April ‘announcements’ From The Resort Area…
A resort area home has seen median price appreciation of 9.8% over the past 12 months from $187,819 in April 2017 to $206,286 latest figures conclude.The April 2018 activity report also detailed that the number of days a home takes to sell was unchanged from a year ago at 132 whilst the average price achieved against listing price was up slightly at 97.4% from 97.2%. Homes under contract awaiting closure totaled 698 which compared to 616 last month and 703 one year ago. Homes withdrawn from the market during the month was 85 which is 56 less than the April 2017 withdrawn total of 141. The total number of homes changing hands was 6.4% higher than last month at 345 and 1.7% higher than the 339 closings achieved during April 2017. Overall inventory levels have continued to drift downwards with a total of 1,273 homes listed for sale in April which was a fall of 40.6% from the 1,791 level of a year ago. The April sales pace when considered against total inventory reflected a 3.6 month level of availability which compared to a 4 month level last month and the 5.2 month supply of April 2017.
The overall median price of an Orlando area home (all types combined) that sold during March was $230,000 which was 5.5% above the March 2017 median price of $218,000 and 0.4% up from the February 2018 price of $229,000. Year on year increases in median price have now been recorded for the past 81 consecutive months with the March 2018 overall median price up 99.1% from July 2011. The median price of a single family home that sold was 6.3% up from the March 2017 figure of $249,900 whilst the median price for condos was 19.4% higher at $122,900. Members of the Orlando Regional Realtors Association participated in a total of 3,508 sales of all home styles combined during the month which was 0.9% more than the 3,477 sales of March 2017 and a 38.2% rise on the 2,538 sales of February 2018. Sales of single family homes totaled 2,727 which was down 0.4% compared to March 2017, while condo sales of 421 were down 3.2%. Distressed home sales (foreclosures and short sales) totaled 115 which was 57.7% less than the 272 distressed sales recorded back in March 2017 with distressed sales accounting for 3.3% of all Orlando area transactions last month. The overall inventory of homes available for purchase was 7,710 and represented an inventory decrease of 9.7% compared to March 2017 and a 0.2% increase from last month. Overall there were 6.1% fewer single family homes available for purchase and 24.3% fewer condos. Pending sales were 6.6% lower than March of last year but were up 3.6% from last month. Current inventory combined with the monthly pace of sales created a 2.2 month supply of home availability in Orlando for March which compared to the 2.5 month supply in March 2017 and a 3 month supply last month.
The statewide median sales price of an existing single family home last month was $250,800 which was up 8.2% from the previous year, while the statewide median price for townhomes and condo properties stood at $183,000, a rise of 7% from one year ago. The month of March represented the 75th consecutive month that statewide median sales prices for both single family homes and townhomes and condo properties have increased year on year, according to data provided from Florida Realtors Research Department in partnership with local Realtor boards/associations. Sales of single family homes statewide totaled 25,020 which was down 3.5% compared to March 2017, while statewide closed sales of townhomes and condos were at 10,997 which was 1.8% less than a year ago. Closed sales data for March reflected fewer short sales and foreclosures with short sales of single family homes down 49.3% and foreclosures down 53% compared to a year ago. For condo and townhome properties short sales year on year were down 51.7% and foreclosures down 41.4%. The March inventory total tightened even more with a 3.8 month supply for single family homes and a 5.9 month supply for townhomes and condos, according to Florida Realtors.
Existing home sales grew for the second consecutive month during March, but falling inventory levels and affordability constraints kept sales activity below onee year ago levels, according to the National Association of Realtors® (NAR). Total existing home sales for all home styles were up 1.1% to a seasonally adjusted annual rate of 5.60 million from 5.54 million in February. Single family home sales inched forward 0.6% to a seasonally adjusted annual rate of 4.99 million from 4.96 million, but were still 1.0% below the 5.04 million sales pace seen a year ago. The median existing single family home price stood at $252,100 which was up5.9% from March 2017. Existing condominium and co-op sales increased 5.2% to a seasonally adjusted annual rate of 610,000 units but remain 3.2% down from a year ago. The median existing condo price stood at $236,100 which is a rise of 4.8% from a year ago. Despite last months increase, sales were still 1.2% down overall from a year ago. The median existing home price for all housing styles was $250,400, up 5.8% from the March 2017 figure of $236,600 with the March price increase being the 73rd straight month of year on year gains. Properties typically stayed on the market for 30 days, which was down from 37 days in February and the 34 day duration of a year ago with half of all homes sold during March on the market for less than a month. First time buyers comprised 30% of total sales which was up from 29% last month but down 32% from one year ago. Distressed sales of foreclosures and short sales represented a 4% market share which was unchanged from February but down 2% from the 6% share of a year ago with 3% of all March sales foreclosure related and 1% short sales. Total housing inventory climbed 5.7% to 1.67 million existing homes available for sale, but still remains at a level 7.2% lower than a year ago (1.80 million) and have fallen year on year for the past 34 consecutive months. Unsold inventory is at a 3.6 month supply at the current sales pace which was down from a 3.8 month level one year ago. Sales of new U.S. homes jumped 4% in March, assisted by an increase in sales in the West. The Commerce Department stated during the month that sales were at a seasonally adjusted annual rate of 694,000. The two prior months had their sales revised upward with the annual rate being 667,000 in February and 644,000 in January with sales for the first three months of this year 10.3% higher than a year ago.
April 30th 2018
1 G.B.P…Buys 1.374 U.S.D – 1 U.S.D…Buys 0.727 G.B.P
1 EURO…Buys 1.208 U.S.D – 1 U.S.D…Buys 0.827 EURO
1 CAN $…Buys 0.777 U.S.D – 1 U.S.D…Buys 1.285 CAN $
1 BRL $…Buys 0.288 U.S.D – 1 U.S.D…Buys 3.469 BRL $
U.S Prime Interest Rate = 1.0-1.5%
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.