*** Published on 1st February 2018 ***
January ‘journal’ From The Resort Area…
The January 2018 sales total of 288 in the resort area were 9.9% up on the 262 sold total of the corresponding month last year lastest figures reveal. Total inventory of 1,429 homes was down 42.1% from the January 2017 total of 2,032 and also down 4.9% from the 1,500 listings in December 2017. By type this months inventory comprised 1,394 normal owner listings and 18 bank owned homes compared to 1,964 normal owner listings last year and 41 bank owned. Short sales of 17 were down from 27 in July 2017. Homes selling closed at an average 97.25% after 133 days on the market compared to 135 days a year ago and a 95% average price attained. The markets median price was up 11% at $203,750 from $183,462 a year ago and 0.5% higher from last months median price of $202,706. The number of homes under contract awaiting closure stood at 511 in January compared to 521 in Janaury 2017 and 337 in December 2017. During the month 130 homes were withdrawn from the market having failed to sell which was 25 less than the 155 withdrawn January last year. The January sales pace considered against inventory levels indicates a 4.9 month supply of home availability which is down from the 4.3 month level of last month and 7.7 months one year ago.
Total Orlando home sales for 2017 finished at 37,198, which according to the Orlando Regional REALTOR® Association is 3.8% up on the cumulative sales total of 35,829 for 2016 with annual sales in 2016 up 1.9% over 2015. The Orlando annual median home price of $220,000 is 10% higher than the 2016 median of $200,000 thanks to another 12 consecutive months of year on year price increases. The overall median price of an Orlando area home that sold in December is $230,000, which is 10.3% above the December 2016 median price of $208,500. Year on year increases in median price have now been in evidence for the past 78 consecutive months with the the overall median price in December 2017 up 99.1% from July 2011 with the current median price 2.2% higher than last months $224,995. The median price for single family homes that changed hands iduring December was up 7.7% over December 2016 at $245,000. The median price for condos was up 22.8% to $120,000. The overall average home price during December was $279,474, an increase of 16.5% from the average home price in December 2016. The average home listed at $287,945 December and sold for 97.1% of its listed price (97.2% in December 2016). Members of O.R.R.A participated in 3,006 sales of all home styles during the month, which is 0.3% more than the 2,997 sales of December 2016 and 8.6% more than the 2,767 sales of November 2017. Sales of single family homes totaled 2,328 in December 2017 were down 2.8% compared to December 2016, while condo sales of 348 were up 10.1%. Sales of distressed homes (foreclosures and short sales) were at 149 in December which is 49% below the 292 distressed sales of December 2016 with distressed sales accounting for 5% of all Orlando area transactions during the month. The overall inventory of homes available for purchase was 7,508 which was a 12.6% decrease compared to December 2016, and a 9.5% fall compared to last month with 9.4% fewer single family homes available for purchase and 27.5% fewer condos. Current inventory combined with the current pace of sales created a 2.5 month supply of home availability in Orlando during December which compares to a 2.9 month supply in December 2016 and a 3 month supply in November 2016.
The Florida housing market saw an increase in closed sales and higher median prices during December, according to the latest housing data released by Florida Realtors®. Sales of single family homes statewide totaled 22,903 which was up 2.6% compared to December 2016. Sellers of existing single family homes received an average 96.3% of their original listing price, while those selling townhomes and condos received a median of 95.1%. The statewide median sales price for existing single family homes was $244,185, up 8% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median price for condo and townhome properties was $180,000 which was up 7.8% from a year ago.
Total existing home sales of all home styles were up 1.1% in 2017 to a 5.51 million sales pace and surpassed 2016 (5.45 million) as the highest since 2006 (6.48 million). During December existing home sales fell 3.6% to a seasonally adjusted annual rate of 5.57 million from a downwardly revised 5.78 million in November with sales still 1.1% above a year ago. The nations median existing home price for all housing types was $246,800, up 5.8% from December 2016 ($233,300) with the December price increase marking the 70th consecutive month of year on year gains. Total housing inventory was down 11.4% at 1.48 million existing homes available for sale to be 10.3% below levels of a year ago with inventory down for 31 straight months. Unsold inventory is at a 3.2 month supply at the current sales pace, which is down from 3.6 months a year ago and is the lowest level since NAR began tracking in 1999. Single family home sales declined 2.6% to a seasonally adjusted annual rate of 4.96 million in December from 5.09 million in November, but are still 1% up on the 4.91 million pace of a year ago. The median existing single family home price was $248,100 in December, up 5.8% from December 2016. Existing condominium and co-op sales fell 11.6% to a seasonally adjusted annual rate of 610,000 units during December, but are still 1.7% up from a year ago. The median existing condo price was $236,500 which is 6.4% above a year ago. Cash purchases represented 20% of all transactions in December, which is down from 22% in November and 21% a year ago. Distressed sales of foreclosures and short sales represented a 5% market share in December, up from 4% in November but down from 7% a year ago with 4% of December sales foreclosure related and 1% short sales. Properties typically stayed on the market for 40 days during December, which is unchanged from November and down from 52 days a year ago.
January 31st 2017
1 G.B.P…Buys 1.416 U.S.D – 1 U.S.D…Buys 0.706 G.B.P
1 EURO…Buys 1.245 U.S.D – 1 U.S.D…Buys 0.802 EURO
1 CAN $…Buys 0.814 U.S.D – 1 U.S.D…Buys 1.228 CAN $
1 BRL $…Buys 0.316 U.S.D – 1 U.S.D…Buys 3.160 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.