November ‘numericals’ From The Resort Area…
Resort area inventory in November detailed a total of 1,430 listings that represented 1,376 normal owner listings, 31 bank owned homes and 23 short sales. Overall inventory was down 40% from November 2016 when the total number of homes listed for sale stood at 2,004 which then comprised 1,917 normal owner listings, 50 bank owned and 37 short sales. The average days on market that a home took to sell in November 2017 was unchanged from last month at 132 but was down 1 day from the 133 days being achieved a year ago. During the month a closed home achieved an average 97.1% of the asking price which was little changed from the 97% level of both October 2017 and November last year while the median price of $201,611 was up 11.1% from the $180,219 median of a year ago. Total sales during the month of 343 were 7.5% higher than the 319 closings from the corresponding month last year and 4.3% up on the 329 sold total of last month. Conversely during the month 106 homes were withdrawn from the market having failed to achieve a sale which compared to the 144 total withdrawn in November 2016. Novembers total inventory when considered against pace of sales suggests a 4.2 supply of home availability which is down from a 4.4 month level last month and the 6.3 month level achieved a year ago.
The sale of Orlando area homes posted positive increases during October reported the Orlando Regional REALTOR® association with sales up 7% compared to October last year, and 14% higher than last month. The median price of Orlando area homes continued its year on year upward trend with the overall median price of $218,000 up 6.3% from the October 2016 median of $205,000. Year on year increases in median prices have now been recorded for the past 75 consecutive months with the overall median price up 88.7% on July 2011. The median price of a single family home that changed hands during October increased 7.3% from October 2016 at $238,530. The median price of a condo was 10.5% higher at $110,500. The overall average home price for all home styles was $259,567, an increase of 4.7% from the average in October 2016. The average home joined the market at $267,157 in October and sold for 97.1% of its listed price (compared to 96.92% in October 2016). Members of O.R.R.A participated in 2,898 sales of all home types, which was 7.3% more than the 2,701 sales of October 2016 and 13.6% up on the 2,552 sales in September 2017. Sales of single family homes totaled 2,228 which was an increase of 3.1% compared to October 2016, while condo sales of 365 were up 23.7%. Sales of distressed homes (foreclosures and short sales) stood at 156 which was 50.6% less than the 316 distressed sales recorded in October 2016 with distressed sales comprising 5.4% of all Orlando area transactions last month. The overall inventory of homes available for purchase stood at 8,464 which represents a decrease of 15.6% compared to October 2016, and a 2.1% fall compared to last month. Inventory totals detailed 12.5% fewer single family homes and 28.2% fewer condos listed for sale. Current inventory combined with the current pace of sales created a 2.9 month supply of homes in October which compares to a 3.7 month supply in October 2016 and a 3.4 month supply last month.
The impact of Hurricane Irma on the Florida housing market seemed to have been mainly resolved by the end of October, according to the latest housing data released by Florida Realtors®. Sales, median prices, new listings and the number of pending sales rose even as the inventory of listed properties remained fairly constrained in many areas. The sale of single family homes statewide totaled 20,543 last month, up 2% compared to October 2016. The statewide median sales price for an existing single family home was $235,558, up 7.1% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median price for condominiums and and townhome properties was $170,000, up 5.2% from one year ago with October being the 70th consecutive month that statewide median prices for both sectors rose year on year. Floridas condo and townhome market saw statewide closed sales of 8,116, up 2.2% compared to October 2016. Closed sales data statewide reflected fewer short sales and foreclosures with short sales of condo and townhome properties down 22.5% year on year and foreclosures down 42.8%. Short sales of single family homes were 36.7% lower while foreclosures fell 42.3% year on year. Octobers total inventory remained relatively tight at a 3.8 month supply level for single family homes and a 5.6 month supply for condo and townhouse properties, according to Florida Realtors.
The Nations existing home sales increased during October but inventory supply shortages led to fewer closings on an annual basis for the second straight month, according to the National Association of Realtors®. Total existing home sales covering all home styles were up 2% percent to a seasonally adjusted annual rate of 5.48 million from a downwardly revised 5.37 million during September. After last months increase, sales recorded their strongest pace since June (5.51 million), but were still 0.9% down from a year ago. Single family home sales climbed 2.1% to a seasonally adjusted annual rate of 4.87 million from 4.77 million in September, but are 1% under the 4.92 million pace of a year ago. The median existing single family home price was $248,300 in October, up 5.4% from October 2016. Existing condominium and co-op sales increased 1.7% to a seasonally adjusted annual rate of 610,000 units (unchanged from a year ago). The median existing condo price was $236,800 which is 6.9% up on a year ago. The median existing home price for all housing types stood at $247,000, up 5.5% from the October 2016 figure of $234,100 with Octobers price increase marking the 68th straight month of year on year gains. Total housing inventory was down 3.2% to 1.80 million existing homes available for sale, and was 10.4% lower than a year ago (2.01 million) with inventory down year on year for 29 consecutive months. Properties typically spent 34 days on the market, which is unchanged from last month but down from 41 days a year ago. During October 47% of homes sold were on the market for less than a month. Cash buyers accounted for 20% of all transactions, unchanged from September but down from 22% a year ago. Distressed sales of foreclosures and short sales represented 4% of October sales, unchanged from last month and down from 5% a year ago with 3% of October sales being foreclosures and 1% short sales. Unsold homes represent a 3.9 month supply level at the current sales pace, which is down from 4.4 months a year ago.
November 30th 2017
1 G.B.P…Buys 1.347 U.S.D – 1 U.S.D…Buys 0.742 G.B.P
1 EURO…Buys 1.184 U.S.D – 1 U.S.D…Buys 0.843 EURO
1 CAN $…Buys 0.776 U.S.D – 1 U.S.D…Buys 1.288 CAN $
1 BRL $…Buys 0.306 U.S.D – 1 U.S.D…Buys 3.266 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.