November ‘numbers’ From The Resort Area…
The resort area median price was 7.7% higher than a year ago at a revised $229,688 from $213,306. Total inventory available for sale was also higher than a year ago with the November inventory at of 1,417 homes which was 5% higher than the 1,349 listings promoted a year ago. Homes that have sold over the past 4 weeks attained an average 97.5% of the listed price having been on the market for an average of 97 days which compared to 97.3% and 111 days achieved, respectively, a year ago. Total closed sales for the month of 314 were 9.8% higher than the closed total of a year ago when the market saw 286 homes change hands. The pipeline of 487 homes awaiting closure were also up on the November 2018 total of 446 homes awaiting closure. Meanwhile 71 homes were withdrawn from the market during November having failed to engage a buyer which compared to 77 homes withdrawn last month and 75 in November 2018. The November inventory total when compared against monthly pace of sales suggests a 4.5 month supply of home availability in November which compared to a 4.2 month level last month and a 5 month supply of availability in November 2018.
The central Florida housing market recorded a 6% year on year increase in median price during October and a 1% decrease in sales according to the Orlando Regional Realtor Associations monthly report. The inventory of homes available for purchase appears to have resumed a declining trend, with the 5% decrease in total inventory being the third consecutive month of inventory falls. Pending sales awaiting closure are up 8.3% compared to October 2018 and are also up 0.6% compared to last month. The overall median price of an Orlando area home (all types combined) that sold during October was $242,000, which was 5.7% above the October 2018 median of $229,000 but down 1.2% compared to the September 2019 median price of $245,000. The median price of a single family home that changed hands in October increased 5.2% from October 2018 to be at $263,000 whilst the median price for condos was up 12.8% at $143,500. Members of ORRA participated in a total of 2,899 sales of all home styles combined during October, which is 0.9% less than the 2,924 sales recorded in October 2018 and 3% less than the 2,989 sales of September 2019. The 2,227 sales of single family homes represented a decrease of 0.1% compared to October 2018, while condo sales of 360 were 10.5% lower year on year. Distressed sales of foreclosures and short sales totaled 100 in October which was 20% less than the 125 distressed sales seen in October 2018 with distressed sales comprising 3.5% of all Orlando area transactions last month. The total inventory of homes available for purchase in October stood at 7,837 which represented a decrease of 5.3% in inventory compared to October 2018, and a 0.7% increase compared to last month. By home type there were 6.4% fewer single family homes and 5.4% less condos, year on year. Current inventory when combined with pace of sales created a 2.7 month supply of Orlando homes in October which compares to a 2.8 month supply in October 2018 and a 2.6 month supply level recorded in September 2019.
The wider Florida housing market reported an increase in single family home sales, more pending sales, higher median prices and rising pending inventory during October 2019 compared to one year ago, according to the latest housing data released by Florida Realtors®. Sales of single family homes statewide totaled 23,440 last month which was up 5.2% from October 2018. Statewide median sales prices for both single family homes and condo and townhome properties in October rose year on year for 94th consecutive month in a row. The statewide median sales price of an existing single family home was $263,000, up 3.6% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last months statewide median price for condo and townhouse units was $190,500, up 5.8% year on year. whilst statewide closed sales in October of this type of home totaled 9,226. This was 0.5% down from a year ago while closed sales of single family homes were up year on year in 20 of Floridas 22 metropolitan statistical areas during October.
The National Association of Realtors reported during the month that the sales of existing homes rose 1.9% nationally to a seasonally adjusted annual rate of 5.46 million which was 4.6% higher than a year ago. The number of homes on the market fell 2.7% during October from the previous month, leaving 1.77 million available for purchase which represented the lowest level since March with inventory totals at a 3.9 month supply at the current pace of sales. Octobers inventory level of homes listed for sale represented the lowest on record, the N.A.R also reported with the nations median home prices rose 6.2% during October from a year earlier, to a revised $270,900. Cash sales buyers comprised 19% of all transactions, down from 23% a year ago with individual investors and second home buyers comprising the bulk of cash sales Distressed sales of foreclosures and short sales comprised just 2% of total sales which was down from 3% a year ago. Sales were lifted by gains in the South and Midwest but fell elsewhere. Unsold inventory is at a 3.9 month supply at the current sales pace, down from 4.1 months in September and from 4.3 months one year ago. U.S. new home construction was up during the month with the highest level of permits recorded since 2007 with single family home starts registering the strongest pace since the beginning of the year. Residential starts advanced 3.8% to a 1.31 million annualized rate, in line with the median estimate of the survey of economists, after a revised 1.27 million pace in the prior month, according to Commerce Department.
November 29th 2019
1 G.B.P…Buys 1.292 U.S.D – 1 U.S.D…Buys 0.773 G.B.P
1 EURO…Buys 1.101 U.S.D – 1 U.S.D…Buys 0.907 EURO
1 CAN $…Buys 0.752 U.S.D – 1 U.S.D…Buys 1.329 CAN $
1 BRL $…Buys 0.236 U.S.D – 1 U.S.D…Buys 4.229 BRL $
U.S Prime Interest Rate = 5.5%
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.