January ‘Journal’ From The Resort Area…
Overall Inventory recorded little change year on year as Januarys report revealed a total of 2,032 listings which compared to 2,023 in January 2016. By listing type normal owner listed homes were up 2.7% at 1964 while bank owned listing were down 43.3% at 41. Short sales listed were also down by 14 listings from January 2016 at 27. The average price that a sold home achieved was unchanged at 97% of the asking price while the number of days that a home took to sell was up by 4 from the corresponding month last year at 135. The median price of a resort area home increased 9.5% year on year to $184,462 from $167,509 in January 2016. The number of closed homes during January was 262 which was 51 less sales than in December but 55 higher than the January 2016 total of 207. The number of homes under contract awaiting closure was 25.2% up on January last year at 521 whilst the number of homes withdrawn from the market by owners that did not achieve a sale whilst listed was 155. Januarys total inventory considered against pace of sales reflected a 7.7 month supply of home availability which compared to a 6.4 month level in December and the 9.7 month supply recorded 12 months ago.
The 2016 Orlando annual median price of $200,000 was up 12% on the 2015 annual median of $178,500. Total sales for 2016 stood at 35,780 which was 1.8% up on the cumulative sales total of 35,151 recorded in 2015. The Orlando market saw increases in both median price and sales during December, while the inventory of homes available for purchase continued a downward trend. Orlandos overall median price (all home types) stood at $207,900, which was 12.4% up on the $185,000 December 2015 median to record year on year increases in median prices for the past 65 consecutive months. The median price for single family homes sales in December increased 10.7% from December 2015 at $227,000 with the median price of condos 15.1% higher at $97,750. Members of the Orlando Regional REALTOR Association participated in 2,948 sales of all home styles which was 11.7% up on the 2,639 sales recorded in December 2015. The 2,347 sales total of single family homes in December was 14% higher than the December 2015 total while total condo sales of 314 was down 7.4%. Sales of distressed homes (foreclosures and short sales) were 287 which is 50% less than recorded in December 2015 with distressed sales comprising 10% of all Orlando area transactions. The inventory of single family homes was down 19.9% compared to December 2015 with condo inventory down 18.4% from the same period.
Sellers of existing single family homes received a median 96% of their listed price, while those selling townhomes and condo properties received 94.7%. The statewide median sales price for existing single family homes was $226,000 last month, up 9.2% from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price of townhomes and condo properties in December was $166,900, up 7.7% from a year ago. Floridas townhome and condo market recorded statewide closings of 8,673 last month, down 5.2% compared to December 2015. Closed sales data for the state reflected fewer short sales and cash buyers in December. Short sales of townhomes and condos were down 45% while short sales for single family homes fell 39.2%. Statewide inventory overall was down to a 3.9 month supply level in December for single family homes and a 6 month supply for level townhomes and condo properties, according to Florida Realtors.
Single family home sales were down 1.8% to a seasonally adjusted annual rate of 4.88 million in December from 4.97 million in November, but remain 1.5% above the 4.81 million pace of a year ago. The median existing single family home price was $233,500 in December, up 3.8% from December 2015. Existing condominium and co-op sales were down 10.3% to a seasonally adjusted annual rate of 610,000 units, and are now 4.7% below a year ago. The median existing condo price was $221,600 in December, which is 5.5% up from a year ago. Total existing home sales for all styles of home finished 2016 at 5.45 million sales and surpassed the 2015 total of 5.25 million as the highest volume since 2006. During December, existing sales decreased 2.8% to a seasonally adjusted annual rate of 5.49 million from an upwardly revised 5.65 million during November. The median existing home price for all housing types stood at $232,200, up 4% from $223,200 December 2015 total. First time buyers represented 32% of the nations sales during the month which is unchanged from both November and a year ago with first time buyers representing 32% of all total sales during 2016. Properties typically spent 52 days on the market, up from 43 days during November but down from the 58 days recorded a year ago. Short sales spent the longest period of time on the market at a median 97 days while foreclosures sold in 53 days and non distressed homes took 50 days. All cash sales comprised 21% of total transactions in December, unchanged from November but down 24% from a year ago. Foreclosures sold at an average 20% discount in December (17% in November), while short sales discounted at an average of 10% (16% in November). Total housing inventory at the end of December was down 10.8% to 1.65 million existing homes available for sale, which is the lowest level since NAR began tracking the supply by housing types in 1999. Total inventory is 6.3% lower than recorded a year ago (1.76 million) and has fallen year on year for 19 straight months. Decembers inventory total was at a 3.6 month supply at the current sales pace compared to 3.9 months in December 2015.
By region December existing home sales in the Northeast were down 6.2% to an annual rate of 760,000, but remain 2.7% above a year ago. The median price in the Northeast was $245,900, which is 3.8% below December 2015. In the Midwest, existing home sales decreased 3.8% to an annual rate of 1.28 million in December and are 2.4% up from a year ago. The median price in the Midwest was $178,400, up 4.6% from last year. Existing home sales in the South during December were at an annual rate of 2.25 million (unchanged from November), and 0.4% above December 2015. The median price in the South was $207,600, up 6.5% from a year ago. Existing home sales in the West fell 4.8% to an annual rate of 1.20 million and are now 1.6% below a year ago. The median price in the West was $341,000 which is up 6% from December 2015. The Commerce Department reported during the month that new home sales last month were down 10.4% to a seasonally adjusted annual rate of 536,000.
January 31st 2017
1 G.B.P…Buys 1.253 U.S.D – 1 U.S.D…Buys 0.797 G.B.P
1 EURO…Buys 1.069 U.S.D – 1 U.S.D…Buys 0.934 EURO
1 CAN $…Buys 0.761 U.S.D – 1 U.S.D…Buys 1.313 CAN $
1 BRL $…Buys 0.318 U.S.D – 1 U.S.D…Buys 3.132 BRL $
U.S Prime Interest Rate = 0.50%
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.