February 2015

January ‘journal’ from the Orlando Resort Area…

The resort area saw 176 sales in January latest figures reveal with the average area home selling in 125 days at 96.5% of the listed price. Compared to January 2014 the average days on market that a home takes to sell has fallen by 12 from the 137 day level then. January inventory overall rose by 42 homes month on month and was higher by 265 homes compared to Jan 2014 levels. By type Januarys figures reveal 1512 normal owner listings, 149 bank owned homes and 60 short sales. Month on month these figures recorded an increase of 60 homes for normal listings and an increase of for bank owned homes. Short sale listings were down by 21 at 60. The average price of an area home was up 1.3% month on month at $163,750 and up 6.9% from January 2014. The total number of homes under contract awaiting closure stood at 457 which was a net increase of 28 overDecember 2014. During January 172 homes were removed from the market having failed to find a buyer whilst listed. The resort areas inventory when measured against pace of sales recorded a 10.3 month area supply in January which was up from 5.8 months in December and higher by over months from the the 8.2 month supply recorded in January 2014. This level of inventory has not been seen in the market for over 2 years.

Orlando…

The Orlando overall median price for December 2014 stood at $170,000 which was a 6.2% increase compared to the $160,000 median price recorded in December 2013. In addition to an increase in the overall median price each individual sales type experienced year on year median price increases during December. Short sales led the way with a 16.7% increase, while foreclosures increased 15.3% and normal owner sales increasing 5.3%. By type single family home prices increased 0.5% compared to December of last year whilst the median price of condos rose 10.6%. Members of O.R.R.A participated in the sale of 2,715 homes during December 2014, an increase of 11.1% compared to December 2013 and an increase of 18.5% compared to November 2014. Traditional sales increased 14.0% compared to December 2013. Closings of short sales conversley decreased by 60.7% and foreclosure closings increased by 55%. Single family home sales were up 14.7% compared to December 2013, while condo sales for the same period fell by 6%. Orlando homes of all types spent an average 78 days on the market before coming under contract with the average home selling at 96.5% of its listed price. In December 2013 those numbers were 70 days and 96.5% respectively. The areas pending sales under contract and awaiting closure total 5,310. Normal listings comprised 37.1% of all pending sales in December 2014. Short sales accounted for 32.8% of the total while bank owned properties accounted for 29.9%. The number of existing homes (all types combined) available for purchase is 22.6% above the levels seen in December 2013 at 11,557. Year on year the inventory of single family homes rose 20.9%, while condo inventory has increased by 25.5% The inventory of duplexes townhomes and villas was up by 34.1% over the same period. Existing inventory combined with current pace of sales created a 4.26 month supply of homes in December which compares to a 3.86 month supply in December 2013 and a 5.29 month supply last month. The sale of condos fell 6.0% in December, with 296 sales recorded in December 2014 compared to the 315 closings seen in December 2013. Orlando homebuyers purchased 243 duplexes, townhomes and villas in December 2014, which was 5.2% higher than December 2013.

Florida…

Statewide closings of existing single family homes totaled 22,414 in December, up 15.8% when compared to one year ago according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. New listings of single family homes last month were up 2.9% from a year ago at 24,840. The statewide median sales price for existing single family homes was $185,000, up 6.9% from the previous year. December marked the 37th consecutive month that statewide median sales prices for both single family homes, townhomes and condos rose year on year. Floridas year on year comparison for the sale of townhomes and condos recorded 9,466 unit sales statewide last month, up 1.3% compared to December 2013. Meanwhile, new listings of townhome and condos reached 12,438 last month, up 3.4% from one year ago. The statewide median price for townhouse condo properties stands at $149,000, which is up 8.4% from the previous year.

U.S…

Nationally median home prices for 2014 rose to their highest level seen since 2007, but overall sales fell 3.1% from 2013 levels. Total existing home sales for completed transactions covering single family homes, townhomes, condominiums and co-ops rose 2.4% to a seasonally adjusted annual rate of 5.04 million in total while 2014 sales stood at 4.93 million which was a 3.1% decline from 2013. The national median existing home price was $208,500 which was up 5.8% from 2013. Total housing inventory at the end of December fell 11.1% to 1.85 million existing homes available for sale which represents a 4.4 month supply at the current sales pace, down from a 5.1 month supply in November. Unsold inventory is now 0.5% lower than one year ago. The median existing home price for all housing types stood at $209,500, which is 6.0% above December 2013. The percentage share of first time buyers was 29% in December, down from 31% in November but up 2% from a year ago. Cash buyers represented 26% of transactions, up from 25% in November and 32% in December of last year. Distressed closings of foreclosures and short sales increased by 2% overall but are down by 14% from a year ago. By listing type 8% of all December sales were related to foreclosures whilst 3% represented short sales. Nationally foreclosures are closing with an average discount of 15% below ‘market value’ while short sales discount at an average 12%. Properties listed typically sat on the market for 66 days which was 7 less than the 72 day total seen in December last year. Single family home sales increased 3.5% to a seasonally adjusted annual rate of 4.47 million in December from 4.32 million in November, and are 4.0% above the 4.30 million pace recorded a year ago. The median existing single family home price was $210,200 in December, up 6.3% from December 2013. Existing condominium and co-op sales fell 5.0% to a seasonally adjusted annual rate of 570,000 units from 600,000 in November, unchanged from a year ago. The median existing condo price recorded as $204,000 which is 3.2% higher than one year ago.

January 30th 2015

1 G.B.P…Buys 1.501 U.S.D – 1 U.S.D…Buys 0.665 G.B.P

1 EURO…Buys 1.300 U.S.D – 1 U.S.D…Buys 0.884 EURO

1 CAN $…Buys 0.784 U.S.D – 1 U.S.D…Buys 1.274 CAN $

1 BRL $…Buys 0.373 U.S.D – 1 U.S.D…Buys 2.677 CAN $

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.