November 2014

October ‘observations’ from the Orlando Resort Area…

All class of listings recorded increased inventory levels during October in the Orlando resort area as the total number of homes listed for sale was up by a net 22 homes. Normal owner listings increased by 12 from last month at 1350 while bank owned listings were up by 5 at 127. Short sale listings were also up by a net 5 homes to a revised 89 total. Overall sales month on month increased by 13% as October recorded 268 closings, up 40 from the 228 September closed total. The average days that a home now takes to change owner stands at 128 which was down day from last month. The average price achieved compared against listing price stands at 96.62%. Month on month the median sales price of an area home was down by just under 1% at $162,275. The number of homes under offer/contract fell by 52 to a revised 466 total. Having failed to attract a buyer whilst listed some 120 listings were withdrawn from the market by owners in the past 30 days. The October pace of sales when considered against current inventory level would suggest a 5.82 month overall supply which is down by over a month from the September 6.77 month recorded figure.

Orlando…

The Orlando September median price of $167,500 was 7.3% up from September 2013 and 2.2% higher than last month. Foreclosures experienced the greatest jump in median prices at just over 14.0%. The median for normal sales was up 6% while the median price for short sales increased 5.7%. The median price of single family homes increased 7.3% compared to September of last year while the median price of condos increased 9.3%. Orlando realtors participated in the closing of 2,711 homes which was a 10.9% increase compared to September 2013. By home style single family home closings year over year increased 12.2% while condo sales increased 8.0%. Compared to last month, single family home sales increased 8.4% while condo sales fell by 2.6%. Orlando homes of all styles spent an average 70 days on the market before coming under contract with the areas average home closing at 96.4% of its listed price. In September 2013 these figures recorded as 68 days and 96.8% respectively. Orlandos pending sales and awaiting closure stood at 6,315 which is 12.5% down from September 2013, and 2.9% lower than August 2014. Normal owner listings comprised 43.0% of total pending sales. Short sales accounted for 33.3% of all pendings while bank owned properties accounted for 23.7%. The total number of existing homes available for purchase in September is 34.9% up from September 2013 at 2,316. The inventory of foreclosures increased 66.6% during September compared to September 2013. The inventory of normal owner listings was up 39.0% for the same period while short sale inventory was down 10.9%. By home type the latest figures reported that single family home inventory is up by 35.4% compared to September of 2013, whilst condo inventory was higher by 31.0%. The inventory of duplexes, townhomes and villas rose 36.8%. Current inventory combined with pace of sales created a 4.54 month supply of home availabilty in September which compares to a 3.73 month supply in September 2013 and a 5.15 month supply last month. The overall sales of condos were up 8.0% with 336 closings recorded compared to 311 in September 2013. Orlando homebuyers purchased 242 duplexes, townhomes and villas in September 2014, which is a 4.3% increase compared to the 232 purchased in September 2013.

Florida…

The Florida housing market reported higher median prices and a rise in inventory during September, according to the latest housing data released by Florida Realtors®. Closed sales of single family homes statewide totaled 20,792 which was 13.5% up from September 2013. The statewide median sales price for existing single family homes last month also rose to $180,000, a 5.9% increase from last year, according to data from Florida Realtors Industry Data and Analysis (IDA) department in partnership with local Realtor boards/associations. The statewide median price for townhome and condo properties stood at $142,700, up 9.8% from one year ago. The townhouse and condo market statewide recorded a total of 8,622 closings last month which was up 2% compared to September 2013. The closed sales data reflects fewer short sales last month compared to the previous year. Short sales for condo and townhome properties fell 57.9% while short sales for single family homes were down by 48%. Floridas inventory levels were at a 5.4 month supply in September for single family homes and 5.8 months for townhomes and condos.

U.S…

Total existing home sales covering all home styles increased 2.4% to a seasonally adjusted annual rate of 5.17 million in September from 5.05 million in August. Sales are now at their highest pace of 2014 but remain 1.7% below the 5.26 million unit level of last September. The median existing home price for all housing types was $209,700, representing a 5.6% increase year on year. Total housing inventory at the end of September fell 1.3% to 2.3 million existing homes available for sale which represents a 5.3 month supply at the current sales pace. Even with lower sales in September, unsold inventory is still 6% higher than a year ago, when there were 2.17 million existing homes available for sale. Properties in the U.S typically stayed on the market for 56 days compared to 53 days last month and 50 days one year ago. Short sales were on the market for a median 116 days while foreclosures closed took an average 59 days with non distressed sales typically taking 55 days. Single family home sales across the nation rose 2% to a seasonally adjusted annual rate of 4.56 million from 4.47 million in August, but remain 1.9% below the 4.65 million pace seen a year ago. The median existing single family home price was $210,300 in September, up 5.9% from September 2013. Existing condominium and co-op sales increased 5.25% to a seasonally adjusted annual rate of 610,000 units from 580,000 in August, and are unchanged from the 610,000 unit pace a year ago. The median existing condo price was $205,200 in September, which is 3.2% higher than a year ago. Regionally, existing home sales in the Northeast climbed 1.5% to an annual rate of 680,000, but remain 1.45% below a year ago. The median price in the Northeast was $249,800, which is 4.8% higher than one year ago. In the Midwest, existing home sales declined 5.6% to an annual level of 1.17 million but remain 4.9% below September 2013. The median price in the Midwest was $165,100, up 4.9% from a year ago. Existing home sales in the South increased 5% to an annual rate of 2.12 million in September, up 1.4% from September 2013. The median price in the South was $180,900, up 5.1% from a year ago. Existing home sales in the West jumped 7.1% to an annual rate of 1.2 million but are 4% below levels of one year ago. The median price in the West was $294,200, which is 4.0% above September 2013.

October 31st 2014

1 G.B.P…Buys 1.596 U.S.D – 1 U.S.D…Buys 0.626 G.B.P

1 EURO…Buys 1.251 U.S.D – 1 U.S.D…Buys 0.798 EURO

1 CAN…Buys 0.886 U.S.D – 1 U.S.D…Buys 1.127 CAN $

 1 BRL..Buys 0.407 U.S.D – 1 U.S.D…Buys 2.451 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.