August 2016

July ‘numbers’ from the Orlando resort area…

The July resort area inventory was up 19 homes from last month and 25 homes higher than July 2015 to a a revised total 1,975 listings. Considered against last month all listing groups indicated slight increases as normal owner listings rose by 11 at 1,896, bank owned increased by 5 at 48 and short sales rose 3 at 31. The average days on market that a home took to sell was up 2 from June at 136 and up 8 from the July 2015 figure of 128. The average price a home achieves at sale when compared to asking price was 96.8% from 97% in June and 96.6% in June 2015. The resort area median price was up 0.8% month on month at $174,990 and up year on year by 6.4% from $164,500. During July 167 homes were withdrawn from the market having been unable to achieve a sale whilst listed which compares to 134 last month and 140 in the corresponding month last year. The closed sales total of 318 was down 29.8% from last month but up 6.3% from the July 2015 closed total. The total number of homes awaiting closure was 487 which was 96 lower than last month. The July inventory level represents a 6.2 month availability of overall supply which comapares to the 4.7 month level last month and the 6.5 month level of July 2015.

Orlando…

The overall median price (all sales types and all home styles combined) during June was $207,000, a 15% increase compared to the $180,000 median price of June 2015. This median price is up 1.9% from the May 2016 median of $203,000. The Orlando median price has now seen year on year increases for 59 consecutive months with the median up 79.2% from July 2011. The year on year median price of normal sales increased 4.8%, while the median price of foreclosure closings increased 3.5% with short sales rising 14.5%. The median price of an Orlando single family home increased 12.5% from June of last year, with the median price of condominiums rising 19.7% . Orlando area realtors participated in the sale of 3,513 homes during June which was a decrease of 2.5% compared to June 2015 but an increase of 4.9% from May 2016 levels. Sales of normal homes were up 16.5%, while foreclosures decreased 60.1% and short sales fell 30.5%. Single family home sales were down 0.8% from the corresponding month last year while condo sales were down 5.6% as 399 sales units closed during June 2016 compared to the 423 closings in June 2015. Orlando homebuyers purchased 287 duplexes, town homes and villas, which is 12.5% less than June 2015. Homes of all types spent an average of 62 days on the market before coming under contract with the average home closing at 96.9% of its listed price. In June 2015 these Orlando numbers recorded as 67 days and 96.9%, respectively with normal properties comprising 72.4% of all pending sales. Short sales accounted for 15.4% with bank owned homes accounting for 12%. The total number of existing homes (all types combined) available for purchase during June was 11.8% below inventory levels of June 2015 at 10,629. Inventory overall was up 0.7% (76 homes in number) from May. The inventory of normal homes was down 1.1%, while foreclosures fell 67.6% and short sales decreased 44.6%. The total single family inventory is down 10.2% from June of 2015, while condo inventory is down 21.8%. The inventory of duplexes, townhomes, and villas was down 7%. Current inventory combined with pace of sales created a 3.03 month supply of home availability in Orlando for June which compares to a 3.35 month supply in June 2015 and the 3.15 month supply level of last month.

Florida…

The Florida housing market reported higher median prices and fewer days to a contract during June, according to the latest housing data released by Florida Realtors®. Closed sales of single family homes statewide totaled 27,086, up 0.4% from the June 2015 level of 26,973 closings. sellers of existing single family homes received 96.3% of their original listing price, while those owners listing townhomes and condo properties received an average 94.6% at closing. The statewide median sales price for all existing single family homes was $225,000, up 10.8% from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price for townhome and condo properties stood at $164,000, up 8.6% from a year ago. Closed sales data reflected fewer short sales and cash only closings during June with closings of townhome and condo properties down 43.2% while short sales of single family homes fell 37.2%. Inventory was at a 4.3 month supply level for single family homes and at a 6 month supply for townhome and condo properties, according to Florida Realtors.

U.S…

Total U.S existing home sales of single family homes, townhomes, condominiums and co-ops climbed 1.1% to a seasonally adjusted annual rate of 5.57 million during June from a downwardly revised 5.51 million in May. After last months gain, sales are up 3% from June 2015 (5.41 million) and remain at their highest annual pace since February 2007 (5.79 million). The median existing home price for all U.S. housing types was $247,700, up 4.8% from June 2015 ($236,300). Total housing inventory at the end of June dipped 0.9% to 2.12 million existing homes available for sale, 5.8% lower than a year ago (2.25 million). The market share of first time buyers stood at 33% which is up from 30% in May and and is at the highest level seen since July 2012 (34%). For the first six months of the year, first time buyers represented an average 31% of all sales compared to 30% for the whole of 2015. Cash sales represented 22% of all transactions during June, unchanged from both May and a year ago. Individual investors, who account for many cash sales, purchased 11% of all homes (lowest since July 2009 at 9%), down from 13% in May and the 12% level of a year ago. Properties typically stayed on the market for 34 days during June, an increase from 32 days in May but unchanged from one year ago. Short sales were on the market for the longest period of time at a median 156 days, while foreclosures sold in 49 days with non distressed sales taking 30 days. Single family home sales increased 0.8% overall to a seasonally adjusted annual rate of 4.92 million in June from 4.88 million in May, and are now 3.1% higher than the 4.77 million pace of a year ago. The median existing single family home price was $249,800 in June, up 5% from June 2015. Existing condominium and co-op sales grew 3.2% to a seasonally adjusted annual rate of 650,000 units from 630,000 in May, and are now 1.6% above June 2015 (640,000 units). The median existing condominium price was $231,600, which was 3.2% higher than a year ago. Unsold inventory represents a 4.6 month supply at the current sales pace, which is down from the 4.7 month level of May.

July 31st 2016

1 G.B.P…Buys 1.322 U.S.D – 1 U.S.D…Buys 0.756 G.B.P

1 EURO…Buys 1.115 U.S.D – 1 U.S.D…Buys 0.896 EURO

1 CAN $…Buys 0.762 U.S.D – 1 U.S.D…Buys 1.311 CAN $

1 BRL $…Buys 0.307 U.S.D – 1 U.S.D…Buys 3.247 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.