July ‘jargon’ From The Resort Area…
Total inventory levels in the resort area were little changed from last month but recorded a 6.9% increase from a year ago with listed homes up from 1,158 to 1,238 over the last 12 months. The average days that a home takes to sell has fallen by 32 days over the same period from 130 in July 2018 to 98. A home that sold during July achieved an average 97.6% of its listed price compared to 97.3% 12 months ago. A homes median price continued year on year growth with a 5.9% increase from July 2018 to a revised median price of $223,250 from $210,681. The pipeline number of homes under offer/contract awaiting closure totaled 548 which was down 20.8% down from last months 662 and also 6.9% lower than the 586 pipeline recorded of a year ago. Total sales during the month of 393 were 9.5% higher that July 2018 whilst the number of homes withdrawn from the market over the past 30 days having failed to sell totaled 40 which compared to the 120 withdrawn during July 2018. The July inventory level when compared the pace of monthly sales indicates a 3.1 month supply of homes which compares to the 3.2 month supply level last month and the 3 month supply of July 2018.
The overall median price of an Orlando area home (all types combined) that changed hands during June was $250,000, which was 5% above the June 2018 median price of $238,000 and 2.1% up from last months median of $243,000. By home type, the median price of a single family home that sold during June increased 3% over June 2018 at $270,000 whilst the median price for condos was 7.5% higher at $134,350. Members of the Orlando Realtors Association participated in 3,399 sales of all home types during June, which was 1.8% less than the 3,461 sales of June 2018 and 10.7% less than the 3,806 sales in May 2019. Sales of single family homes totaled 2,685 which was 0.5% higher than June 2018, while the 406 condo sales represented a sales increase of 3.3% year on year. Closings of distressed homes representing foreclosures and short sales recorded 115 sales which was 14.2% less than the 134 total of June 2018 with distressed sales comprising 3.4% of total Orlando area transactions. Homes that closed in June took an average 51 days to move from listing to pending after an average 37 days between pending and closing, for an average 88 days from listing to closing (down from a total of 90 days the previous month). Pending sales in June are up 4.2% compared to June of last year but down 4.8% month on month. The overall Orlando inventory of homes available for purchase stood at 8,050 representing an increase of 6.5% from June 2018 but a 0.9% decrease compared to the previous month. By home type total inventory recorded 5% more single family homes and 23.5% more condos, year on year. Current inventory combined with the current pace of sales created a 2.4 month supply of homes in Orlando in June. There was a 2.2 month supply in June 2018 and a 2.1 month supply in May 2019.
The Florida housing market reported rising median prices and increased inventory, including an increase in pending inventory and active listings compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single family homes statewide totaled 27,283 last month, down 1.9% from June 2018. inventory levels continued to improve in June, which helps ease the pressure of rising home prices offering more options for potential homebuyers who may have been waiting to enter the market. Floridas single family inventory last month was up 2% compared to June 2018, while condo and townhome inventory increased 4.6%. Meanwhile, pending inventory for existing single family homes was up 4.9% year on year, while pending inventory of existing condo and townhome properties was 2.5% higher. The June statewide median sales prices for both single family homes and condo and townhouse properties rose year on year for the 90th consecutive month. The statewide median sales price for existing single family homes stood at $270,000, up 3.8% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Junes statewide median price for condo and townhome units was $194,900, up 2.6% from a year ago. Floridas condo market saw statewide closed sales of 10,094 in June, down 9.4% from a year ago.
U.S. home sales fell more than expected in June as a persistent shortage of properties pushed prices to a record high, suggesting the housing market was struggling to regain its footing following the soft patch of last year. The National Association of Realtors reported that existing home sales were down 1.7% to a seasonally adjusted annual rate of 5.27 million units during the month. Mays sales pace was revised higher to 5.36 million units from the previously reported 5.34 million units. Existing home sales, which make up about 90% of U.S. closings, decreased 2.2% year on a year which was the 16th straight year over year decline in sales. There were 1.93 million previously owned homes on the market in June, up from 1.91 million in May and unchanged from a year ago whilst the median existing house price was up 4.3% from a year ago. At the June sales pace, it would take 4.4 months to exhaust the current total resale inventory which was up from the 4.3 month level of May. Sales of new single family houses in June 2019 were at a seasonally adjusted annual rate of 646,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development during the month which is 7% above the revised May rate of 604,000 and 4.5% above the June 2018 estimate of 618,000.
July 31st 2019
1 G.B.P…Buys 1.216 U.S.D – 1 U.S.D…Buys 0.822 G.B.P
1 EURO…Buys 1.115 U.S.D – 1 U.S.D…Buys 0.896 EURO
1 CAN $…Buys 0.760 U.S.D – 1 U.S.D…Buys 1.315 CAN $
1 BRL $…Buys 0.264 U.S.D – 1 U.S.D…Buys 3.781 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.