July ‘journal’ From The Resort Area…
Total resort area inventory was down 23.2% year on year at 1603 listings which was also 6.3% lower than June 2017. Julys total comprised 1543 normal owner listings, down from 1896 in July 2016. Year on year bank owned listings were down 11 at 37 whilst short sales were downby 8 from last year at 23. The average days that a home took to sell was down 6 from July last year at 130 which was also 1 less than last month while the average sold home achieved 97.1% of the final asking price. The resort area median price of $191,062 represented a 9.2% increase from the median July price of last year. July 2017 saw total sales of 390 which was 8 closings higher than June and 72 up on the 318 sold total of July 2016. The number of homes under contract awaiting closure was 648 which was 33% higher than the 487 total from a year ago whilst 144 homes were withdrawn from the market during the month having failed to attract a buyer. Julys inventory supply viewed against current pace of sales indicated a 4.1 month supply of home availability which is down from 4.5 months last month and down from the 6.2 month supply level of July 2016.
Members of Orlando Regional Realtors Association participated in 3,837 sales of all home styles during June, which is 7.9% higher than the 3,556 sales of June 2016 but 0.2% less than the 3,845 sales of May 2017. Single family sales of 3,047 during June this year were 6.8% higher than June 2016, while condo sales of 436 increased 8.2%. Sales of distressed homes (foreclosures and short sales) stood at 261 which is 38.4% less than June 2016. Distressed sales comprised 6.8% of all Orlando area transactions last month. The median price of Orlando homes that sold during the month was up 7% with overall sales up nearly 8% when compared to June 2016. Inventory continued its year on year fall but registered the smallest rate of decline so far this year at 14%. Orlandos overall median home price (all home types combined) was $222,500, which is 7.5% above the June 2016 median of $207,000 with year on year increases in median prices having now been been recorded for the last 71 consecutive months. As of June 2017, the overall median was 92.6% higher than July 2011. The median price for single family homes that changed hands during June increased 8% from June 2016 to $243,000 with the median price of condos up 11.7% at $110,000. The overall average home price for June 2017 was $269,811, an increase of 7.5% from the average home price of June 2016. The average home listed for $276,779 and sold for 97.5% of the listed price (96.9% in June 2016). The overall Orlando inventory of homes available for purchase was 9,141 which represents a decrease of 14% compared to June 2016, and a 4.1% increase compared to last month with figures reflecting 12.5% fewer single family homes and 21.9% less condos. Current inventory combined with the current pace of sales created a 2.4 month supply of homes in Orlando for June which compares to a 2.9 month supply in June 2016 and a 2.3 month supply last month.
Florida’s housing market had more closed sales, higher median prices and more new listings in June, according to the latest housing data released by Florida Realtors®. Sales of single family homes statewide totaled 28,205, up 4.3% compared to June 2016. The statewide median sales price for existing single family homes was $245,000, up 8.9% from the previous year, according to data from Florida Realtors Research department in partnership with local Realtor boards/associations. The statewide median price for townhomes and condo properties was $176,820, up 7.2% over the one year ago figure with June representing the 67th consecutive month that statewide median prices for both sectors increased year on year. The median sales price among Florida single family home closings was up 8.9% compared to last year with the median price of condos and townhouses up slightly less at 7.2%. Floridas townhome and condo market, statewide saw closed sales of 10,996, up 4.9% compared to June 2016 with the states closed sales data reflecting fewer short sales and foreclosures last month. Short sales for townhomes and condo properties declined 30% while foreclosures fell 47.3% year on year. Short sales for single family home sales were down 31.5% and foreclosures fell 43.4% year on year. inventory remained tighter in June with a 3.9 month supply for single family homes and a 5.8 month supply for townhome and condo properties, according to Florida Realtors.
Existing home sales were down in June with the low supply of homes muting overall sales activity, according to the National Association of Realtors® (NAR) with only the midwest seeing an increase in sales last month. Total existing home sales covering all home styles were down 1.8% to a seasonally adjusted annual rate of 5.52 million from 5.62 million in May. Despite last months decline, Junes sales pace was still 0.7% up on a year ago, but was the second lowest total of 2017 (February, 5.47 million). The median existing home price for all housing types was $263,800, up 6.5% from June 2016 ($247,600). Last months median sales price surpasses May as the new peak and was the 64th straight month of year on year gains. Properties typically spent 28 days on the market during June, which is up from 27 days in May but down from the 34 days seen a year ago. Short sales were on the market for the longest period at a median of 102 days while foreclosures sold in 57 days and non-distressed homes took 27 days. Of all June sales 54% of all homes that sold were on the market for less than a month. Single family home sales dipped 2% to a seasonally adjusted annual rate of 4.88 million in June from 4.98 million in May, but remain 0.6% above the 4.85 million pace of a year ago. The median existing single family home price was $266,200, up 6.6% from June 2016. Existing condominium and co-op sales were at a seasonally adjusted annual rate of 640,000 units (unchanged from May), and are 1.6% higher than a year ago. The median existing condo price was $245,900 which is 6.5% up from a year ago. Total housing inventory was down 0.5% to 1.96 million existing homes available for sale which was 7.1% lower than a year ago (2.11 million) and has fallen year on year for 25 consecutive months. Unsold inventory represented a 4.3 month supply at the current sales pace, which is down from 4.6 months a year ago.
July 31st 2017
1 G.B.P…Buys 1.311 U.S.D – 1 U.S.D…Buys 0.762 G.B.P
1 EURO…Buys 1.172 U.S.D – 1 U.S.D…Buys 0.852 EURO
1 CAN $…Buys 0.801 U.S.D – 1 U.S.D…Buys 1.247 CAN $
1 BRL $…Buys 0.318 U.S.D – 1 U.S.D…Buys 3.138 BRL $
U.S Prime Interest Rate = 1.0-1.5%
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.