May 2015

April ‘arithmetic’ from the Orlando Resort Area…

The overall inventory was up by 79 homes in April as the number of homes listed in the Resort area increased to 1864. This increase was primarily driven by an increase in normal owner listings from 1785 last month to 1864 in April. Conversely listings of both bank owned and short sales fell during the month by a net 19 homes to a revised combined 190 total. Overall inventory year on year is up by over 20% from the same month last year with normal owner listings up by the largest level and having increased by 26% year on year. During the last month 163 homes were removed from the market having not been able to attract a buyer whilst the number of homes under contract and awaiting closure increased by 37 from March to 611. The average days that a home now takes to sell increased by during April to 129 whilst the average price attained by a home against asking price remained little changed at 96.2%. of the listed price.  The resort area median price was also broadly unchanged during the month at $162,593. The total number of homes sold in April was 277 which was 6 less than March but 9 higher than the April 2014 total of 268 closings. The April sales pace when reviewed against existing inventory indicates a 6.7 month resort area availability of homes which compares to the 6.3 month supply in March and a 5.5 month supply recorded in April 2014.

Orlando…

Members of the Orlando Regional Realtors Association participated in the sale of 3,067 homes (all home types and all sale types combined) closings in March 2015 which was an an increase of 25.9% compared to March 2014 and an increase of 24.8% from February 2015.  Traditional sales were up 27.1% compared to March 2014. Short sale closings fell 33.1% while foreclosure sales increased 42.7%. Orlandos single family home sales were up 29.9% compared to March 2014 whilst condo sales gained 8.5%. Homes of all types spent an average 79 days on the market before coming under contract with the average home selling at 96.2% of its advertised price. In March 2014 those numbers recorded as 76 days and 96.8% respectively. The Orlando markets overall median price (all sales types and all home types combined) was up by more than 10% in the year on year comparison with the March median price at the highest level since October 2008. Compared to the previous month the March median price rose 7.6% from the February median price of $164,900. In addition to the overall median price increase, each individual sale type and home type saw year on year median price increases during March. Foreclosures led the way with an average 18.5% while the median price of normal sales increased 6.2%  and short sales 7.7%. By home style single family home median prices increased 8.3% compared year on year whilst condo prices increased by 1.8% over the same period. Orlandos total pending sales awaiting closure stood at 6,715 which is 10.8% lower than March 2014. Normal owner listed properties comprised 50.3% of all pending sales in March while short sales accounted for 24.4% of all pendings and bank owned properties 25.2%. The total number of existing homes available for purchase was 11.4% higher than March 2014 to stand at 11,529. The inventory of single family homes is up 7.2% from March 2014 while condo inventory rose by 23.9%. The inventory of duplexes, townhomes and villas increased 29.6% over the same period. The area sale of condos were up 8.5% in March, with 354 sales recorded compared to 326 in March 2014. Orlando homebuyers purchased 287 duplexes, town homes and villas in March 2015, which is 18.6% up from March 2014. Current inventory combined with the pace of sales created a 3.76 month supply of Orlando homes in March which compares to a 4.25 month supply in March 2014 and a 4.66 month supply last month.

Florida…

Existing single family home sales statewide totaled 24,811 last month, up 24.6%  in a year on year comparison. The statewide median sales price for existing single family homes was $190,000, up 9.2% 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 of townhome and condo properties stood at $152,000, a rise of 8.6%  from one year ago. Floridas townhome and condo market saw closed sales of 11,083 last month, up 13.7% compared to March 2014. Inventory was at a 5.1 month supply for single family homes and at a 6.1 month supply for townhome  and condo properties, according to Florida Realtors.

U.S…

Total existing home sales covering all home types increased 6.1% to a seasonally adjusted annual rate of 5.19 million in March from 4.89 million in February which is the highest annual rate since September 2013.  National sales have increased year on year for six consecutive months and are now 10.4% higher than a year ago with the March sales increase being the largest monthly increase since December 2010. Total housing inventory at the end of March rose 5.3% to 2 million existing homes available for sale which is also 2% above the 1.96 million level of one year ago. The March median price of an existing home of all housing types was $212,100 which is an increase of 7.8% from one year ago. Nationally cash buyers closed 24% of all March transactions, down from 26% in February and down considerably from the 33% level seen one year ago. Distressed sales of foreclosures and short sales represented 10% of all March closings, nationally down from 11% in February and 14% a year ago. Both foreclosures and short sales sold at an average discount of 16% below market value in March compared to 15% in February. Properties typically spent 52 days on the market last month compared to 62 days in February. Single family home sales overall rose 5.5% to a seasonally adjusted annual rate of 4.59 million from 4.35 million in February, and are now 10.9% above the 4.14 million pace of one year ago. The median existing single family home price was $213,500, up 8.7% from March 2014. Existing condominium and co-op sales increased 11.1% to a seasonally adjusted annual rate of 600,000 units from 540,000 units in February to be 7.1% higher than March 2014. The median existing condo price was $201,400, which is 1.6% higher than a year ago. Unsold inventory nationally is at a 4.6 month supply at the current sales pace, down from 4.7 months in February.

April 30th 2015

1 G.B.P…Buys 1.532 U.S.D – 1 U.S.D…Buys 0.652 G.B.P

1 EURO…Buys 1.116 U.S.D – 1 U.S.D…Buys 0.895 EURO

1 CAN $…Buys 0.825 U.S.D – 1 U.S.D…Buys 1.211 CAN $

1 BRL $…Buys 0.332 U.S.D – 1 U.S.D…Buys 3.011 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.