% and foreclosures increased 36.2%. Single family home sales were up 21.4% compared to February 2014, while condo sales increased 6.8%. Homes in Orlando spent an average 88 days on the market before coming under contract with the average home selling for 96.2% of its listed price. In February 2014 those numbers were 76 days and 96.6% respectively. The total number of existing homes available for purchase is 12.3% higher than February 2014 to stand at 11,446 whilst overall inventory fell by 185 homes last month. The inventory of single family homes is up 8.3% compared to February of 2014, while condo inventory is 24.5% higher with inventory of duplexes, townhoms and villas increasing by 29.3% over the same period. Current inventory combined with pace of sales created a 4.82 month supply of homes in February which compares to a 5.1 month supply in February 2014 and 5.4 month supply last month.
Floridas housing market saw an increase in sales and higher median prices in February, according to housing data released during the month by Florida Realtors®. Statewide closed sales of single family homes totaled 18,701 last month, up 19% from February 2014. The statewide median sales price for an existing single family home stood at $179,995, up 9.1% 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 stood at $143,000, up 8.3% from one year ago. Inventory was at a 5.3 month supply level in February for single family homes and at 6.2 months for townhome and condo properties, according to Florida Realtors.
Februarys National median existing home price for all housing types was $202,600 which was a 7.5% increase month on month. Total housing inventory at the end of February increased 1.6% to 1.89 million existing homes available for sale, but remained 0.5% below the 1.90 million level of one year ago. For the second straight month, unsold inventory was at a 4.6 month supply level at the current sales pace. Nationally properties typically stayed on the market for 62 days during February, down from 69 days in January and unchanged from a year ago. Short sales were on the market for the longest period at a median 120 days, while foreclosures sold in 58 days and non distressed homes took 61 days. Single family home sales increased 1.4% overall to a seasonally adjusted annual rate of 4.34 million in February from 4.28 million in January, and are 5.9% above the 4.10 million pace of one year ago. The median existing single family home price was $204,200 which is up 8.2% from February 2014. Existing condominium and co-op sales were at a seasonally adjusted annual rate of 540,000 units, unchanged from January, but down 3.6% from the February 2014 560,000 unit level. The median existing condo price stood at $190,200 which is 2.8% higher than one year ago.
March 31st 2015
1 G.B.P…Buys 1.478 U.S.D – 1 U.S.D…Buys 0.676 G.B.P
1 EURO…Buys 1.074 U.S.D – 1 U.S.D…Buys 0.930 EURO
1 CAN $…Buys 0.784 U.S.D – 1 U.S.D…Buys 1.273 CAN $
1 BRL $…Buys 0.308 U.S.D – 1 U.S.D…Buys 3.240 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.