November 2016

October ‘oracle’ From The Resort Area…

Total closings across the resort area were down a net 17 homes from last month as 263 homes changed hands in October while year on year figures recorded 32 less closings than the October 2015 sold total. Overall inventory of homes was up 16 from last month at 1939 and up 76 from October last year. By type month on month figures revealed that normal owner listings increased by a net 16 at 1939, bank owned were up 1 at 40 and short sales increased by 2 to 29. The average days on market that a home takes to sell was down by 1 from last month at 133 whilst the average price that a sold home achieved considered against listing price was 97% which is unchanged from last month. The markets median price was up 0.9% month on month at $179,247 and year on year was 6.6% higher than the October 2015 median price of $166,656. The pipeline number of homes under contract awaiting closure was 11.6% up from last month at 529 whilst the total number of homes sold was down 12.2% from the corresponding month last year at 263. Overall Inventory levels in October provided a 7.3 month supply of home availability at the current pace of sales which compares to the 6.8 month supply level reported in September and the 6.3 month supply level of October 2015

Orlando…

The median price of an Orlando home was up 12% year on year in September, while overall sales increased 3% with the total supply of homes available for purchase down 10%. The overall median price for all home types was $205,000 which was a 12.3% rise from the September 2015 median of $182,500. The year on year median price of a normal sale was up 5.3%, while the median price for foreclosure related closings increased 4.8% with short sales up 15.5%. By home type single family home values increased 12.5% from September last year while the median price of condos increased 6.5%. Orlando realtors participated in the sale of 3,091 homes (all home types and all sale types combined) during the month, an increase of 2.5% from September 2015. Sales overall were down 10.4% compared to August with the sale of normal homes up 20.5%, while foreclosures decreased 60.3% and short sales fell 24.7%. Sales of single family homes increased 1.4% year on year while condo sales increased 6.5%. Homes of all types spent an average of 60 days on the market before coming under offer/contract with an average Orlando home selling at 97% of its listed price which compares to the 67 days and 96.9% achieved in September 2015. Homes under offer/pending awaiting closure totaled 4,594 which was down 14.1% compared to September 2015 and 7.2% lower than August 2016. Normal properties comprised 73.3% of all pending sales while short sales accounted for 15.5% and bank owned provided the remaining 11%. The number of existing homes (all types combined) available for purchase in September was 10.2% below that of September 2015 at 10,362. Net inventory overall decreased 1.4% (143 homes) from last month. The inventory of normal homes increased 0.7%, while foreclosures decreased 65.6% and short sales decreased 46% percent. The single family home inventory is down 9.2% from September of 2015, while condo inventory fell 18.7%. The inventory of duplexes, townhomes, and villas was 3.2% lower. The sale of condos were up 6.5%, with 360 sales recorded during September compared to 338 in September 2015. Orlando homebuyers purchased 319 duplexes, town homes, and villas during the month which was 7.4% up on September 2015. Current inventory combined with pace of sales created a 3.3 month supply of homes for September which compares to a 3.8 month supply in September 2015 and a 3.1 month supply last month.

Florida…

The Florida housing market saw an increase in listings, higher median prices and fewer cash sales during September, according to the latest housing data released by Florida Realtors®. Closed sales of single family homes statewide totaled 22,704, slightly down (0.5%) from September 2015. Meanwhile, in the townhome condo market, statewide closed sales totaled 8,818, down 3.9% year on year. Home sellers continued to see an increase in the amount received against original asking price with sellers of existing single family homes achieving 96.2% of their original listing price, while those selling townhomes and condos achieved an average of 94.8%. The statewide median sales price for existing single family homes was $222,500, up 11.3% 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 $160,000, up 6.7% from a year ago. In September, statewide median sales prices for both single family homes and townhome and condo properties rose year on year for the 58th consecutive month with closed sales data reflecting fewer short sales and cash sales. Short sales for single family homes were down 33.8% year on year, while short sales for townhomes and condo properties fell 27.2%. Similar to recent months, inventory was at a 4.2 month supply level in September for single family homes and 5.8 months for townhomes and condo properties

U.S…

Single family home sales increased 4.1% to a seasonally adjusted annual rate of 4.86 million in September from 4.67 million in August, and are now 0.6% above the 4.83 million pace of a year ago. The median existing single family home at $235,700 was up 5.6% from September 2015. Existing condominium and co-op sales fell 3.2% to a seasonally adjusted annual rate of 610,000 from 630,000 in August, and are unchanged from a year ago. The median existing condo price was $222,100 which is 6.1% up from a year ago. Total existing home sales covering single family homes, townhomes, condominiums and co-ops­ were up 3.2% to a seasonally adjusted annual rate of 5.47 million in September from a downwardly revised 5.30 million in August. Following last months gain, sales are at their highest pace since June (5.57 million) and are also 0.6% up from a year ago (5.44 million). The median existing home price for all housing types was $234,200, up 5.6% from September 2015 ($221,700). This price increase marks the 55th consecutive month of year on year gains. Total housing inventory at the end of September was up 1.5% to 2.04 million existing homes but is still 6.8% down from a year ago (2.19 million) and has now fallen year on year for 16 consecutive months. Unsold inventory is at a 4.5 month supply at the current sales pace, down from 4.6 months in August. Distressed sales of foreclosures and short sales fell to a new low of 4% market share in September, down from 5% in August and 7% a year ago with 3% of September sales representing foreclosures and 1% short sales. Foreclosures sold at an average 15% discount on market value in September (12% in August), while short sales discounted at an average 11% (14% in August). Nationally properties typically spent 39 days on the market in September, up from 36 days in August but down from the 49 days of a year ago. Short sales were on the market the longest period of time at a median of 118 days, while foreclosures sold in 67 days and non distressed homes took 38 days. Cash sales accounted for 21% of all transactions in September, down from 22% in August and 24% a year ago.

October 31st 2016

1 G.B.P…Buys 1.216 U.S.D – 1 U.S.D…Buys 0.821 G.B.P

1 EURO…Buys 1.094 U.S.D – 1 U.S.D…Buys 0.913 EURO

1 CAN $…Buys 0.746 U.S.D – 1 U.S.D…Buys 1.339 CAN $

1 BRL $…Buys 0.314 U.S.D – 1 U.S.D…Buys 3.178 BRL $

U.S Prime Interest Rate = 0.25%

Team Donovan pubish 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.