August 2014

July ‘journal’ from the Orlando Resort Area…

The resort area inventory fell by a net 11 homes from last month to revise the number of homes listed for sale to 1463. By listing type, normal owner sales accounted for 1234 listings which was down 7 from a 1241 total last month. Bank owned listings fell by 6 to a revised 143 whilst short sales increased by a net 2 from last month to 92. The market saw 275 homes change hands during the month which was an increase of 24 closings compared to June. Both the average days that a home takes to sell and average sales price achieved against listed price remained unchanged month on month at 133 days and 96.75% respectively. The median price of an area home now stands at $159,855 which is a 2.1% month on month increase. The total number of homes under contract awaiting closure fell by 21 from last month to 515 whilst the number of homes withdrawn from the market during July was 154. The July inventory figure compared against monthly sales pace would suggest a resort area supply level of 5.32 months which was up slightly from the 5.22 month recorded figure in June.


Orlando Realtors participated in 2,817 closings during June 2014, an increase of 5.9% compared to June 2013 and an increase of 4.9% from May 2014. Foreclosure related sales increased by 54.6% compared to 2013 while normal sales were up 11.3% in the same period. In contrast short sale closings fell 57.2%.  Single family home sales increased by 7.9% compared to June 2013, while condo sales fell 6.9%. Month on month homes of all styles spent an average 71 days on the market before coming under contract with the average home selling at 96.9% of its listed price. The same time last year these figures recorded as 68 days and 97.1%. The overall median price for the month was $165,100, a 9.8% increase from June 2013 and a 0.5% increase over last month. The median price of single family homes has increased 7.0% from June last year, and the median price of condos have increased 5.13%. Pending sales awaiting closure currently total 7,135 which is 15.4% down from June and 3.6% lower than the 7,407 May 2014 total. Short sales comprised 37.7% of all Orlando pending sales whilst normal owner listings accounted for 40.9%  while bank owned properties accounted  for the remaining 21.2% share. The number of existing homes (all sales types and all home types combined) available for purchase in June is 51.2% above the inventory figure of June 2013 to stand at 11,518 with inventory increasing by a net 610 homes from last month. The total inventory of single family homes is now up 55.6% from a year ago, while condo inventory is up 36.4%. The inventory of duplexes, townhomes, and villas rose 39.3%. Current inventory combined with the current pace of sales created a 4.1 month supply of June homes in Orlando. The areas condo sales were down 6.9% in June, with 350 sales recorded compared to 376 in June 2013. Orlando homebuyers purchased 258 duplexes, town homes and villas during  the month which is a 9.3% increase compared to the 236 purchased in June 2013.


Floridas housing market recorded an increase in listings, according to the latest housing data released by Florida Realtors.  New listings for existing single family homes rose 13.1% year on year, while new listings for townhouse and condos rose 3.9% from the previous year. Meanwhile closed sales of single family homes statewide totaled 23,013 last month, up 3.6% over the June 2013 figure. The Florida townhome and condo market recorded a total of 10,558 closings last month which was down 7% from May 2013. The closed sales data reflected a fall in short sales compared to the previous year. Short sales for condo and townhome inventory declined 61.2% while short sales of single family homes was down 54.3%. The states inventory recorded a 5.7 month supply last month for single family homes and a 6 month supply for townhouse and condo properties which was a figure that has been unchanged now for the past two months, according to Florida Realtors.


The nations total existing home sales for all homes styles rose 4.9% to a seasonally adjusted annual rate of 4.89 million in May from an upwardly revised 4.66 million in April. However, year on year sales were 5% down from the 5.15 million unit level seen in May 2013. Total housing inventory climbed 2.2% to 2.28 million existing homes available for sale, which represents a 5.6 month supply at the current sales pace, down slightly from 5.7 month supply in April. Unsold inventory is 6% up from a year ago, when figures recorded 2.15 million existing homes available for sale. The median existing home price for all housing types in May was $213,00  which represents a 5.1% increase from May 2013. The sale of distressed homes accounted for 11% of all sales, down from 18% in May 2013. Foreclosure related closings accounted for 8% of all closings while short sales accounted for 3%. Foreclosures nationally closed at an average 18% discount from market value in May, while short sales discounted at an average of 11%. First time buyers represented 27% of all purchasers during May, down from 29% in April. The median time on market for all homes stood at 47 days, down from 48 days in April. Short sales were on the market for a median 125 days, while foreclosures typically sold in 57 days and non distressed homes took 44 days. Nationally cash buyers accounted for 32% of all transactions, unchanged from last month but down from 33% in May 2013. Overall single family home sales rose 5.7% to a seasonally adjusted annual rate of 4.3 million from 4.07 million in April, but are 5.7% below the 4.56 million pace seen one year earlier. The median existing single family home price was $213,600 in May, up 4.9% from May 2013. Existing condominium and co-op sales remained unchanged in May from April (as well as May 2013) at an annual rate of 590,000 units. The median existing condo price was $212,300 which was up 6.6% from one year ago. New home sales fell 8.1% last month to a seasonally adjusted annual rate of 406,000, the Commerce Department also reported during the month. The report also revised down the May sales rate to 442,000 from 504,000.


July 31st 2014

1 G.B.P…Buys 1.691 U.S.D – 1 U.S.D…Buys 0.591 G.B.P

1 EURO…Buys 1.339 U.S.D – 1 U.S.D…Buys 0.746 EURO

1 CAN $…Buys 0.917 U.S.D – 1 U.S.D…Buys 1.090 CAN $

1 BRL $…Buys 0.445 U.S.D – 1 U.S.D…Buys 2.246 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.