February ‘financials’ From The Resort Area…
The average price of a resort area home is 9.8% higher than a year ago rising from $216,125 to $237,469 after having achieved an average of 97.4% of the listed price and closing after 98 days on the market. This compares to the 97.5% and 101 days average respectively being achieved one year ago. The total number of homes available for purchase across the resort area during February stood at 1,385 which was down 1% below levels a year ago of 1,369 and also down 58 homes from last months inventory total of 1,443. Total number of homes under offer/contract at the end of February stood at 594 which compares to a 521 pipeline in February 2019 and 479 last month whilst 54 homes were withdrawn from the market during the past month having not attracted a buyer. The February inventory when reviewed against total monthly sales suggests a 4.9 month supply of available homes which compares to a 5.8 month one year ago and a 6.6 month supply recorded in January 2019.
The overall median price of an Orlando area home (all types combined) that sold during January 2020 was $245,000, which was 7.9% higher than the January 2019 median price of $227,000 but 1.6% down compared to the December 2019 median price of $249,000. The median price of a single family home that changed hands was 6.9% up from January 2019 at $265,000. The median price for condos increased 11.2% over the same period to $139,000. Members of Orlando Regional Realtors Association participated in 2,270 sales of all home types during the month, which was 16.4% more than the 1,950 sales of January 2019 but 25.2% less than the 3,033 sales of December 2019. Sales of single family homes totaled 1,751 which was an increase of 17% compared to January 2019, while condo sales of 294 were 1.7% higher year on year. Sales of distressed homes (foreclosures and short sales) totaled 108 which was 16.1% more than the 93 distressed sales of January 2019 with distressed sales comprising 4.8% of all Orlando area transactions last month. The overall inventory of homes available for purchase stood at 7,030 which was a decrease of 14.7% from January 2019, and a 0.1% increase compared to last month with 16% fewer single family homes and 11.9% less condos. Duplexes/townhomes/villas, year on year recorded a decrease of 7%. Homes that closed during January took an average of 60 days to advance from listing to pending and a further average of 38 days between pending and closing, for a total average of 98 days from listing to closing. Pending sales during the month rose 7.8% compared to January of last year and were also 25.9% higher than last month. Current inventory combined with the existing pace of sales created a 3.1 month supply of Orlando area homes during January compared to the 4.2 month supply in January 2019 and the 2.3 month supply recorded in December 2019.
The Florida housing market commenced the year on a positive note with more closed sales, higher median prices, more pending sales and higher pending inventory during January 2020 from a year ago, according to the latest housing data released by Florida Realtors®. Sales of single family homes statewide totaled 18,298 last month, up 17.9% from January 2019. New pending sales increased 12.4% for existing single family homes whilst pending sales for condo and townhouse units rose 14.3%. Statewide median sales prices for both single family homes and condo/townhouse properties during January means that prices have now risen year on year for the last 97 consecutive months. The statewide median sales price of a single family home stood at $265,000, up 6% from a year ago, 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 stood at $200,000, up 9.6% over the same period. Floridas condo and townhouse market saw statewide closed sales of 7,714 during January, up 14.5% from the one year ago level. Single family inventory at the end of January was down 16.4% year on year, whilst condo and townhome inventory was down 11.7%.
The National Association of Realtors reported that existing home sales declined 1.3% to a seasonally adjusted annual rate of 5.46 million units last month with the December sales pace revised down to 5.53 million units from the previously reported 5.54 million level. Economists polled during the month forecasted existing home sales to fall 1.8% to a rate of 5.43 million units in January. Last month, existing home sales were unchanged in the Northeast but saw increases in the Midwest and South with sales falling in the West, the countrys most expensive region. Existing home sales, which comprise about 90% of total U.S. home closings, increased 9.6% year on year during January. The government reported on Wednesday that permits for future home construction were up 9.2% during the month to the highest level seen since March 2007 with the total inventory of homes under construction at the highest level since February 2007. There were 1.42 million previously owned homes on the market during January, down 10.7% from a year ago. The median existing home price increased 6.8% from a year ago to $266,300. At January’s sales pace, it would take 3.1 months to exhaust the nations current inventory, up from 3 months in December but down from 3.8 months a year ago.
February 29th 2020
1 G.B.P…Buys 1.287 U.S.D – 1 U.S.D…Buys 0.776 G.B.P
1 EURO…Buys 1.098 U.S.D – 1 U.S.D…Buys 0.909 EURO
1 CAN $…Buys 0.743 U.S.D – 1 U.S.D…Buys 1.345 CAN $
1 BRL $…Buys 0.223 U.S.D – 1 U.S.D…Buys 4.481 BRL $
U.S Prime Interest Rate = 5.5%
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.