August ‘allsorts’ From The Resort Area…
The sale of 376 homes during August across the resort area reflected a 5.5% fall in overall closings compared to a year ago and a 4.5% decrease from last months total sales of 393. The average days that a home took to sell is down 26 days from a year ago to a revised 97 days and down one day from last month. Homes that closed achieved an average 97.7% compared to 97.2% achieved a year ago. The markets median price was 5.2% higher than a year ago at $223,968 from $212,812. The number of homes under offer/contract stood at 513 at the end of August compared to 548 last month and the 517 pipeline total of a year ago whilst 94 homes were withdrawn from the market during the month having failed to achieve a sale. Total inventory of 1245 homes was little changed from last month but 9.9% higher than the total inventory level of August 2018. The August inventory level considered against sales pace suggests a 3.3 month supply of home availability which compares to a 3.1 month level last month and the 2.9 month home supply available in August 2018.
The Orlando Regional Realtor Association reported that Orlando’s housing market enjoyed year on year increases of more than 5% in both median price and sales during July, while inventory continued its steady upward trek rising more than 6% compared to July of last year. Members of O.R.R.A participated in a total of 3,620 sales of all home types combined in July, which is 6.7% more than the 3,394 sales in July 2018 and 6.1% more than the 3,412 sales in June 2019. Total single family home sales of 2,849 were up 7.2% compared to July 2018, while condo sales of 401 were 4.5% higher year on year. Sales of distressed foreclosures and short sales reached 110 in July to be 9.1% below the 121 distressed sales of July 2018. Distressed sales comprised 3% of all Orlando area transactions during the month. Homes that closed in July took an average 49 days to move from listing to pending and an average of 38 days between pending and closing, for a total average of 87 days from listing to closing which was down from 88 days in June. The overall median price of Orlando homes that closed in July was $247,000, which is 5.1% up on the July 2018 median of $235,000 and down 1.2% compared to the June 2019 median of $249,999. The median price of a single family home that changed hands in July was 4.9% up from July 2018 at $267,500. The median price for condos increased 8.2% to $138,000. The overall inventory of homes available for purchase during July was 7,998 representing an increase of 6.3% compared to July 2018, and a 0.7% decrease from last month with 3.8% more single family homes available for purchase and 16.3% more condos, year on year. Pending sales in July were up 7.9% compared to July of last year but down 5.6% compared to last month. Current inventory combined with the current pace of sales created a 2.2 month supply of homes in Orlando in July which compared to a 2.4 month supply in June 2019.
The Florida housing market reported more sales, rising median prices and an increase in new listings in July compared to a year ago, though for sale inventory remains constrained in some markets, according to the latest housing data released by Florida Realtors®. Sales of single family homes statewide totaled 25,488 last month, up 3.8% compared to July 2017. New listings of existing single family homes rose 3.1% compared to a year ago while new listings for condo and townhouse properties increased 2% from last July. Meanwhile, home sellers received more of their original asking price as sellers of existing single family homes received 96.7% of their original listing price, while those selling condo and townhouse properties received an average 95.3%. July was the 79th consecutive month that the statewide median sales prices for both single family and condo/townhouse properties rose year on year. The statewide median sales price of an existing single family home was $255,000, up 6.3% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median price of a condo or townhome units was $180,000, up 5.3% year on year. Looking more specifically at Floridas condo and townhouse market, statewide closed sales of 10,032 last month were 8.5% up from year ago. Closed sales data reflected fewer short sales and foreclosures in July with short sales for condos and townhomes down 33% and foreclosures down 26.5% year on year. Short sales of single family homes declined 41.6% while foreclosures fell 38.3% from a year ago.
Existing home sales strengthened in July recording a positive reversal after total sales were down slightly in the previous month, according to the National Association of Realtors®. Total existing home sales for all completed transactions of home types were up 2.5% from June to a seasonally adjusted annual rate of 5.42 million in July with overall sales up 0.6% from the one year ago figure of 5.39 million. The median existing home price for all housing types in July was $280,800, up 4.3% from the July 2018 figure of $269,300. Julys price increase marks the 89th straight month of year on year gains. Total housing inventory at the end of July decreased to 1.89 million, down from 1.92 million existing homes available for sale in June, and a 1.6% decrease from 1.92 million one year ago. Distressed sales of foreclosures and short sales represented 2% of all sales in July, unchanged from June but down from 3% in July 2018 with less than 1% of July sales related to short sales. Unsold inventory is at a 4.2 month supply at the current sales pace, down from the 4.4 month supply recorded in June and down from the 4.3 month level recorded in July of 2018.
August 30th 2019
1 G.B.P…Buys 1.219 U.S.D – 1 U.S.D…Buys 0.819 G.B.P
1 EURO…Buys 1.104 U.S.D – 1 U.S.D…Buys 0.005 EURO
1 CAN $…Buys 0.753 U.S.D – 1 U.S.D…Buys 1.326 CAN $
1 BRL $…Buys 0.241 U.S.D – 1 U.S.D…Buys 4.146 BRL $
U.S Prime Interest Rate = 5.25%
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.