February 2016

January ‘journal’ from the Orlando resort area…

inventory levels throughout the resort area rose 10.3% in January from 1834 active listings in December to 2023 as both ‘normal’ owner listings and short sales recorded net inventory gains. Normal owner listings increased by 187 month on month to 1911 whilst short sales were up 6 at 41. In contrast bank owned listings fell during January to a revised 71 from 75 in December. The median price of an area home was little changed during the month at $167509 from $167856 in December but does still record a 2.2% increase from the January 2015 area median price of $163750. The average days that a home takes to sell was down by 1 from last month at 131 but higher by 6 from the corresponding month last year. Owners that achieved a sale during January attained on average 96.8% of the asking price which was little changed from the December average of 96.6%. The total number of homes under contract and awaiting closure (pending) was down 4 from last month at 416 whilst the actual number of closed sales during January was down 81 compared to the December 207 total. During January 196 homes were withdrawn from the market by sellers not achieving a sale. The resort areas total inventory considered against existing pace of sales reflects a 9.7 month supply of home availabilty during January which is up from the 6.3 month supply level of December but down on the 10.3 month supply recorded in January 2015.

Orlando…

The overall median price (all sales types and all home types combined) for the month of December 2015 was $185,000 representing a 9.4% increase on the $169,000 median price of December 2014. This median price is up 0.5% compared to the November median of $184,000. The median price of an Orlando single family home increased 11.4% compared to December of last year whilst the the median price of an Orlando condo increased 6.2%.  Members of the Orlando Regional REALTOR® Association participated in the sale of 2,552 homes (all home types and all sale types combined) in December, representing a decrease of 8.9% compared to December 2014 but an overall increase of 9.7% compared to November 2015. Single family home sales were down by 11.6% compared to December 2014, while condo sales were up 8.3% . Orlando homes of all types spent an average of 72 days on the market before coming under contract with an average home selling at 96.9% of its listed price. In December 2014 those numbers recorded as 79 days and 96.5% respectively. Pending sales under contract and awaiting closure currently total 4,472. This total is 15.7% lower than December 2014 and 13.7% down from November 2015. Normal properties comprised 54.9% of all pending sales during December 2015. Short sales accounted for 24.1%  of all listings, while bank owned properties accounted for 20.9% .  The number of existing homes (all types combined) available for purchase in December was 7.9% below that of December 2014 at 10,634. Inventory overall was down 666 properties from last month. The inventory of normal homes was up 6.9%, while foreclosures fell by 49.5% and short sales were down by 43.7% . The inventory of single family homes overall is down 7.6% compared to December of 2014, while condo inventory is down 9.4%. The inventory of duplexes, townhomes and villas is down 8.1%. The sale of condos were up 8.3% in December, with 326 closings recorded compared to 301 in December 2014. Orlando homebuyers purchased 238 duplexes, town homes and villas during the month, which is 5.5% lower than December 2014. Current inventory combined with pace of sales created a 4.1 month supply of homes in Orlando for December which compares to a 4.1 month supply in December 2014 and a 4.8 month supply last month.

Florida…

The Florida housing market reported higher median prices, fewer days on the market and a tightening inventory in December, according to the latest housing data released by Florida Realtors®. Statewide closed sales of single family homes totaled 23,056 last month, up 2.9% compared to December 2014. The median days on market was 47 days for single family homes and 49 days for townhomes and condos. The statewide median price for existing single family homes stood at $206,500, up 11.6%  from the previous year, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. The statewide median price for townhomes and condo properties was $156,500, up 5%  from one year ago. The Florida townhome & condo market recorded statewide closings of 9,357, down 1.2% compared to December 2014. This closed total reflected fewer short sales and cash only sales during December. Traditional sales were up 16.3% for single family homes and 7.5% for condos and townhomes. Floridas months of inventory supply recorded a 4.3 month supply level for single family homes and 5.4 months for condos and townhomes.

U.S…

Led by the South and West, all four major regions of the U.S saw increases in existing home sales during December.  Total completed transactions of all home styles was up 14.7% to a seasonally adjusted annual rate of 5.46 million in December from 4.76 million in November with total sales now 7.7% higher than a year ago. The median existing home price for all housing types was $224,100, up 7.6% from December 2014 ($208,200). Total housing inventory at the end of December was down 12.3% to 1.79 million existing homes available for sale, and is now 3.8% lower than a year ago (1.86 million). Unsold inventory represents a 3.9 month supply at the current sales pace which is down from the 5.1 month level of supply in November. The percentage share of first time buyers stood at 32% in December, up from 30% in November and 29% a year ago. For the whole of 2015 first time buyers represented an average 30% market share, up from 29% in both 2014 and 2013. Cash sales accounted for 24% of all transactions during December and down from 26%  a year ago. Properties typically spent 58 days on the market during December, an increase from 54 days in November but below the 66 days recorded in December 2014. Short sales spent the longest time on the market at a median of 86 days while foreclosures sold in a median 68 days with non distressed sales taking an average 57 days. Distressed sales  of foreclosures and short sales declined to 8% market share in December, down from 9% in November and 11% a year ago comprising 6% foreclosures and 2% short sales. Foreclosures sold for at an average 16% below market value in December (15% in November), while short sales were discounted at an average 15% (unchanged from November).  Single family home sales were up 16.1% to a seasonally adjusted annual rate of 4.82 million in December from 4.15 million in November, and are now 7.1% higher than the 4.50 million pace seen a year ago. The median existing single family home price was $226,000 in December, up 8% from December 2014. Existing condominium and co-op sales increased 4.9% to a seasonally adjusted annual rate of 640,000 units from 610,000 in November, and are now 12.3% above December 2014 (570,000 units). The median existing condo price was $209,900 in December, which is 4.9% up from one year ago.

January 29th 2016

1 G.B.P…Buys 1.422 U.S.D – 1 U.S.D…Buys 0.702 G.B.P

1 EURO…Buys 1.083 U.S.D – 1 U.S.D…Buys 0.923 EURO

1 CAN $…Buys 0.713 U.S.D – 1 U.S.D…Buys 1.401 CAN $

1 BRL $…Buys 0.249 U.S.D – 1 U.S.D…Buys 4.015 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.