May ‘math’ from the Orlando Resort Area…
The resort area market recorded 251 closings in May which was 17 lower than last month and 22 less than the May 2013 total of 273. Total inventory was up by 20 homes in May to a revised 1514 listed total. Listings of all types increased during the month with normal owner listings comprising 1263 of the overall total. The bank owned inventory share stood at 142 while short sales comprised the remaining 108 listings. During May owners withdrew 147 homes from the market having been unsuccessful in attracting a buyer. The median price of a resort area home was little changed at $156,291 whilst homes that did sell achieved on average 96.75% of the listed price after spending an average 133 days on the market. The total pipeline number of homes under contract awaiting closure increased by a net 22 month on month to record a revised 619 total. The May resort area sales pace when considered against total inventory suggests a 6.03 month inventory availability supply which compares to a 5.57 month supply last month and a 6.36 month recorded figure in March.
Members of the Orlando Regional Realtors Association participated in the closing of 2,630 homes during April, an increase of 8.0% compared to March 2014 but a decrease of 4.9% compared to April 2013. Normal home sales increased by 9.5% compared to April 2013 accounting for 67.1% of total sales. The closing of short sales overall fell by 59.3% while foreclosure related sales increased by 9.8%. Single family home sales fell 0.8% compared to April 2013, while condo sales decreased by 18.6%. Month on month comparisons show that single family home sales increased 10.2% whilst condo sales increased 2.7%. Homes of all types spent an average 77 days on the market before going under contract with the average home selling at 96.2% of its listed price. In April 2013 those numbers recorded as 76 days and 96.8% respectively. The overall median price for the month of April was $163,000 which represents a 13.4% increase from the April 2013 median price of $143,700. Orlando pending sales awaiting closure stood at 7,465. This pending sales total is 15.0% lower than April 2013, and 0.86% lower than March 2014. The total number of existing homes available for purchase in April was 47.8% above that of April 2013 at 10,647. Overall inventory increased by 304 properties from last month. The inventory of single family homes is up by up by 50.1% when compared to April of 2013, while condo inventory rose by 39.8%. The inventory of duplexes, townhomes and villas is up 42.1%. Current inventory combined with sales pace suggests a 4.05 month supply of homes in Orlando in April compared to a 2.60 month supply level in April 2013 and a 4.25 month supply last month. Condominium sales in the Orlando area were down 18.6% overall, with 335 sales recorded compared to 412 during April 2013. Orlando homebuyers purchased 237 duplexes, town homes and villas in April 2014, which is a 15.6% decrease compared to the 281 purchased during April 2013.
Statewide closed sales of single family homes totaled 21,385 last month, up 4.1% from April 2013. The median sales price for existing single family homes last month stood at $175,000, up 6.1% from the previous year, according to data from Florida Realtors Industry Data and Analysis (IDA) department in partnership with local Realtor boards/associations. The statewide median price for townhome and condo properties was $140,500 which is up 9.8% from one year ago. Floridas townhome and condo market saw total sales of 10,766 last month, down 5.1% from April 2013. Floridas closed sales data reflected fewer short sales last month compared to the previous year. Short sales for condo and townhome properties were down by 57.9% while short sales for single family homes fell 51.5%. Floridas inventory level was at a 5.7 month supply last month for single family homes and at a 6 month supply for townhome and condo properties.
Nationally both existing home inventory and sales increased while prices show signs of deceleration, according to the National Association of Realtors. Total existing home sales rose 1.3% to a seasonally adjusted annual rate of 4.65 million in April from 4.59 million in March, but are 6.8% below the 4.99 million unit level seen in April 2013. Total housing inventory at the end of April was up 16.8% to 2.29 million existing homes available for sale, which represents a 5.9 month supply at the current sales pace, up from 5.1 months in March. Unsold inventory is 6.5% higher than a year ago, when there was a 5.2 month supply. The median existing home price for all housing types in was $201,700, which is 5.2% above April 2013. Distressed home sales covering foreclosures and short sales accounted for 15% of all April closings which was down from 18% in 2013. The median time on the market for all homes was 48 days, down from 55 days in March and down also from the 43 days on market seen in April 2013. Short sales spent a median 96 days on the market, while foreclosures typically sold in 56 days and non distressed homes took 45 days. Cash buyers accounted for 32% of all transactions, compared to 33% in March and 32% in April 2013. The national median existing single family home price was $201,100, up 4.7% from April 2013. Existing condominium and co-op sales rose 7.3% to an annual rate of 590,000 units from 550,000 units in March, but are unchanged from April 2013. The median existing condo stood at $205,500, which is 8.3% higher than one year ago.
Regionally, existing home sales in the Northeast remained unchanged at an annual rate of 600,000, but are 6.3% below April 2013. The median price in the Northeast was $244,000, down 0.4% from one year ago. Existing home sales fell 1.0% in the Midwest to a pace of 1.03 million, and are 9.6% down from one year ago. The median price in the Midwest was $157,200, which is 5.8% above April 2013. In the South, existing home sales increased 1.0% to an annual level of 1.94 million in April, but are 3.5% below April 2013. The median price in the South reached $173,200, up 3.2% from one year ago. Existing home sales in the West rose 4.9% to a pace of 1.08 million, but remain 10.0% below levels seen one year ago. The median price in the West recorded as $291,200, which is 9.7% up from April 2013.
May 30th 2014
1 G.B.P…Buys 1.675 U.S.D – 1 U.S.D…Buys 0.596 G.B.P
1 EURO…Buys 1.362 U.S.D – 1 U.S.D…Buys 0.733 EURO
1 CAN $…Buys 0.921 U.S.D – 1 U.S.D…Buys 1.085 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.