January ‘journal’ From The Resort Area…
Total resort area inventory available for purchase in January offered 1,443 homes and was little changed from both the December 2019 1,431 total and the one year ago total of 1,430 homes. The average days on market that a home takes to sell was down 6 days from Jan 2019 and down 1 from last month at 97 whilst a home that sold in the market achieved an average 97.7% of the listed price which compares to the 95.5% level of 12 months ago. Total sales during the month of 247 homes were 7.3% up from the year ago total of 230 but 17.4% down on the December 2020 total of 299. The markets median price stood at $234,688 which is 9.4% higher than the $214,425 level of 12 months ago. The number of homes pending under offer/contract awaiting closure totaled 479 which was 21.9% higher than the 393 total of January 2019. Homes having failed to sell and withdrawn or expired from the market during January totaled 48 which was 37 less than the corresponding month a year ago. Januarys total inventory when considered against pace of monthly sales would indicate a 5.8 month supply of available homes which compares to a 4.7 month level last month and a 6.2 month supply of home availability recorded in January 2019.
The Orlando annual median home price for 2019 of $242,000 was 4.1% higher than the 2018 annual median price of $232,500 thanks to 11 months of year on year median price increases, according to the Orlando Regional REALTOR® Associations year end report. Only one month during 2019, April, posted a decline in median price. Orlando home sales during the year totaled 36,694, which was 1.8% above the cumulative sales total of 36,057 achieved in 2018. The overall median price of an Orlando home (all types combined) that closed during December was $249,700, which was 7.6% above the December 2018 median price of $232,000 and 4.0% higer than the November 2019 median of $240,000. The median price of a single family home that changed hands during December was up 5% compared to December 2018 at $265,000 with the median price of condos rising 5.3% to $139,000. Members of ORRA participated in a total of 3,020 sales of all home types combined during December, which was 24.7% more than the 2,422 sales of December 2018 and an 11.8% increase on the 2,701 sales during November 2019. Sales of single family homes totaled 2,401 which was an increase of 27.7% compared to December 2018, while the 294 condo sales recorded were 2.3% down year on year. Sales of distressed homes (foreclosures and short sales) totaled 103 which was 10.8% more than the 93 distressed sales of December 2018 with distressed sales comprising 3.4% of all Orlando area transactions during the month. The overall inventory of homes available for purchase stood at 7,023 representing a decrease of 10.8% compared to December 2018, and a 7.1% decrease compared to last month with 12.2% fewer single family homes listed and 9.2% less condos, year on year. Homes that closed during the month took an average of 54 days to move from listing to pending and an average of 37 days between pending and closing, for a total average of 91 days from listing to closing. Pending sales during December were 6.9% higher than December of last year but 18.6% lower when compared to last month. Current inventory combined with current pace of sales suggests a 2.3 month supply of homes in Orlando in December compared to a 3.3 month supply in December 2018 and a 2.8 month supply in November 2019.
The Florida housing market recorded more closed sales, higher median prices and increased pending sales with more pending inventory during December compared to a year ago, according to the latest housing data released by Florida Realtors. Sales of single family homes statewide totaled 25,557 which was up 23.8% from December 2018. Statewide median sales prices for both single family homes and condo and townhome properties in December rose year on for the 96th consecutive month. The statewide median sales price of an existing single family home was $270,000, a rise of 5.9% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last months statewide median price for condo and townhome units was $200,000, up 8.1% from a year ago. Closed sales of existing single family homes were up nearly 24% compared to December 2018 while closings in the condo townhouse category were up by almost 18%. The condo and townhome market saw statewide closed sales of 9,605, up 17.7% from the sales level of a year ago. New pending sales rose 11.9% for existing single family homes last month whilst pending sales for condo and townhome units increased 8.3%. The supply of existing single family homes stood at 3.4 month level of inventory in December, while condo and townhome properties recorded a 5.2 month supply.
Existing home sales grew during December, after a slight fall in November, according to the National Association of Realtors®. Although the Midwest saw sales decline, the other three major U.S. regions reported growth last month. Total existing home sales for completed transactions covering all home types increased 3.6% from November to a seasonally adjusted annual rate of 5.54 million in December. Additionally, overall sales were up 10.8% from a year ago (5.00 million in December 2019). The median existing home price for all housing styles in December was $274,500, up 7.8% from the December 2018 total of $254,700, as every region recorded price increases, with the November price increase marking the 94th straight month of year on year gains. Total housing inventory at the end of December stood at 1.40 million units, down 14.6% from November and also down 8.5% from the one year ago level of 1.53 million. Properties typically remained on the market for 41 days during December, seasonally up from 38 days in November, but down from a 46 day level in December 2018 with 43% of all homes sold during December on the market for less than a month. First time buyers accounted for 31% of sales which was moderately lower than the 32% level seen in both November and in December 2018. Cash purchasers accounted for 20% of all December transactions, unchanged from November and down slightly from 22% level in December 2018. Distressed sales of foreclosures and short sales represented 2% of all closings in December, unchanged from both November 2019 and December 2018. Single family home sales sat at a seasonally adjusted annual rate of 4.92 million, up from 4.79 million in November, and also 10.6% higher than a year ago. The median existing single family home price was stood at $276,900 which was up 8% from December 2018. Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 620,000 units in December, up 10.7% from November and 12.7% higher than a year ago. The median existing condo price was $255,400, which was an increase of 6.0% from a year ago. Unsold inventory recorded a 3 month supply at the current sales pace, down from the 3.7 month figure noted in both November 2019 and one year ago.
January 31st 2020
1 G.B.P…Buys 1.312 U.S.D – 1 U.S.D…Buys 0.762 G.B.P
1 EURO…Buys 1.102 U.S.D – 1 U.S.D…Buys 0.906 EURO
1 CAN $…Buys 0.755 U.S.D – 1 U.S.D…Buys 1.323 CAN $
1 BRL $…Buys 0.235 U.S.D – 1 U.S.D…Buys 4.244 BRL $
U.S Prime Interest Rate = 5.5%
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.