May ‘musings’ from the Orlando Resort Area…
Month to month figures reveal that prices remained relatively stagnant across the resort area market with the median price of an area home $162,956. Year on year comparison figures show that prices are up by just over 4%. The overall inventory of homes on the market has continued to climb and closed the month 82 homes higher at 1946 with year on year inventory now up 27%. By type the current inventory breakdown records 1752 conventional owner listings, 150 bank owned homes and 44 short sales. Total sales achieved month on month were higher by 26 from last month as 303 homes changed hands in May. The average days on market that homes take to sell was unchanged at 129 whilst the average price attained increased slightly to 96.5% of the properties listed price. The total number of homes under offer/contract and awaiting closure stood at 615 at the month end which was little change from the 611 April total. Given the current level of inventory, the April sales pace when reviewed against existing inventory total would suggest a a 6.4 month resort area availability of homes which is down from the 6.7 month supply in April but higher than the 6 month area supply recorded in May 2014.
The Orlando overall median price for April was $175,000, a 7.6% increase compared to the $162,500 median price of April 2014 but a 1.1% fall from the the March 2015 median price of $177,075. Year on year figures of each individual sale type and home type revealed year on year year median price increases during April. Foreclosures led the way with an 9% increase, while the median price of normal sales was up 7% and short sales increased 2.9%. The median price of single family homes was up 8.9% compared to April of last year whilst the median price of condos increased 2.6%. Members of Orlando Regional Realtors Association participated in the sale of 3,031 homes (all home types and all sale types combined) which was an increase of 12.3% compared to April 2014 but a decrease of 3.2% compared to March 2015. Traditional sales were up 17.8% compared to April 2014. Closings of short sales decreased by 40.6% overall while closings of foreclosures increased 17%. Single family home sales increased 13.2% compared to April 2014, while condo sales increased 1.9%. Homes of all types spent an average of 79 days on the market before coming under contract with the average home selling for 94.9% of its listed price. In April 2014 those numbers were 77 days and 96.3% respectively. Homes under contract and awaiting closing stood at 6,975 with this pending total 6.5% lower than April 2014 (7,465) and 3.9% higher than the March 2015 (6,713) total. Normal owner listings comprised 53% of all pending sales in April 2015 with short sales accounting for 22.9% and bank owned properties 24.1%. The number of existing homes (all types combined) available for purchase in April was 10.1% above that of April 2014 at 11,725 with overall inventory up 196 properties from the previous month. The inventory of single family homes increased 6.2% compared to April of 2014, while condo inventory was up by 23.8%. The inventory of duplexes, townhomes and villas increased 22.4%. The sales of condos were up 1.9% in April, with 358 sales recorded compared to 351 in April 2014. Orlando homebuyers purchased 289 duplexes, townhomes and villas in April 2015, which was 19.9% more than in April 2014. Total inventory combined with the pace of sales created a 3.87 month supply of homes during April. This compares to a 3.95 month supply in April 2014 and a 3.68 month supply in March 2015.
Floridas latest housing market report indicated an increase in sales, higher median prices, increased pending sales and more new listings in April, according to the latest housing data released by Florida Realtors. Closed sales of existing single family homes statewide totaled 25,206 which was up 17.9% compared to April 2014. New pending sales for existing single family homes rose 8.6% year on year, while pending sales for townhome and condo units increased slightly by 0.6%. New listings for single family homes rose 4.3% year on year with new townhome and condo listings up 2.9%. The statewide median sales price for existing single family homes stood at $195,000, a rise of 11.4% compared to the previous year, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. The statewide median price for townhome and condos was $155,000, up 10.3% on the year on year comparison. Floridas townhome and condo market recorded statewide closed sales of 11,643 last month, up 8.1% compared to April 2014. The closed sales data reflected fewer short sales in April with short sales for townhomes and condos down 52.8% while short sales for single family homes fell 32.5% overall. The median days on market of a Florida home was 58 days for single family homes and 56 days for townhomes and condo properties. Floridas overall inventory recorded a 5.1 month supply in the first quarter for single family homes and at a 6.1 month supply for townhomes and condos.
Total existing home sales declined 3.3% to a seasonally adjusted annual rate of 5.04 million in April from an upwardly revised 5.21 million in March. Total housing inventory at the end of April increased 10% to 2.21 million existing homes available for sale, but inventory remains 0.9% below levels of one year ago. The median existing home price for all housing types in April was $219,400, which is 8.9% above April 2014. Nationally short sales were on the market the longest at a median of 180 days while foreclosures sold in 50 days and non distressed homes took 38 days with nearly half of all homes sold in the U.S during April on the market for less than a month. Distressed sales of foreclosures and short sales represented 10% of the nations sales in April, unchanged from March but below the 15% level of one year ago with 7% of April sales being foreclosures and 3% short sales. Foreclosures sold at an average 20% discount from market value, while short sales discounted at an average 14%. By type single family home closings fell 3.7% to a seasonally adjusted annual rate of 4.43 million from 4.60 million in March, but remain 6.5% above the 4.16 million pace seen a year ago. The median existing single family home price was $221,200 in April, up 10% from April 2014. Existing condominium and co–op sales were at a seasonally adjusted annual rate of 610,000 units in April (unchanged from March) but 3.4% higher than April 2014 (590,000 units). The median existing condo price was $206,100 in April, which is 0.4% higher than a year ago. Total unsold inventory is at a 5.3 month supply nationally at the current sales pace, up from 4.6 months in March.
May 29th 2015
1 G.B.P…Buys 1.527 U.S.D – 1 U.S.D…Buys 0.654 G.B.P
1 EURO…Buys 1.097 U.S.D – 1 U.S.D…Buys 0.911 EURO
1 CAN $…Buys 0.799 U.S.D – 1 U.S.D…Buys 1.250 CAN $
1 BRL $…Buys 0.317 U.S.D – 1 U.S.D…Buys 3.149 BRL $
U.S Prime Interest Rate = 0.25%
Team Donovan publish an updated 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.