February ‘figures’ from the Orlando Resort Area…
Overall inventory was up by 48 homes in February as the total number of homes offered for sale in the resort area increased to 1769. All listing types, with the exception of short sale listings, showed a net increase. Short sales remained unchanged at 60. Normal owner listings were up by 42 from last month to stand at 1554 whilst bank owned listings increased month on month by a net 6 to a revised 155 total. The average days that a home now takes to close in the market increased by 3 from January to 128 whilst the average price attained by a home compared to listed price remained little changed at 96.3%. The resort area median price also showed little movement in the month at $163,799. Over the past month 144 homes were removed from the market having failed to attract a buyer whilst the number of homes under contract and awaiting closure increased by 85 from January at 542. The number of homes closed during February was 222 which was 55 higher than January and 43 higher than the February 2014 sales total of 179. Februarys sales pace reviewed against existing inventory level suggests a 7.9 month availability of homes in the resort area which compares to the 10.3 month supply seen in January and the 8.0 month supply recorded in February 2014.
Orlandos overall median property price (all sale types and all home types combined) for January 2015 stood at $155,000 which represents a 3.6% increase from the $149,500 median price of January 2014. Orlandos median home price experienced its customary December to January decline with the January 2015 median price down 8.2% from the December 2014 $169,000 median. Year on year each individual sale type and home type experienced year on year gains during the month. Short sales led the way with a 16.6% increase whilst the median price of foreclosures increased 8.4% with normal sales up 7.5%. The median price of single family homes increased 5.3% from January of last year while condo median prices were down by 3.7%. Members of Orlando Regional Realtor Association participated in the sale of 2,074 homes (all home types and all sale types combined) during January, an increase of 9.7% compared to January 2014 but a decrease of 26% compared to December 2014. Traditional sales were up by 6.6% when compared to January 2014. Short sale closings fell 50.2% overall while foreclosure sales increased 45%. Single family home sales overall were up 13.9% in January 2015 compared to January 2014, while condo sales were up 2.5%. Orlando area homes of all types spent an average of 82 days on the market before coming under contract with the average home selling at 96.4% of its listed price. In January 2014 those numbers stood at 73 days and 96.3%, respectively. The total number of Orlando existing homes available for purchase during January was 17.1% above that of January 2014 to stand at 11,631 with total net inventory up by 74 properties from last month. The overall inventory for single family homes has increased 14% from January 2014, while condo inventory is up 26.3%. The inventory for duplexes, townhomes and villas is up 30.6%. Orlandos current inventory combined with pace of sales created a 5.61 month supply of home availability in January which compares to a 5.2 month supply in January 2014 and a 4.12 month supply last month.
The statewide median sales price for an existing single family home last month was $175,000, up 7.4% 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 condominiums was $137,000, up 5.4% from one year ago. Closed sales of single family homes reveal total sales of 16,087 last month, up 10% compared to January 2014. Floridas townhouse and condo market recorded 7,294 sales last month, down 1.7% compared to January 2014. The closed sale data reflected fewer short sales during January with this type of sale down 57.9% for condominium and townhouse closings and down 39.4% for single family homes. Statewide inventory was at a 5.3 month supply in January for single family homes and at a 6.2 month supply for townhouse and condo properties, according to the same Florida Realtors report.
Existing home sales fell in January to the lowest rate in nine months according to the National Association of Realtors® (NAR). All major regions experienced declines, with the Northeast and West experiencing the largest. Total existing home sales for all styles fell 4.9% to a seasonally adjusted annual rate of 4.82 million (lowest since last April at 4.75 million) from an upwardly revised 5.07 million in December. Despite the January decline, sales were up by 3.2% compared to a year ago.Total housing inventory at the end of January increased 0.5% to 1.87 million existing homes available for sale, but are 0.5% lower than a year ago (1.88 million). Unsold inventory is at a 4.7 month supply at the current sales pace which is up from 4.4 months in December. The median existing home price for all housing types was $199,600, which is 6.2% above January 2014. Volume of sales for single family homes fell 5.1% to a seasonally adjusted annual rate of 4.27 million from 4.50 million in December, but are 3.9% above the 4.11 million pace seen one year ago. The median existing single family home price was $199,800, up 6.3% from January 2014. Existing condominium and co-op sales fell 3.5% to a seasonally adjusted annual rate of 550,000 units from 570,000 in December, and are 1.8% down from a year ago. The median existing condo price was $198,300 in January, which is 5.3% higher than a year ago. Properties typically stayed on the market for 69 days in January, up 3 days from the 66 day average recorded in December and 67 days recorded last January. By type short sales were on the market the longest at a median of 128 days, whilst foreclosures sold in 63 days and non distressed homes took 68 days. By area existing home sales in the Northeast fell 6% to an annual rate of 630,000, but are 3.3% above a year ago. The median price in the Northeast was $247,800, which is 2.7% up from a year ago. In the Midwest, existing home sales declined 2.7% to an annual level of 1.08 million in January, but are still 0.9% above January 2014. The median price in the Midwest was $151,300, up 8.2% from one year ago. Sales in the South fell 4.6% to an annual rate of 2.07 million, but are still 5.6% above January 2014. The median price in the South stood at $171,900, up 7.4% from a year ago. Existing home sales in the West dropped 7.1% to an annual rate of 1.04 million, but remain 1% above a year ago. The median price in the West was $291,800, which is 7.2% higher than January 2014. The Commerce Department also reported during the month that new home sales slipped 0.2% to a seasonally adjusted annual rate of 481,000. This marks a slight decrease from sales of 482,000 in December.
February 27th 2015
1 G.B.P…Buys 1.539 U.S.D – 1 U.S.D…Buys 0.649 G.B.P
1 EURO…Buys 1.118 U.S.D – 1 U.S.D…Buys 0.894 EURO
1 CAN $…Buys 0.799 U.S.D – 1 U.S.D…Buys 1.250 CAN $
1 BRL $…Buys 0.347 U.S.D – 1 U.S.D…Buys 2.879 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.