February ‘figures’ From The Orlando Resort Area …
Inventory levels across the communities tracked by Team Donovan fell by a net 19 homes in February to a revised 1437 homes listed for sale. This figure is 338 homes higher than the February 2013 figure of 1099. This total when reviewed by listing type comprises 1195 normal owner listed homes, which was 21 less than last month, 138 bank owned listings and 104 short sales. During the month 179 homes closed and changed hands with the average time that a home takes to sell down by 1 day from last month to 136 days. Homes that closed sold on average for 97.12% of the listed price, unchanged from January. The overall median price was up by 0.3% from last month to a revised $153,188. During the last 28 days 131 homes were withdrawn from the market by owners unable to locate a buyer during their listed term. The number of homes under contract/pending closure increased by 81 from last month to leave a pending pipeline total of 574 homes under offer awaiting closure. Based on the current sales pace the February inventory total would suggest a 8.02 month supply of availability which was down from the 8.27 January figure.
Orlando area home prices fell in January by over 6% from a month earlier latest figures show. The median sales price during January for homes in the core Orlando market, which includes mainly covers Orange and Seminole counties, was $149,950 which is down from $160,000 in December, according to a report by Orlando Regional Realtor Association. Inventory levels increased to the highest level since February 2011 with a 5.5 month supply of listing availability which is the highest level seen since February 2011. This contrasts with a shortage of homes listed for sale during last year with a of 3.97 month of supply recorded in December and 3.86 months in January 2013. Latest figures also show sales down from one year ago with association members closing 1,800 sales in January which is 11% lower than one year earlier. Short sales and foreclosures comprised 37.4% of all sales, while normal sales stood at 62.6%. Last January, those percentages recorded as 50.5% and 49.%, respectively. Single family home sales decreased 11.3% compared to January 2013, while condo sales are down 13.9%. Homes of all types spent on average 72 days in the market before coming under contract with the average Orlando home selling for 96.3% of its listed price. The total number of existing homes available for purchase in January was 35.3% above that of January 2013 and now rests at 9,927, with Inventory increasing by 506 properties from last month. The inventory of single family homes is up by 38.3% compared to January of 2013, while condo inventory is up 19.3%. The inventory of duplexes, townhomes, and villas increased by 40.7%. Current inventory combined with the current pace of sales created a 5.52 month supply of home availability in January compared to a 3.64 month supply in January 2013 and a 3.86 month supply last month. Condo sales in the Orlando area were down 13.9% with 260 sales recorded compared to 302 in January 2013. Orlando homebuyers purchased 185 duplexes, town homes, and villas during the month which is 0.54% up on the 184 purchased during January 2013.
Floridas housing market recorded increased sales along with more new listings, according to the latest housing data released by Florida Realtors®. Closed sales of single family homes statewide totaled 15,000 last month, up 10.2% from the January 2013 figure. The statewide median sales price for existing single family homes last month was $162,500, up 12.1% 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 townhome and condo properties in January was $131,000, up 17% from one year ago. Floridas townhome and condo market, saw sales total 7,377 last month which is 9.3% up on January 2013. The closed sales data reflected fewer short sales while traditional sales in Florida rose 20.4% for single family homes and 16.9% for condo and townhome sales. January inventory was at a 5.6 month supply level for single family homes and at a 6 month supply for townhouse condo properties, according to Florida Realtors.
Existing home sales fell in January to the lowest level seen on 18 months the National Association of Realtors® (NAR) reported during the month. Total existing home sales for all home styles fell 5.1% to a seasonally adjusted annual rate of 4.62 million from 4.87 million in December and are 5.1% below the 4.87 million unit pace recorded in January 2013. Last months activity level was the slowest since July 2012, when it recorded as 4.59 million. The median existing home price for all housing types in January was $188,900, up 10.7% from January 2013. Distressed home sales accounted for 15% of all closings, compared to 14% in December and 24% in January 2013. Total housing inventory at the end of January rose 2.2% to 1.90 million existing homes available for sale, which represents a 4.9 month supply at the current sales pace, up from 4.6 months in December. Unsold inventory is now 7.3% higher than one year ago, when there was a 4.4 month supply. The median time on market for all homes was 67 days in January, down from 72 days in December and 71 days on market in December 2013. Short sales were on the market for a median of 150 days in January, while foreclosures typically sold in 58 days and non distressed homes took on average 66 days. Cash purchasers accounted for 33% of all transactions, up from 32% in December and 28% in January 2013. The median existing single family home price was $188,900, up 10.4% from one year ago. Existing condominium and co-op sales were unchanged at an annual rate of 570,000 units and are 1.8% above one year ago. The median existing condo price was $188,700, which is 13.0% above January 2013. U.S. home construction fell during January as builders started work at a seasonally adjusted annual rate of 880,000, down 16% from December, the Commerce Department also reported during the month. In December, construction fell 4.8%. The declines in both months were blamed largely on the weather. Applications for building permits in January fell for a third consecutive month, dropping 5.4% to a rate of 937,000.
February 28th 2014
1 G.B.P…Buys 1.670 U.S.D – 1 U.S.D…Buys 0.598 G.B.P
1 EURO…Buys 1.379 U.S.D – 1 U.S.D…Buys 0.724 EURO
1 CAN $…Buys 0.901 U.S.D – 1 U.S.D…Buys 1.109 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.