June ‘numbers’ From The Resort Area…
Junes sales across the resort area totaled 375 which was 3 lower than the corresponding month a year ago and 7.2% lower than the 402 sales in May 2019. Homes under contract awaiting closure were unchanged from the previous month at 662 but 44 or 7.1% up from the 618 total pipeline of a year ago. The number of homes withdrawn from the market having failed to attract a buyer was at the lowest monthly level for over 3 years at 54 homes. The markets median price of $221,843 was up 5.8% from the one year ago price of $209,675. A home that sold achieved an average 97.4% of the asking price after 98 days on the market which compares to 128 days a year ago and the 97.3% average price achieved. Overall inventory was 1.4% down from a year ago at 1,226 homes compared to 1,244 in June 2018 but was down 5.3% from the 1,310 homes listed last month. Junes inventory when considered against monthly sales pace suggests a 3.2 month supply which compares to a 2.4 month supply level last month and the 3.2 months of supply achieved in June 2018.
Home sales were up nearly 11% compared to May 2018, which is the first year on year increase of 2019. According to the latest monthly report from the Orlando Regional REALTOR® Association, members were involved in 3,790 property transactions during May with single family home sales up 12% from last year, while condo sales rose 6%. The total number of condos available for purchase in May was up 27% to 1,154 while single family homes saw a 6% increase in availability compared to May 2018, bringing total overall inventory up 8%. Despite inventory gains, Orlando is still regarded as a sellers market with just 2.1 months of home supply (six months is considered by economists to indicate a market that is balanced between buyers and sellers). However, the balance shifts when you consider price categories, with the lower price categories firmly favoring sellers whilst higher price categories above $800,000 favoring buyers. Those in the market for a home priced between $2 million and $5 million are currently seeing a 28 month level of supply. The Orlando Realtors report also detailed that the overall median price has again returned to an upward track. After a brief derailment into the red last month, the Orlando median price was up 4% in May to $243,000. Single family home sales were 12% up in May, with 2,993 units sold in the Orlando area compared to 2,672 a year earlier. Set against last month, single family home sales are up 18% whilst the median price for single family homes increased 4% to $263,000. The inventory of this home type increased 6% over May 2018 whilst there are currently 6,382 single family homes available for purchase through the multiple listing service. Condo sales were up 6% at 434 whilst condo inventory was up 26% at 1,154 with the condo median price up 9% at $136,500.
The Florida housing market reported increased sales, higher median prices, more pending sales and gains in inventory during May compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single family homes statewide totaled 30,742 last month, up 9.6% compared to May 2018. Pending sales of existing single family homes were up 5% year on year, while pending sales for existing condo and townhome properties were slightly higher (0.5%). Inventory levels have steadily increased statewide with single family inventory up 4% last month compared to May 2018, while condo and townhome inventory increased 4.8%. Statewide median sales prices for both single family homes and condo and townhome properties rose year on year for the 89th consecutive month. The statewide median sales price for existing single family homes was $266,000, up 4.3% 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 townhome properties was $195,000, up 3.7% from a year ago. The Florida condo and townhouse market in May, statewide saw closed sales of 12,217, up 1.6% compared to a year ago.
Existing home sales rebounded in May, recording an increase in sales for the first time in two months, according to the National Association of Realtors® (NAR). Each of the four major U.S. regions saw a growth in sales, with the Northeast experiencing the biggest increase last month. Total existing home sales covering all home types were up 2.5% from April to a seasonally adjusted annual rate of 5.34 million in May. Total sales, however, were down 1.1% from the year ago 5.40 million in May 2018. The median existing home price for all housing types during May was $277,700, up 4.8% from May 2018 ($265,100) with the May price increase marking the 87th straight month of year on year gains. Single family home sales sat at a seasonally adjusted annual rate of 4.75 million in May, up from 4.63 million in April but down 0.8% from 4.79 million a year ago. The median existing single family home price was $280,200 in April, up 4.6% from May 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 590,000 units in May, up 1.7% from the prior month and down 3.3% from a year ago. The median existing condo price was $257,100 in May, which is up 5.4% from a year ago. Properties remained on the market for an average of 26 days in May, up from 24 days in April and equal to the 26 days in May of 2018. First time buyers were responsible for 32% of sales in May, unchanged from the same level last month but up on the 31% level recorded in May 2018. All cash sales accounted for 19% of all transactions in May, down from levels in April and a year ago (20% and 21%, respectively). Distressed sales of foreclosures and short sales represented a 2% market share in May, down from 3% in both April and May 2018. Total housing inventory at the end of May increased to 1.92 million, up from 1.83 million existing homes available for sale in April and a 2.7% increase from 1.87 million a year ago. Unsold inventory is at a 4.3 month supply at the current sales pace, up from both the 4.2 month supply in April and a 4.2 month level in May 2018.
June 30th 2019
1 G.B.P…Buys 1.269 U.S.D – 1 U.S.D…Buys 0.787 G.B.P
1 EURO…Buys 1.138 U.S.D – 1 U.S.D…Buys 0.878 EURO
1 CAN $…Buys 0.764 U.S.D – 1 U.S.D…Buys 1.308 CAN $
1 BRL $…Buys 0.261 U.S.D – 1 U.S.D…Buys 3.827 BRL $
U.S Prime Interest Rate = 2.00-2.25%
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.