March ‘murmurings’ From The Resort Area…
The total resort area inventory offered for sale stood at 1859 homes at the end of March which is an 8.1% decrease from the corresponding month last year and a 5.6% decrease from last months 1964 recorded total. By listing type the March total recorded 1806 normal owner listings which was a 4.9% decrease from February and 5.9% lower than March 2016. Bank owned listings at 34 were down from 63 last year with the short sale total of 19 down 16 from the 35 recorded total of March 2016. The sales total of 281 closings in March was identical to the March 2016 total but up by 9 from the February 272 recorded sales. Homes that closed took an average 133 days to sell which compares to 129 in March 2016 and 134 last month. Homes that sold achieved an average 97.25% of the asking price which compares to the 96.6% being achieved on sales a year ago. The median price of a resort area home increased 9.6% year on year at $186,149 whilst the number of homes under contract awaiting closure was 23% up on March last year at 684 and also 12.1% higher than last months pipeline total of 610. The March report also details that 145 homes were withdrawn from the market having failed to attract a buyer whilst listed. Total current inventory reviewed against monthly pace of sales suggests a 6.6 month supply of home availability in March compared to a 7.2 month supply in February 2017 and the 7.1 month level recorded in March 2016.
The wider Orlando housing market saw increases in both median prices and sales during February while the inventory of homes available for purchase was down 21% compared to last year. The overall Orlando median price (all home types) stood at $205,000, which is 10.8% up from the February 2016 median price of $185,000 with year on year increases in median prices now having been recorded for the past 67 consecutive months. The median price of a single family home that changed hands during the month was up 12% on February 2016 at $223,100 while condominium median prices were up 20.9% at $99,750. The average Orlando home price in February was $239,219, an increase of 9.9% from the February 2016 average. The average Orlando home listed during the month was $247,409 and sold at an average of 96.7% of its listed price which was unchanged from February 2016. Members of O.R.R.A participated in a total of 2,423 sales of all home types which represented a 0.3% increase on the 2,415 closings of February 2016 and a 9.5% increase on January 2017. The 1,865 single family home closings was a 0.9% decrease compared to February 2016, while condo sales of 334 were 19.3% higher. Sales of distressed homes relating to foreclosures and short sales totaled 233 which was 57.3% down from February 2016 as distressed sales comprised 9.6% of all Orlando area home transactions last month. The total Orlando inventory of homes available for purchase represented a decrease of 20.9% from February 2016 with single family home stock down 21.1% and condos down 23.5%. Current inventory considered against pace of sales created a 3.5 month supply of Orlando homes availability in February which compares to a 4.4 month supply in February 2016 and the 3.9 month supply level of last month.
The Florida housing market saw an increase in median prices during February, according to the latest housing data released by Florida Realtors®. Sales of single family homes statewide totaled 18,033, down 0.5% compared to February 2016. Sellers of existing single family homes received a median 95.8% of their original listing price, while those selling townhomes and condominiums achieved 94.7%. The statewide median sales price for existing single family homes was $225,000, up 12.5% from last year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price of townhome and condo properties stood at $167,500, up 11.7% from a year ago with February marking the 63rd consecutive month that statewide median prices for both sectors have increased year on year. Floridas townhome and condo market saw statewide closed sales of 7,949, up 4.1% from February 2016. Closed sales data reflected fewer short sales of townhome and condo properties which were down 39.6% while short sales for single family homes were also down 39%. Floridas condo and townhouse sales rose 4.1% year on year during February. For the second consecutive month, inventory offered a 4.2 month supply of single family homes, and a 6.4 month supply for townhome and condo properties, according to Florida Realtors
Total existing home sales for all style of home were down 3.7% to a seasonally adjusted annual rate of 5.48 million in February from 5.69 million in January. Despite the decline, Februarys sales pace remains 5.4% up year on year. The nations median price of all existing homes was $228,400, up 7.7% from February 2016 ($212,100). Total housing inventory at the end of February increased 4.2% to 1.75 million existing homes available for sale, but is still 6.4% down on a year ago (1.87 million). Unsold inventory is at a 3.8 month supply at the current sales pace from 3.5 months in January. Properties typically spent 45 days on the market, down from 50 days in January with short sales on the market for the longest period at a median of 214 days while foreclosures sold in 49 days and non distressed homes took 45 days. The market share of distressed sales was 7% for the third straight month which was down from 10% a year ago with 6% foreclosure related and 1% short sales. Foreclosures sold at an average 18% discount below market value (14% in January), while short sales discounted 17% (10% in January). Single family home sales declined 3% to a seasonally adjusted annual rate of 4.89 million during February from 5.04 million in January, and are now 5.8% up on the 4.62 million pace seen a year ago. The median existing single family home price stood at $229,900 in February, up 7.6% from February 2016. Existing condominium and co-op sales fell 9.2% to a seasonally adjusted annual rate of 590,000 units in February, but are still 1.7% up from a year ago. The median existing condo price was $216,100 which is 8.2% higher than a year ago. Total housing inventory increased 4.2% to 1.75 million existing homes available for sale, but remains 6.4% lower than a year ago (1.87 million) having fell year on year for 21 consecutive months. The nations unsold inventory is at a 3.8 month supply at the current sales pace compared to 3.5 months in January.
By Region February existing home sales in the Northeast were down 13.8% to an annual rate of 690,000, up 1.5% from a year ago. The median price in the Northeast was $250,200, which is 4.1% above February 2016. In the Midwest, existing home sales fell 7% to an annual rate of 1.20 million, up 2.6% from last year. The median price in the Midwest of $171,700 was up 6.1% from a year ago. Existing home sales in the South rose 1.3% to an annual rate of 2.34 million, and are up 5.9% up on February 2016. The median price in the South stood at $205,300, up 9.6% from a year ago. Existing home sales in the West were down 3.1% to an annual rate of 1.25 million, but were 9.6% higher than a year ago. The median price in the West was $339,900, up 9.6% from February 2016.
March 31st 2017
1 G.B.P…Buys 1.246 U.S.D – 1 U.S.D…Buys 0.802 G.B.P
1 EURO…Buys 1.069 U.S.D – 1 U.S.D…Buys 0.935 EURO
1 CAN $…Buys 0.752 U.S.D – 1 U.S.D…Buys 1.329 CAN $
1 BRL $…Buys 0.316 U.S.D – 1 U.S.D…Buys 3.160 BRL $
U.S Prime Interest Rate = 0.75%
Team Donovan publish a 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.