October 2015

September ‘summations’ from the Orlando resort area…

Overall inventory across the Orlando resort area was down by 38 homes from August at 1854 listings but up 300 compared to the September 2014 1544 recorded total. Month on month figures revealed that normal owner listings fell by 9 at 1697. Bank owned were also down by 28 at 103 while short sales fell by 1 to 54. The average days on market that a home takes to sell was up 2 from August at 131 whilst the average price a home achieves compared against listing price was down slightly from last month at 96.5%. The resort area median price was up 0.8% from August at $165,375 from $164,125 and is 1.5% higher than the $163,012 median price of August 2014. September saw 156 homes withdrawn from the market having failed to sell whilst the number of homes under contract awaiting closure stood at 523 which was 40 less than the August total but 5 higher than the 518 total of August 2014. closed sales in September recorded a 320 total which compares to 283 sales in August and 228 in the corresponding month last year. The current resort area inventory compared against pace of sales indicates a 5.8 month supply of available homes in September which compares to a 6.7 month supply in August and the same 6.7 month supply of September 2014.

Orlando…

Members of Orlando Regional Realtor association participated in the closing of 3094 homes (all home types and all sale types combined) during August 2015, an increase of 21.8% compared to August 2014 but a decrease of 13.2% compared to July 2015. Traditional sales were up by 37.5% compared to August 2014. Closings of short sales were down 38% while closings of foreclosures fell 0.7%. Single family home sales increased 26.2% compared to August 2014, while condo sales were down by 0.9%. Homes of all types spent an average 69 days on the market before going under contract with the average home selling at 97% of its listed price. This compares to the August 2014 numbers of 69 days and 96.8%, respectively. The overall median price (all sales types and all home types combined) was $182,000 which was an 11% increase compared to the $163,850 median price recorded in August 2014. This median price is down 0.7% compared to the July 2015 median of $183,310. The year on year median price of foreclosures increased 14.2%, while the median price for normal sales increased 8.9% and short sale prices decreased 3.2%. The median price of a single family home was up 11.3% compared to August of last year with the median price of condos increasing 13.1%. Total pending sales awaiting closure currently stand at 5,913. This total of pending sales is 9.1% lower than it was in August 2014 (6,507) and 5.5% lower than it was in July 2015 (6,260). Normal properties comprised 57.7% of total pending sales in August. Short sales accounted for 21.3% of the pending total while bank owned properties market share stood at 20.9%. The number of existing homes (all types combined) available for purchase was 10.8% below that of August 2014 at 11,661 while inventory overall was down by 158 properties from last month. The inventory of single family homes is down by 13.2% compared to August of 2014, while condo inventory is down by 0.8%. The inventory of duplexes, townhomes, and villas fell by 4.6%. Current inventory combined with the pace of sales created a 3.7 month supply of home availability in Orlando in August which compares to a 5.1 month supply in August 2014 and a 3.3 month supply last month. The overall sale of condos in the Orlando area was down 0.8% with 342 sales recorded in August 2015 compared to 345 in August 2014. Orlando homebuyers purchased 269 duplexes, town homes and villas in August 2015, which is 17.9% more than the August 2014 sales total.

Florida…

The Florida housing market recorded increased sales, higher median prices and a tightening inventory in August, according to the latest housing data released by Florida Realtors®. Closed sales of existing single family homes statewide totaled 23,605, up 8.6% compared to August 2014. Statewide, median sales prices increased year on year for both single family homes, townhouse and condominium properties. Total sales of all home styles showed an increase while it also took less time to complete or close a transaction with a median 45 days for single family homes and 54 days for townhomes and condos. The statewide median sales price of an existing single family home last month was $199,900, up 11.1%  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 for townhomes and condo properties was $150,000, up 10.3% from a year ago. The Florida townhome and condo market saw closed sales rise last month with a total of 9,262 units changing hands, up 4.1% compared to August 2014. The closed sales data reflected fewer short sales during August as short sales for townhomes and condos fell 43.7% while short sales for single family homes statewide were down 36.2%. The August gains seen in sales for both single family homes as well as condos and townhouses are still lower than the levels seen in late spring and early summer. Inventory continues to tighten, with a 4.3 month supply in August for single family homes and a 5.2 month supply for townhome and condo properties, according to Florida Realtors.

U.S…

Existing home sales across the nation dipped in August despite slowing price growth and a positive turnaround in the share of sales to first time buyers, according to the National Association of Realtors® (N.A.R) with none of the four major regions experiencing sales increases in August. Total existing home sales for all home styles fell 4.8% to a seasonally adjusted annual rate of 5.31 million in August from a slight downward revision of 5.58 million in July. Despite last month’s decline, sales have now risen year on year for 11 consecutive months and are 6.2% up from a year ago (5.00 million). The median existing home price for all housing types in August was $228,700, which is 4.7% above August 2014 ($218,400). The August price increase marked the 42nd consecutive month of year on year gains. Total housing inventory at the end of August was up 1.3% to 2.29 million existing homes available for sale, but remains 1.7% lower than a year ago (2.33 million). Unsold inventory is at a 5.2 month supply at the current sales pace, up from 4.9 months in July. Properties nationally typically spent 47 days on the market during August, an increase from 42 days in July but below the 53 days recorded in August 2014. Short sales were on the market the longest at a median of 124 days, while foreclosures sold in 66 days and non distressed homes took 45 days. Cash buyers decreased slightly to 22% of all transactions in August (23% in July) and are also down 1% from the 23% level of one year ago. Distressed sales recorded their lowest level since N.A.R began keeping these records in October 2008. Distressed sales of foreclosures and short sales had a 7% market share in August for the second consecutive month while this figure a year ago was 8%. August sales figures reveal that the distressed sales total comprised 5% foreclosures and 2% short sales with foreclosures selling at an average 18% discount (17% in July), while short sales discounted at an average 12% (unchanged from July). By type single family home sales fell 5.3% to a seasonally adjusted annual rate of 4.69 million from 4.95 million but remain 6.1% above the 4.42 million pace of a year ago. The median existing single family home price was $230,200 in August which is an increase of 5.1% from August 2014. Condominium and co-op sales fell 1.6% to a seasonally adjusted annual rate of 620,000 units in August from 630,000 units in July, but are still up 6.9% from August 2014 (580,000 units). The median existing condo price was $217,400 in August, which is 2.2% higher than a year ago.

September 30th 2015

1 G.B.P…Buys 1.513 U.S.D – 1 U.S.D…Buys 0.660 G.B.P

1 EURO…Buys 1.117 U.S.D – 1 U.S.D…Buys 0.890 EURO

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

1 BRL $…Buys 0.252 U.S.D – 1 U.S.D…Buys 3.960 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.