June ‘journal’ from the Orlando resort area…
The total number of June closings were up 22.9% from May as 413 homes changed hands during the month. This total represented an increase of 32.7% on the June 2015 sold total of 311. The average closed home achieved 97% of the asking price which was up on the 96.6% recorded in both May and June 2015. The average days on market that a home takes to sell was 134 which was a rise of 4 days from the 130 recorded last month and the 129 days seen in June 2015. The areas median price was up 5.8% year on year at $173,461 whilst the number of homes under contract awaiting closure was 593, down 21 from the 614 recorded total of last month. During June 134 homes were withdrawn from the resort area market having been unsuccessful in achieving a sale whilst listed. Inventory level totals remained little changed from both last month at 1956 and the corresponding month of last year at 1944. Normal owner listings were up 5 from last month at 1885 and bank owned listings increased by 2 at 43. The number of short sale listings were down 6 month on month at 28. The current inventory levels represent a 4.7 month supply based on June sales pace which was down from the 5.8 month supply level in May and 6.5 month supply level in of April.
The Orlando median price for the month of May 2016 was $203,000, a 12.1% increase compared to the May 2015 median of $181,000. The median price was also 5.7% up on the April 2016 median of $192,000. By type the year on year median price of normal sales increased by 7%, while the median price of foreclosure closings increased 10.3% with short sales up 1%. The median price of a single family homes was higher by 10.6% compared to May of last year with the median price of condos increasing 15.2%. Members of the Orlando Realtor Association participated in the sale of 3,333 homes (all home types and all sale types combined) during May 2016, an increase of 6.9% compared to May 2015 and an increase of 5% compared to April 2016. The sale of normal homes was up 29.2% in May 2016, while foreclosures were down by 57.5% and short sales decreased 24.7%. Sales of single family homes increased 7.7% year on year whilst condo sales were higher by 5.7%. Homes of all types spent an average 67 days on the market before coming under contract with the average home closing at 97.1% of its listed price compared to the May 2015 numbers of 72 days and 96.8%, respectively. Pending sales currently under contract and awaiting closure total 6,169. This pending total is 12% lower than May 2015 but 1.5% higher than April 2016. Condominium sales were up 5.7% with 367 sales recorded during May 2016 compared to 347 in May 2015. Orlando homebuyers purchased 315 duplexes, town homes, and villas which is 1.6% more than May 2015. The number of existing homes (all types combined) available for purchase was 10.5% below that of May 2015 to stand at 10,553. Inventory overall was up 1.0% (106 homes in number) compared to last month. The inventory of normal homes increased 1.7%, while foreclosures decreased 65.9% and short sales decreased 47.4%. The inventory of single family homes overall was down 9% from May of 2015, while condo inventory was up 16.6%. The inventory of duplexes, townhomes, and villas was down by 11.9%. Orlandos May inventory combined with the current pace of sales created a 3.1 month supply of homes compared to the 3.7 month supply level in May 2015 and a 3.2 month supply last month.
The Florida housing market reported higher median prices, more closed sales, increased new listings and fewer days to a contract in May, according to the latest housing data released by Florida Realtors®. Closed sales of single family homes statewide totaled 25,518 last month, up 4.5% from May 2015. New listings for existing single family homes rose 5.8% from a year ago, while new listings of townhomes and condos increased 4.3%. Sellers of existing single family homes received 96.2% of their original listing price during May, while those selling townhomes and condos received 94.6%. The statewide median sales price for existing single family homes last month was $221,050, up 10.5% 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 $165,000, up 4.4% from a year ago. Floridas townhome and condo market recorded statewide closings of 10,455, up slightly (0.1% ) compared to May 2015. Closed sales data reflected fewer short sales and cash only sales during May. Short sales of townhomes and condos declined 40.4% while short sales for single family homes fell 37%. Florida inventory was at a 4.4 month supply in May for single family homes and at a 6.1 month level for townhomes and condominiums.
The nations total existing home sales for all home styles was up 1.8% in May to a seasonally adjusted annual rate of 5.53 million from a downwardly revised 5.43 million in April. Sales overall were up 4.5% from May 2015 (5.29 million) to record their highest annual pace since February 2007 (5.79 million). Surpassing the peak median sales price seen last June ($236,300), the median existing home price for all housing types stood at $239,700, up 4.7% from May 2015 ($228,900). Total housing inventory at the end of May increased 1.4% to 2.15 million existing homes available for sale, but remains 5.7% lower than a year ago (2.28 million). Unsold inventory is at a 4.7 month supply at the current sales pace, which was unchanged from April. The share of first time buyers stood at 30%, down from 32% both in April and the same a year ago. Properties typically stayed on the market for 32 days during May (39 days in April), which is below a year ago (40 days) and the shortest time since NAR began tracking these statistics in May 2011. Short sales spent a median 103 days on the market, while foreclosures closed in 51 days and non distressed homes took 30 days. Cash purchases represented 22% of all transactions in May, down from both 24% in April and the same a year ago. Distressed sales of foreclosures and short sales declined 6% overall which was down from 7% in April and the 10% level of a year ago with 5% of May sales related to foreclosures and 1% short sales. Foreclosures that closed during the month discounted at an average 12% (17% in April), while short sales discounted at 11% (10% in April). Single family home sales increased 1.9% to a seasonally adjusted annual rate of 4.90 million in May from 4.81 million in April, and are now 4.7% higher than the 4.68 million pace of a year ago. The median existing single family home price was $241,000 during May, up 4.6% from May 2015. Existing condominium and co-op sales rose 1.6% to a seasonally adjusted annual rate of 630,000 units from 620,000 in April, and are now 3.3% above May 2015 (610,000 units). The median existing condo price was $229,600 in May, which is 6% up from a year ago.
June 30th 2016
1 G.B.P…Buys 1.324 U.S.D – 1 U.S.D…Buys 0.753 G.B.P
1 EURO…Buys 1.110 U.S.D – 1 U.S.D…Buys 0.900 EURO
1 CAN $…Buys 0.772 U.S.D – 1 U.S.D…Buys 1.295 CAN $
1 BRL $…Buys 3.105 U.S.D – 1 U.S.D…Buys 3.220 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.