September ‘summary’ From The Resort Area…
Net resort marketplace inventory rose for the first time in 3 months as overall listings sat 40 higher than last month at 1173 but are still 33.3% below the 1569 level of one year ago. The average days that a home takes to sell in September was 120 which is 4 lower than last month and 11 less than September 2017 with the the average price achieved compared to list price unchanged at 97.2%. The median price of an area home was up 6.4% from a year ago at $211,293 whilst month on month this reflected a 0.7% fall from the August 2018 price of $212, 812. During the month 67 homes were withdrawn from the market by owners or agents having failed to sell which compares to 85 last month and 117 one year ago. Total sales of 319 during September were 24.2% higher than the September 2017 total of 257 but 24.4% lower than the 397 closed total of last month. The pipeline number of homes under contract awaiting closure stood at 524 which was down from 572 a year go but up 7 from the 517 total last month. Septembers resort area inventory suggests a 3.6 month supply of availability when compared against sales pace which contrasts to a 2.9 month supply last month and a 6 month supply level back in September 2017.
The year on year median price of an Orlando home that sold in August continued on its year long upward trajectory, albeit at a slower pace as reduced inventory took its toll on sales. The overall median price of Orlando homes (all types combined) was $231,000, which is a 2.7% increase from the August 2017 median price of $225,000 and 1.7% below the July 2018 median price of $235,000. Year on year increases in median price have been recorded for the last 86 consecutive months with the August 2018 overall median price 100% higher than it was in July 2011. The median price of a single family home that changed hands during August was up 4.9% from August 2017 at $255,000 while the median price of a condos increased 12% to $125,975. Members of ORRA participated in a total of 3,374 sales of all home styles in August, which is 5.8% less than the 3,580 sales of August 2017 and 0.6% below the 3,394 sales of July 2018. The 2,583 sales of single family homes during in August 2018 was a decrease of 6.7% compared to August 2017, while condo sales of 440 were 3.3% higher year on year. Distressed sales of foreclosures and short sales totaled 121 which was 40.7% less than the 204 distressed sales of August 2017 with distressed sales comprising 3.6% of all Orlando area transactions last month. Homes that closed in August took an average of 49 days to move from listing to pending, and took an average of 85 days from listing to closing. Pending sales in August were down 21.4% compared to August of last year and also down 6.1% compared to last month. The overall inventory of homes available for purchase in August of 7,808 represented a decrease of 11.6% compared to August 2017, and an increase of 3.8% increase compared to last month with overall figures showing a decrease of 10.2% in single family home listings and 8.5% fewer condos. Current inventory combined with the current pace of sales created a 2.3 month supply of homes in Orlando for August. There was a 2.2 month supply in July 2018 and a 2.5 month supply in August 2017.
The Florida housing market reported more sales, increased new listings and higher median prices in August compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single family homes statewide totaled 26,273 last month, up 4.2% compared to August 2017. The median time for a sale to go to contract is getting shorter as single family homes took 36 days, down 2.7% while condo and townhome properties took 46 days which was down 6.1%. August marked the 80th consecutive month that the statewide median sales prices of both single family and condo-townhouse properties rose year on year. The statewide median sales price of an existing single family home was $254,290, up 6% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median price for condominium and townhomes stood at $185,000, up 8.8% from a year ago while this market saw statewide closed sales of 10,365 which was up 6.6% compared to sales levels of a year ago. Closed sales data continued to reflect fewer short sales and foreclosures in August with short sales of condo and townhome properties down 18.8% and foreclosures down 28.9%. Year on year closings of short sales for single family homes was down 34.2% while foreclosures related sales fell 30.1% year on year.
Existing home sales remained steady during August after four straight months of decline, according to the National Association of Realtors® (NAR). Sales gains in the Northeast and Midwest contrasted with downturns in the South and West. Total existing home sales of all product types was unchanged from July and remained at a seasonally adjusted rate of 5.34 million in August with sales now down 1.5% year on year. The median existing home price for all housing types in August was $264,800, up 4.6% from the August 2017 price of $253,100 with this increase marking the 78th straight month of year on year gains. Total housing inventory at the end of August was unchanged from July at 1.92 million existing homes available for sale, which was an increase from 1.87 million a year ago. Unsold inventory is at a 4.3 month supply at the current sales pace, consistent from last month but up from a 4.1 month supply level a year ago. Properties typically spent 29 days on the market in August, up from 27 days in July but down from 30 days a year ago. First time buyers comprised 31% of sales in August, down from 32% in July while cash sales made up 20% of transactions in August, unchanged from July and a year ago. The nations distressed sales of foreclosures and short sales represented 3% of all sales (lowest rate since NAR began tracking in October 2008), unchanged from last month and down from 4% from levels of a year ago with 2% of sales foreclosures and 1% short sales. Single family home sales sat at a seasonally adjusted annual rate of 4.75 million in August, unchanged from July but 1% below the 4.8 million sales pace of a year ago. The median existing single family home price was $267,300 in August, up 4.9% from August 2017. Existing condominium and co-op sales were at a seasonally adjusted annual rate of 590,000 units in August (unchanged from last month). but down 4.8% from a year ago. The median existing condo price stood at $244,500 in August, which is up 2% from a year ago.
September 28th 2018
1 G.B.P…Buys 1.302 U.S.D – 1 U.S.D…Buys 0.767 G.B.P
1 EURO…Buys 1.158 U.S.D – 1 U.S.D…Buys 0.863 EURO
1 CAN $…Buys 0.770 U.S.D – 1 U.S.D…Buys 1.297 CAN $
1 BRL $…Buys 0.249 U.S.D – 1 U.S.D…Buys 4.015 BRL $
U.S Prime Interest Rate = 2.00-2.25%
Team Donovan publish 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.