February ‘facts’ From The Resort Area…
The number of sold homes during February totaled 272 which was 11.2% up on the corresponding months total last year when 245 changed hands. Homes that sold achieved an average 97.3% after spending 134 days on the market which compares to an average 129 days and 96.6% achieved a year ago. Overall inventory year on year was down 4.5% at 1,964 listings with normal owner sales accounting for 96.4% of the current inventory total at 1,894. Bank owned listings represented 2.1% at 42 whilst short sales of 28 listings comprised the remaining 1.5%. The resort area median price is up 8.5% from a year ago at $184,363 whilst the number of homes under contract awaiting closure was 14.6% higher than last month at 610 and up 18.2% on the pending total in February 2016 of 499. Homes withdrawn from the market during February having failed to sell totaled 166 which was 11 higher than last months withdrawn total of 155. The total February inventory pool considered against pace of sales indicates a 7.2 month supply of home availability which compares to the 7.7 month level of January 2017 and the 8.3 month level recorded a year ago.
Members of Orlando Regional Realtor Association participated in 2,195 sales of all home styles during January, which was 2.3% more than the 2,146 sales recorded in January 2016 but 26.8% less than December 2016. Area sales of single family homes at 1,709 was 0.3% down from January 2016, while condo sales of 282 were 14.2% higher. Sales of distressed homes (foreclosures and short sales) totaled 243 which was 54.3% less than January 2016 with distressed sales comprising 11.1% of all Orlando closings last month. The overall Orlando market saw increases in both median prices and sales, while the amount of homes available for purchase fell 21% from January of last year. Orlandos overall median price (all home types combined) stood at 199,000, which is 10.6% up on the January 2016 median of $180,000. Year on year increases in median prices have now been recorded for the past 66 consecutive months with the overall median price 72.3% up from July 2011. The median price for an Orlando single family home that sold during January was up 8.8% from January 2016 at $216,500 with the median price of condos up 13.6% at $99,950. The overall average home price stood at $244,904, an increase of 11.9% from January 2016. The average home listed for $252,514 during the month and sold at an average 96.7% of its listing price, unchanged from January 2016. Orlandos total inventory of homes represents a decrease of 20.7% compared to January 2016 with 21.5% fewer single family home listings and 19.3% fewer condos. Current inventory combined with pace of sales created a 3.9 month supply of homes which compares to a 5 month supply during January 2016 and a 2.9 month supply last month.
Floridas wider housing market reported an increase in closed sales, higher median prices, increased pending sales and more new listings during January, according to the latest housing data released by Florida Realtors®. Sales of single family homes statewide totaled 16,779, up 5.2% from January 2016. Pending sales of existing single family homes increased 3.8% in January year on year while pending sales of townhomes and condo units were up 6.5% . New listings for single family homes rose 7.6% year on year, while new townhome and condo listings were up 0.9%. Closings during January saw sellers of existing single family homes receive an average 95.6% of their listing price, while sellers of townhomes and condo properties received 94.6%. The statewide median sales price for existing single family homes was $220,000, up 10.1% from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price for townhomes and condo properties was $161,000, up 6.6% from a year ago. Floridas townhome and condo market saw closed sales of 7,209 last month, up 6.2% from January 2016. Closed sales overall reflected a decrease in short sales with the short sale of townhomes and condo properties down 47.7% and single family home short sales down 36.3%. New listings of single family homes were up in January compared to last year, including in the $150,000 to $250,000 range where inventory is in most demand throughout the state. Inventory overall dipped to a 4.2 month supply level during January for single family homes and 6.4 months supply for townhomes and condo properties, according to Florida Realtors.
The nations total existing home sales covering all home styles was up 3.3% to a seasonally adjusted annual rate of 5.69 million during January from an upwardly revised 5.51 million in December 2016. Januarys pace is 3.8% higher than a year ago (5.48 million) and surpasses November 2016 (5.60 million) as the strongest since February 2007 (5.79 million). The median existing home price for all housing types stood at $228,900, up 7.1% from January 2016 ($213,700). Single family home sales grew 2.6% to a seasonally adjusted annual rate of 5.04 million from 4.91 million in December 2016, and are now 3.7% above the 4.86 million pace seen a year ago. The median existing single family home price was $230,400, up 7.3% from January 2016. Existing condominium and co-op sales increased 8.3% to a seasonally adjusted annual rate of 650,000 units and are 4.8% higher than a year ago. The median existing condo price stood at $217,400, which is 6.2% up from a year ago. Distressed sales of foreclosures and short sales recorded a 7% market share of January sales, unchanged from December but down from the 9% level of a year ago with 5% of all January closing foreclosures and 2% short sales. Foreclosures sold at an average 14% discount below market value during January (20% in December), while short sales discounted at an average 10% which was unchanged from December. Properties typically spent 50 days on the market in January, down from 52 days in December. Short sales typically listed for the longest at a median of 108 days, while foreclosures sold in 51 days and non distressed homes took 49 days as 38% of the nations homes spent less than a month on the market. Total housing inventory at the end of January was up 2.4% to 1.69 million existing homes available for sale which is 7.1% lower than a year ago (1.82 million) and has now fallen year on year for 20 straight months. Unsold inventory represents a 3.6 month supply at the current sales pace (unchanged from December 2016). The number of new housing starts declined 2.6% to a seasonally adjusted annual rate of 1.25 million, the Commerce Department reported during the month. The fall came after a much larger gain the previous month. Single family housing starts rose 1.9%, while apartment building was down 7.9%.
February 28th 2017
1 G.B.P…Buys 1.242 U.S.D – 1 U.S.D…Buys 0.804 G.B.P
1 EURO…Buys 1.059 U.S.D – 1 U.S.D…Buys 0.943 EURO
1 CAN $…Buys 0.759 U.S.D – 1 U.S.D…Buys 1.316 CAN $
1 BRL $…Buys 0.321 U.S.D – 1 U.S.D…Buys 3.109 BRL $
U.S Prime Interest Rate = 0.50%
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.