April ‘arithmetic’ from the Orlando resort area…
The resort areas average days on market was up 1 in April from March at 130 days whilst the average home that closed and sold in the market achieved 96.7% of the asking price which was little changed from last month. The corresponding month last year saw a home selling in an average 129 days and achieving 96.2% of the asking price. The April sales total was up 7.2% from March with 598 homes reporting a change of ownership. Overall inventory levels increaased by a net 4 homes to 2014 listings. By type month on month normal owner listings were higher by 10 at 1922 while short sales fell by 4 to 31. Bank owned listings were also down month on month at 61 from the 63 last month. Year on year overall inventory has continued to rise with the April 2014 total up 8% compared to April 2015. The median price month on month rose by 0.5% at $170,812 and was higher by 4.9% from April 2015 when the median price stood at $162,593. Activity records also reveal that 151 homes were withdrawn from the market during the 30 days of April having not been able to attract a buyer, whilst the number of homes under contract/offer awaiting closure was up 26 from March at 598. The overall inventory level recorded a 6.5 month supply based on current sales pace which was down from the 7.1 month supply level of last month and also lower than the April 2015 figure of 6.7 months.
The Orlando March median price for all types of home was $195,000 which represents a 10.1% increase compared to the $177,075 median price of March 2015. This median price was up 5.4% compared to the February 2016 median of $185,000. The year on year median price of normal owner sales decreased 0.01% while the median price of foreclosure sales was up 8.1% with short sales recording a 15.3% gain. The median price of single family homes increased 9.7% from March last year with the median price of condos up 16.5%. Members of the Orlando Regional REALTOR® Association participated in the sale of 3,022 homes (all home types and all sale types combined) during March which was a decrease of 3.5% compared to March 2015 and an increase of 25.1% from February 2016. Sales of normal homes were up 18.7% overall while foreclosures down 53.7% and short sales down 30.7%. Homes of all types spent an average of 70 days on the market before coming under contract with the average Orlando home selling at 97.1% of its listed price. In March 2015 those numbers were 80 days and 96.8% respectively. Pending sales under offer/contract awaiting closing stood at 5,798. This pending total was 13.6% lower than March 2015 but 6.9% higher than February 2016. The number of existing homes (all types combined) available for purchase during March was 8.2% below that of March 2015 at 10,583 with overall inventory also down 1% from last month. The inventory of normal homes increased 4.8% overall while foreclosures were down 62.2% and short sales decreased 40.1%. The inventory of single family homes was down by 6.3% from March of 2015, while condo inventory was 16.3% lower . The inventory of duplexes, townhomes and villas was down 8.1%. The sale of Orlando condos were down 6% with 339 sales recorded in March 2016 compared to the 361 sales of March 2015. Orlando homebuyers purchased 265 duplexes, town homes and villas during March, which is 8.6% less than the March 2015 sales total.
The Florida housing market reported higher median prices, an increase in new listings and a reduction in cash buyers during March, according to the latest housing data released by Florida Realtors®. Statewide closed sales of single family homes totaled 23,758, down 0.6% from March 2015. New listings of existing single family homes were up 5.6% from a year ago whilst new listings for townhomes and condos increased 2.6%. Sellers of existing single family homes received an average 95.8% of their listed price, while those selling townhome and condo properties received 94.5% . The statewide median sales price for single family homes stood at $209,500, up 10.3% 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 for townhomes and condo properties was $155,000, up 3.3% from a year ago. March marked the 52nd consecutive month that statewide median sales prices for all types of properties have recorded net year on year gains. The statewide townhome and condo markets saw closed sales totaling 10,076 last month, down 7.1% compared to March 2015. However, the closed sales data reflected fewer short sales and cash only sales while short sales for townhome and condo properties declined 39.3% short sales of single family homes declined by 33.2% . Floridas overall Inventory was at a 4.5 month supply for single family homes and 6.3 months for townhomes and condos according to the latest Florida Realtors report.
The nations existing home sales covering all home styles were up 5.1% to a seasonally adjusted annual rate of 5.33 million in March from a downwardly revised 5.07 million in February. Sales rose in all four major U.S. regions and showed modest gains (1.5% ) from March 2015. The median existing home price for all home styles in March stood at $222,700, up 5.7% from March 2015 ($210,700). Total housing inventory at the end of March was up 5.9% to 1.98 million existing homes available for sale, but still remains 1.5% lower than a year ago. Unsold inventory represents a 4.5 month supply at the current sales pace, up from 4.4 months in February. Matching the lowest share since August 2015, properties typically stayed on the market for 47 days, a decrease from 59 days in February and below the 52 days level in March 2015. Short sales were on the market for the longest at a median of 120 days, while foreclosures sold in 50 days with non distressed sales taking 46 days. The share of first time buyers stood at 30% in March which is unchanged from both February and a year ago. Cash buyers accounted for 25% of the nations closings during March (unchanged from February) but up 1% from the 24% level of one year ago. Distressed sales of foreclosures and short sales fell to 8% of total sales in March, down from 10% last month and 10% a year ago with 7% of March sales recorded as foreclosures and 1% short sales. Foreclosures sold for an average 16% discount below market value in March (17% in February), while short sales discounted at an average 10% (16% in February). Single family home sales increased 5.5% to a seasonally adjusted annual rate of 4.76 million from 4.51 million in February to be 2.6% higher than the 4.64 million pace of a year ago. The median existing single family home price was $224,300 in March, up 5.8% from March 2015. Existing condominium and co-op sales rose 1.8% to a seasonally adjusted annual rate of 570,000 units from 560,000 in February, but remain 6.6% below March 2015 (610,000 units). The median existing condo price stood at $209,600 which is 4.6% up from one one year ago.
By region existing home sales in the Northeast rose 11.1% to an annual rate of 700,000, and are 7.7% up on a year ago. The median price in the Northeast stood at $254,100, which was 5.8% above March 2015. In the Midwest, existing home sales were up 9.8% to an annual rate of 1.23 million, and were 0.8% above March 2015. The median price in the Midwest was $174,800, up 7% from a year ago. Existing home sales in the South rose 2.7% to an annual rate of 2.25 million during March, and were 2.3% above March 2015. The median price in the South was $194,400, up 4.6% from a year ago. Existing home sales in the West climbed 1.8% to an annual rate of 1.15 million, but are 2.5% lower than a year ago. The median price in the West was $320,800, which was 5.9% up from March 2015.
April 29th 2016
1 G.B.P…Buys 1.464 U.S.D – 1 U.S.D…Buys 0.682 G.B.P
1 EURO…Buys 1.144 U.S.D – 1 U.S.D…Buys 0.873 EURO
1 CAN $…Buys 0.798 U.S.D – 1 U.S.D…Buys 1.252 CAN $
1 BRL $…Buys 0.289 U.S.D – 1 U.S.D…Buys 3.449 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.