October 2014

September ‘summations’ from the Orlando Resort Area…

September sales were higher by homes compared to August as 228 homes changed hands during the month. The resort areas accumulated pipeline of homes under offer awaiting closure fell by 15 overall from August to leave a revised 518 listed total. Homes that sold during the month achieved on average 96.5% of the asking price after 129 days on the market which compares to 128 days last month and an August average of 96.7% of the asking price. The median price of a resort area home increased by just over 3% from August as the September median price revised to $163,012. Overall inventory in the market was up by 64 homes in the last 30 days to a 1544 inventory total. By listing type normal owner offered listings increased by 89 homes month on month to a revised 1338. Both bank owned and short sale inventory fell during September with the bank owned total down 20 at 122 and short sales down at 84. The existing inventory level equates to a 6.77 month supply at the current pace of sales which compares to the 6.57 month supply last month and an 8.27 month supply back in January 2014.


Orlando home sales declined in August while the areas median price continued an upward trend, albeit at a slower pace, reported the Orlando Regional REALTOR® Association. The overall median price for August was $165,000, a 6.4% increase over August 2013 but a 3.4% decrease compared to last month. Members of ORRA participated in the closing of 2,449 homes (all home types and all sale types combined) which was a decrease of 15.5% compared to August 2013 and a decrease of 3.6% compared to July 2014. Single family home sales fell 13.1% from August 2013, while condo sales were down 16.4%. Single family home sales decreased 5.9% while condo sales were up 6.4%. Homes of all types spent an average 68 days on the market before coming under contract with the average home selling at 96.8% of its listed price. In August 2013 those numbers recorded as 67 days and 96.5% respectively. Pending sales under offer and awaiting closure currently amount to 6,507. This total is 13.4% lower than August 2013 and 3.8% lower than July 2014. Short sales comprised 34.4% of all pending sales during August. Normal properties accounted for 41.6% of all pending homes, while bank owned properties accounted for 23.8%. The number of existing homes (all sales types and all home types combined) available for purchase in August was 52.5% above that seen in August 2013 at 13,084. Total Orlando inventory increased by 991 properties from the previous month with foreclosure inventory up 86.3% compared to August 2013. The inventory of single family homes was up by 55.2% when compared to the same time last year, while condo inventory over the same period is 37.2% higher. The inventory of duplexes, townhomes, and villas increased 56.2%. Orlando current inventory compared against pace of sales created a 5.34 month supply of homes in August compared to the 2.9 month supply seen in August 2013. The areas sale of condos were down 16.4%, with 331 sales recorded compared to 396 last August. Orlando homebuyers purchased 217 duplexes, town homes, and villas during the month, which was a 31.3% decrease compared to the 316 sales seen in August 2013.


Floridas housing market saw rising inventory and higher median prices in August, according to the latest housing data released by Florida Realtors. Closed sales of single family homes statewide totaled 21,594 last month, up 4.2% over the August 2013 figure. The statewide inventory of single family homes rose 13% year on year, while townhouse and condo inventory was up 8.9%. Statewide median prices were up year on year for single family homes, townhomes and condominiums. By type the latest figures reveal that the median sales price for existing single family homes stood at $181,000, up 3.4% from the corresponding month last year with townhome and condo properties up 3.8% at $135,000. Floridas townhome and condo market recorded 8,848 sales last month which was down 8.8% compared to August 2013. The overall closed sales data reflected fewer short sales last month compared to the previous year with the short sale of condos and townhomes down 60.4%. The single family home market saw a reduction in short sales of 49.1%. The states inventory level was at a 5.5 month supply of single family homes and a 5.7 month supply for townhomes and condos.


The nations existing home sales fell in August as cash investors seem to retreat from the market, according to the National Association of Realtors (NAR). Total existing home sales for all home styles fell 1.8% to a seasonally adjusted annual rate of 5.05 million in August from a downwardly revised 5.14 million in July. Sales are at their second highest pace of 2014, but remain some 5.3% below the 5.33 million unit level of last August. The median existing home price for all housing types stood at $219,800, which is 4.8% above that of August 2013. Total housing inventory declined 1.7% to 2.31 million existing homes available for sale, which represents a 5.5 month supply at the current sales pace. The nations unsold inventory is 4.5% higher than a year ago, when there were 2.21 million existing homes available for sale. Cash purchasers represented 23% of all August transactions, dropping for the second consecutive month (29% in July) and representing the lowest overall share since December 2009 (22%). During August 6% of all sales represented foreclosures and 2% comprised short sales. Foreclosures sold for an average 14% discount while short sales were discounted at an average 10%. Properties typically stayed on the market for 53 days which compares to an average 48 days last month and 43 days this time last year. Short sales spent a median of 135 days on the market in August, while foreclosures sold in an average 53 days. Non distressed homes typically took 52 days to sell. Overall single family home sales slipped 1.8% to a seasonally adjusted annual rate of 4.46 million in August from 4.54 million in July, and were 4.9% below the 4.69 million pace seen one year ago. The median existing single family home price was $220,600 in August, up 5.2% from August 2013. Existing condominium and co-op sales were down 1.7% to a seasonally adjusted annual rate of 590,000 units from 600,000 in July which is 7.8% below the 640,000 unit pace seen a year ago. The nations median existing condo price stood at $213,900 which is 2.1% up from one year ago.

September 30th 2014

1 G.B.P…Buys 1.622 U.S.D – 1 U.S.D…Buys 0.616 G.B.P

1 EURO…Buys 1.262 U.S.D – 1 U.S.D…Buys 0.791 EURO

1 CAN $…Buys 0.894 U.S.D – 1 U.S.D…Buys 1.118 CAN $

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

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.