March ‘musings’ from the Orlando resort area…
March closings across the resort area resulted in 281 homes changing hands which was 2 less than the March 2015 total but 36 above the 245 February 2016 closings. Overall inventory levels were down 2.1% from last month at 2010 active listings. By type normal owner listings were down 45 month on month at 1912 while short sales fell 2 at 35. Conversely bank owned inventory recorded a rise of 4 homes at 65. Year on year inventory levels have continued to rise with the overall March total up 11.2% from the same month last year. The median price of a resort area home was up 0.5% from last month at $169,893 and up 4.6% from the March 2015 median price of $162,118. The areas average days on market remained unchanged from last month at 129 whilst the average home achieved 96.6% of the asking price which was also unchanged. These figures compare to the March 2015 average percentage price achieved of 96.3% and 128 days listed for sale. During March owners withdrew 139 homes from the market whilst the number of homes under contract/offer awaiting closure rose by a net 57 from last month at 556. The resort areas overall inventory when reviewed against months pace of sales suggests a 7.1 month supply of total homes overall which was down on the 8.3 month supply level of February 2016 but up on the 6 month supply level of March 2015.
The Orlando area inventory was down during February with overall sales year on year also down 5%. The overall median price (all sales types and all home types combined) stood at $185,000, a 12.1% increase compared to the February 2015 median price of $164,900. The median price is also up 2.7% from the January 2016 median of $180,000. This median price represents the highest level since August 2008, when this stood at $200,000. Year on year the median price of normal owner sales increased 3.2% while the median for foreclosures increased 8.3% and short sales 10.5%. The median price of an Orlando area single family home was up 11% from February of last year with the median price of condos increasing 3.2% over the same period. Orlando Realtors participated in the sale of 2,334 homes during February which was a decrease of 5% compared to February 2015 but an increase of 8.7% over January 2016. Sales of normal homes increased 13.1% while foreclosures were down 39.3% and short sales decreased 37.8%. Orlando homes of all types spent an average 82 days on the market before coming under contract during February 2016, with the average home selling at 96.6% of its listed price. This compares to 88 days and 96.3% respectively the same month last year. The total number of pending sales was 18.6% lower than February 2015 but 9.9% higher than January 2016. Normal properties comprised 63.9% of all pending sales. Short sales accounted for 18.8% and bank owned properties accounted for 17.2%. The number of existing homes (all types combined) available for purchase was 6.5% below that of February 2015 at 10,696 with overall Orlando inventory down 81 properties from last month. The inventory of normal owner listings was up 6.9%, while foreclosures were down 55.5% and short sales down 44.6%. Compared to February 2015 the inventory of single family homes was down 4.9% while condo inventory was 13.7% lower. The inventory of duplexes, townhomes and villas was down by 6.2%. The areas condo sales were down 16.9% overall, with 269 closings recorded compared to 324 in February 2015. Orlando home buyers purchased 244 duplexes, town homes, and villas during February 2016, which is 9.9% more than February 2015.
The Florida housing market saw a rise in new listings and median prices with fewer cash buyers in evidence during February, according to the latest housing data released by Florida Realtors®. Closed sales of single family homes statewide totaled 18,159 last month, remaining relatively the same (up 0.4%) as the February 2015 total. New listings increased during February with existing single family home inventory rising 12.1% from a year ago while new listings rose 15% for townhomes and condo units. The statewide median sales price for existing single family homes was $200,000, 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 stood at $150,000, up 5.6% from a year ago. Floridas February figures marked the 51st consecutive month that statewide median sales prices for single family homes, townhomes and condo properties has risen year on year. The townhome and condo market recorded statewide closed sales of 7,658 last month which was down 5.4% compared to February 2015. This closed sales data reflected fewer short sales and cash only purchases during February. Traditional sales in Florida rose 5.1% for condo and townhome properties and 16.6% for single family homes. Single family inventory was 3.8% lower than February 2015, but condo and townhome inventory was up 6% . Floridas February inventory offered a 4.5 month level of supply for single family homes and a 6.3 month supply for townhome and condo properties.
Total existing home sales for all home styles was down 7.1% to a seasonally adjusted annual rate of 5.08 million in February from 5.47 million in January. Despite last months decline, sales still remain 2.2% higher than a year ago. The median existing home price for all home types was $210,800, up 4.4% from February 2015 ($201,900). The nations total housing inventory at the end of February was up 3.3% at 1.88 million existing homes available for sale, but remains 1.1% lower from a year ago (1.90 million). Unsold inventory represents a 4.4 month supply at the current sales pace which was up from the January figure of 4 months. Cash buyers accounted for 25% of all February transactions, down from 26% in January and the same figure a year ago. The share of first time buyers fell to 30% from 32% in January, but was up 29% from a year ago. During 2015 first time buyers represented an average 30% market share. Properties typically stayed on the market for 59 days, a decrease from 64 days in January and below the 62 day level seen in February 2015. Short sales were on the market for the longest period of time with a median 126 days, while foreclosures and non distressed homes took 57 days. Matching the highest sales share since May 2015, distressed sales of foreclosures and short sales recorded a 10% market share in February, up from 9% in January but down from the 11% total of a year ago. By type this total comprised 7% foreclosures and 3% short sales. Foreclosures sold discounted at an average 17% (13% in January), while short sales sold at an average 16% (12% in January). Existing condominium and co-op sales were down 6.6% overall to a seasonally adjusted annual rate of 570,000 units from 610,000 during January, but remain 3.6% above February 2015 (550,000 units). The median existing condo price stood at $198,900 in February, which is 5.1% higher than a year ago.
March 31st 2016
1 G.B.P…Buys 1.436 U.S.D – 1 U.S.D…Buys 0.696 G.B.P
1 EURO…Buys 1.140 U.S.D – 1 U.S.D…Buys 0.876 EURO
1 CAN $…Buys 0.775 U.S.D – 1 U.S.D…Buys 1.288 CAN $
1 BRL $…Buys 0.280 U.S.D – 1 U.S.D…Buys 3.562 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.