July ‘journal’ from the Orlando resort area…
Inventory levels in the resort area stand 25% higher than a year ago with the July 2015 total number of homes listed for sale at 1950. This comprises 1755 normal owner listings, 148 bank owned homes and 47 short sales. During July 298 homes changed hands achieving on average 96.6% of the listed price after having spent an average 128 days on the market. This compares with 129 days in June and the 133 days it took to sell a home in July 2014. The total number of homes changing hands was 13 less than June but 9% higher than the 275 closed total recorded last July. The areas median price was little changed at 164,450 up 0.3% from last month. The number of homes under contract awaiting closure at the month end totaled 576 which was 28 down from the 604 total recorded last month. During July 140 homes were withdrawn from the market having been unsuccessful in attracting a buyer. The resort areas current inventory level when considered against pace of sales suggests a 6.5 month supply of homes in July which compares to a 6.2 month supply in June and a 5.3 month supply for the corresponding month last year.
An increase in normal transactions saw the wider Orlando area home sales increase 21% from June 2014 and to its highest total (3,435) since the Orlando Regional REALTOR® Association began recording sales. In addition to increased sales, the median price for an existing sold home was up 7.7% year on year. The overall median price (all sales types and all home types combined) stood at $181,500 which represents a 7.7% increase from the $168,483 median price of June 2014. The year on year median price comparison has now recorded gains for 47 consecutive months to be 57.1% higher than the $115,500 low recorded in July 2011. Orlandos median home price showed a slight gain against last month with a rise of 0.3% from the May 2015 median $181,000 price. By sales type the median price of foreclosures increased 16.1%, while the median for normal owner sales increased 6.9% compared to short sale prices falling 2.9%. The median price of single family homes was 8.1% higher from June of last year while the median price of condos was up 8.7%. Pending sales under contract and awaiting closing currently total 6,901. This number of pending sales is 3.2% lower than June 2014 (7,135) and 1.6% lower than the May 2015 total (7,016). The number of existing homes available for purchase remains 4.6% above June 2014 to stand at 12,058. Orlando inventory overall increased by 260 properties from last month. The inventory of single family homes increased by 1.5% compared to June of 2014, while condo inventory rose by 18.3%. The inventory of duplexes, townhomes, and villas was up by 11.2%. Current inventory combined with pace of sales created a 3.5 month supply of homes in Orlando in June which compares to a 4.0 month supply in June 2014 and a 3.71 month supply last month.
The wider Florida housing market reported increased sales and higher median prices in June, according to the latest housing data released by Florida Realtors®. Closed sales of existing single family homes statewide totaled 27,729 last month, up 19.6% from June 2014. Statewide, new listings for single family homes rose 10% year on year, while listings for townhomes and condos were up 5.2%. The pending sales total for single family homes increased 10.4% from a year ago while new pending sales for townhomes and condos rose 2.7%. The median sales price stood at $203,500 for single family homes which was a rise of 10% from last 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 $152,076 in June, up 7.9% from one year ago. Floridas townhome and condo market recorded statewide closed sales last month of 10,991, a rise of 14.6% compared to June 2014. The closed sales data reflected a fall in sales during June for townhome and condo properties of 36.1% while short sales of single family homes were down by 30.4%. Overall inventory recorded a 4.6 month supply in June for single family homes and a 5.5 month supply for townhome and condo properties.
Existing home sales increased in June to their highest pace in over eight years, while the cumulative effect of rising demand and limited housing supply helped push the national median sales price to an all time high, according to the National Association of Realtors® (NAR). All major U.S. regions recorded sales gains and have now risen above year on year levels for six consecutive months. Total existing home sales for all styles of home increased 3.2% to a seasonally adjusted annual rate of 5.49 million in June from a downwardly revised 5.32 million in May. Sales are now at their highest pace since February 2007 (5.79 million), and have shown increases year on year for nine consecutive months. The nations median existing home price for all housing types was $236,400, which is 6.5% higher year on year and surpasses the peak median price of $230,400 set in July 2006. Total housing inventory at the end of June was up 0.9% overall with 2.3 million existing homes available for sale. Properties spent an average 34 days on the market, down from 40 days in May. Short sales were on the market for the longest period of time at a median 129 days, while foreclosures sold in 39 days and non distressed closings 33 days. Cash purchasers comprised 22% of all the nations transactions in June, down from 24% in May and 32% one year ago. Distressed sales accounted for 8% of all sales which was down from the 10% May level and 11% market share of one year ago. The June sales total comprised 6% bank owned homes and 2% short sales. Foreclosures nationally sold at an average 15% discount from market value, while short sales discounted at an average 18%. Unsold inventory across the country is at a 5 month supply at the current sales pace, down from the 5.1 months recorded in May.
July 31st 2015
1 G.B.P…Buys 1.564 U.S.D – 1 U.S.D…Buys 0.639 G.B.P
1 EURO…Buys 1.104 U.S.D – 1 U.S.D…Buys 0.905 EURO
1 CAN $…Buys 0.767 U.S.D – 1 U.S.D…Buys 1.302 CAN $
1 BRL $…Buys 0.294 U.S.D – 1 U.S.D…Buys 3.397 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.