December 2014

November ‘numericals’ from the Orlando Resort Area…

The total sales in November recorded 19 less than October as 249 homes changed hands across the Orlando Resort area tracked by Team Donovan. Although a decrease month on month this figure was an increase of 107 sales compared to the November 2013 142 recorded total. Novembers figures also revealed that closed sales achieved an average 96.5% of the asking price after having spent 128 days on the market. The areas median price fell 0.4% month on month to a revised median price of $161,375. Overall inventory levels increased in all listing classes during the month with the areas total number of homes listed for sale higher by a net 92 homes from October at 1658. By type normal owner listings increased by 76 at 1426, bank owned listings were up 15 at 142 and short sales added a net 1 new listing to a revised 90 home total. Year on year total inventory is up by 288 homes from November 2013 when inventory levels recorded a 1370 listed total. During the month 147 homes were withdrawn from the market having failed to attract a buyer whilst listed for sale. The November sales pace when considered against current inventory level details a 6.65 month supply of homes which compares to the 5.82 month supply recorded last month.

Orlando…

Orlando saw an 18% increase in sales in October according to the latest details provided by the Orlando Regional REALTOR® Association (ORRA). In addition to the increase in sales, the median price of an Orlando sold home in October was up by just under 4% compared to October 2013. The overall median price for October recorded as $160,000, a 3.9% increase over October 2013 but in a possible sign of an overall slowing in market prices, were down 4.2% from last month. Foreclosures have experienced the greatest increase in median prices over the past year at 25%. The median price for normal sales has increased 2.7% over the same period whilst short sales were up by 10.8%. The median price of a single family home increased by 3.4% from October last year while the median price of an Orlando condo fell 0.1% during the same period. Members of ORRA participated in the sale of 2,807 homes (all home types and all sale types combined) during October 2014, an increase of 17.7% over 2013 and an increase of 1.3% from September 2014. Orlando homes of all types spent an average 72 days on the market before coming under contract with the average home selling at 96.3% of its listed price. The number of existing homes available for purchase in October was 32% above that of October 2013 to stand at 12,507 with the month on month figure up by 1.5%. Foreclosure inventory was up 57% compared to October 2013. The inventory of normal sales increased by 37.6% while conversely Orlandos short sale inventory went down by 15.3%. The overall single family inventory increased by 32.3% when compared to October of 2013, while condo inventory was up 32.1%. The inventory of duplexes, townhomes and villas was up by 29.7%. Orlandos current inventory compared to pace of sales created a 4.46 month area supply of home availability which compares to a 3.9 month supply in October 2013 and the 4.4 month supply of last month. The areas condo sales were up 11.3% overall, with 384 closings compared to 345 in October 2013. Orlando homebuyers purchased 262 duplexes, town homes, and villas in October, which is a 23.5% increase compared to the 212 purchased in October 2013

Florida…

The Florida housing market recorded higher closed sales and increased inventory in October, according to the latest housing data released by Florida Realtors®. Single family closed sales statewide totaled 21,894 last month, up 17.8% from October 2013. The statewide median sales price for existing single family homes last month was also higher at $177,000, up 4.6% from the previous year, according to data from Florida Realtors Industry Data and Analysis (IDA) Department in partnership with local Realtor boards/associations. The statewide median price for townhome and condo properties stood at $139,900, up 7.7% from one year ago. Statewide inventory of single family homes rose 4.9% year on year, whilst new townhome and condo inventory is up by 3.4%. Floridas townhome and condo market saw statewide closed sales totaling 9,377 which is up 7.4% compared to October 2013. The closed sales data reflected fewer short sales from last year. Short sales of condo and townhome properties fell by 55% while short sales of single family homes were down 47.6%. The states inventory level recorded a 5.4 month supply in October for single family homes and a 5.9 month supply for townhome and condo properties, according to the Florida Realtors monthly report.

U.S…

The nations home prices rose in September at the slowest pace in more than two years, reflecting modest sales gains and a rising number of available homes. The Standard & Poor’s/Case-Shiller 20-city home price index, released during the month rose 4.9% in September from 12 months earlier. That figure is down from 5.6% in August and the smallest gain since October 2012. Total existing home sales covering single family homes, townhomes, condominiums and co-ops rose 1.5% to a seasonally adjusted annual rate of 5.26 million in October from an upwardly revised 5.18 million in September. The median existing home price for all housing types stood at $208,300, which is 5.5% above October 2013. Total U.S. housing inventory at the end of October fell 2.6% to 2.22 million existing homes available for sale, which represents a 5.1 month supply at the current sales pace with unsold inventory now 5.2% higher than it was a year ago. Cash buyers represented 27% of all transactions in October, up from 24% in September but down from the 31% level seen in October last year. Distressed sales of foreclosures and short sales were in the single digits for the third month this year, decreasing to 9% in October from 10% in September. One year ago these listings represented 14% of the market. October sales recorded that 7% of the months sales were foreclosures with the remaining 2% short sales. Nationally foreclosures sold at an average 15% discount below market value, while short sales discounted on average at 10%. By type single family home sales increased 1.3% to a seasonally adjusted annual rate of 4.63 million from 4.57 million in September, and are now 2.9% above the 4.50 million pace seen one year ago. The median existing single family home price was $208,700 up 5.6% from October 2013. The sale of new U.S. homes edged up modestly in October, led by a big jump in activity in the Midwest. The Commerce Department reported during the month that new home sales increased 0.7% last month to a seasonally adjusted annual rate of 458,000. That followed a smaller 0.4% gain in September and put total sales at the highest point since May. The growth last month came from a large 15.8% increase in sales in the Midwest and a smaller 7.1% rise in the Northeast. Those increases offset a 1.9% fall in sales in the South, which accounts for half of the new home market, and a 2.7% drop in the West.

November 28th 2014

1 G.B.P…Buys 1.562 U.S.D – 1 U.S.D…Buys 0.640 G.B.P
1 EURO…Buys 1.256 U.S.D – 1 U.S.D…Buys 0.795 EURO
1 CAN $…Buys 0.874 U.S.D – 1 U.S.D…Buys 1.143 CAN $
1 BRL $…Buys 0.388 U.S.D – 1 U.S.D…Buys 2.576 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.