August ‘arithmetic’ from the Orlando resort area…
August sales across the Orlando resort area were down 5.3% month on month as records record that 283 homes have changed ownership in the last 31 days. Year on year figures show this to be an increase of 58 closings compared to the August 2014 225 recorded total. Homes sold during August achieved on average 96.6% of the asking price (unchanged from last month) after 129 days on the market, a rise of 1 day from both last month and the August 2014 recorded figure. The resort area median price remained little changed from last month at $164,125 from $164,450 last month but is 3.7% higher than the $158,125 recorded median price of August 2014. Inventory levels overall were 28% higher than a year ago with the total number of homes listed for sale at 1892. This listed total comprised 1780 normal owner listings, 131 bank owned homes and 55 short sales. The total number of homes under contract at the month end stood at 563 which was 13 less than July but 30 higher than the 533 total of August 2014. Over the past 31 days 156 homes were withdrawn from the market having not achieved a sale whilst listed. The resort area inventory level when reviewed against pace of sales indicated a 6.7 month supply of home inventory in August which compares to a 6.5 month supply in July and the same 6.5 month supply for the corresponding month last year.
The Orlando market saw July closing of existing homes increase more than 33%, reports the Orlando Regional REALTOR® Association. In addition, the area’s median price stood at $183,875 which was a 7.5% increase compared to the $170,950 median price in July 2014. This median price is 2.1% higher than the June 2015 median of $180,000. The year on year median price of foreclosures increased 13.3%, while the median price for normal sales was up 1.25% while short sales prices fell by 22.2%. The median price of an Orlando single family home was up 5.2% compared to July of last year while the median price of condos increased by 10.3%. Members of O.R.R.A participated in the closing of 3,388 homes (all home types and all sale types combined) during July 2015, an increase of 33.2% compared to July 2014 but a decrease of 5.9% compared to June 2015. Traditional Orlando sales were up 51.4% compared to July 2014. Closings of short sales fell 40.3% whilst the closings of foreclosures increased by 10.2%. Single family home sales increased 33.7% in July 2015 compared to July 2014, while condo sales increased by 20.2%. Homes of all types spent an average 69 days on the market before coming under contract with the average home selling at 96.9% of its listed price. In July 2014 those numbers recorded as 73 days and 96.6% respectively. Homes under contract and awaiting closure stood at 6,260. This pending sale total was 7.5% lower than July 2014 (6,768) and 9.2% lower than the 6,901 June 2015 total. The number of existing homes (all types combined) available for purchase in July was 2.2% below that of July 2014 at 11,819 with inventory overall down by 239 properties from last month. The inventory of single family homes was down 4.4% compared to July of 2014, while condo inventory was up 3.3%. The inventory of duplexes, townhomes and villas was up 8.7%. The sale of condos were up 20.2% in July, with 374 sales recorded compared to 311 in July 2014. Orlando homebuyers purchased 310 duplexes, town homes, and villas during July 2015, which is 48.3% more than July 2014. Current inventory combined with the current pace of sales created a 3.4 month supply of homes in July which compares to a 4.7 month supply in July 2014 and a 3.3 month supply last month.
Floridas housing market saw more closed sales, higher median prices and more pending sales in July, according to the latest data released by Florida Realtors®. Closed sales of existing single family homes statewide totaled 26,916 last month, up 21.8% from July 2014. Statewide, new pending sales for single family homes rose 6.5% year on year, while new townhome and condo sales rose 3.8%. The statewide median sales price for existing single family homes stood at $199,900, up 8.1% 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 condos rose 9.1% to $150,000 year on year. Data for closings reflected fewer short sales during July with short sales for townhomes and condo properties down 39.3% and short sales for single family homes falling by 31.2%. The states overall inventory recorded a 4.5 month level of supply in July for single family homes and a 5.3 month supply for townhome and condo properties. In a separate report published during the month eight Florida metro areas appeared in the nations top 10 for foreclosure positions with homes in these markets at some phase of the process. Jacksonville (one in every 310 housing units with a foreclosure filing), Miami (one in every 339 housing units), Lakeland and Winter Haven (one in every 349), Deltona and Daytona Beach (one in every 358 housing units), Tampa (one in every 375 housing units), Port St. Lucie (one in every 410 housing units), Orlando (one in every 433 housing units) and the Palm Bay and Melbourne area (one in every 437 housing units).
Julys existing home sales recorded gains for the third consecutive month, even with lower overall inventory levels and rising prices. However, ongoing market challenges likely led to a drop in first time buyers to their lowest share since January, according to the National Association of Realtors®(NAR). Total existing home sales of all styles of home increased 2% to a seasonally adjusted annual rate of 5.59 million from a downwardly revised 5.48 million in June. Sales in July were at the highest pace since February 2007 (5.79 million) and have increased year on year for ten consecutive months to be 10.3% higher than the corresponding month last year. The median existing home price for all home styles was $234,000 which is 5.6% up from July 2014 and represents the 41st consecutive month of year on year gains. The percentage share of first time buyers declined in July for the second consecutive month, falling from 30% in June to 28% which represents the lowest share level since January of this year. One year ago, first time buyers represented 29% of all buyers. Properties typically stayed on the market for 42 days during July, an increase from June (34 days) but below the 48 days in July 2014. Short sales spent the longest period on the market at a median 135 days, while foreclosures sold in an average 49 days and non distressed homes took 41 days to close. Individual investors, who account for many cash sales, purchased 13% of the nations homes in July, up from 12% in June but down from 16% in July 2014 with 64% of investors paying cash. Existing condominium and co-op sales fell 3.1% to a seasonally adjusted annual rate of 630,000 units in July from 650,000 units in June, but are still up 5% from July 2014 (600,000 units). The median existing condo price was $221,800 in July, which is 3.2% above a year ago. Total housing inventory at the end of July fell 0.4% to 2.24 million existing homes available for sale and stands 4.7% lower than a year ago (2.35 million) with unsold inventory in July recording a 4.8 month supply at the current sales pace, down from the 4.9 months of June.
August 31st 2015
1 G.B.P…Buys 1.541 U.S.D – 1 U.S.D…Buys 0.648 G.B.P
1 EURO…Buys 1.122 U.S.D – 1 U.S.D…Buys 0.890 EURO
1 CAN $…Buys 0.752 U.S.D – 1 U.S.D…Buys 1.328 CAN $
1 BRL $…Buys 0.274 U.S.D – 1 U.S.D…Buys 3.649 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.