May ‘musings’ from the Orlando resort area…
The number of homes available in the resort area was down 3% from April as 1955 were recorded as listed for sale. The only type of listing class that showed an increase was short sales which were up a net 3 from April at 34. Bank owned listings were down 20 month on month at 41 while normal owner listings fell 64 at 1955. The average days on market that a home took to sell was unchanged from last month at 130 whilst the average price achieved of a home that closed was down very slightly from last month at 96.6% from 96.7% in April. The average price of a home in our market was up 0.6% from last month at $171,500 and was 5.2% higher than the May 2015 figure of $162,956. During May the market saw 167 homes withdrawn from sale by unsucessful sellers whilst the number of homes under contract/offer awaiting final closure stood at 614 which was up 16 from April. During May 336 homes changed hands which was 29 sales up on April and 33 higher than the May 2015 303 total. The current inventory level represents a 5.8 month supply based on the May sales pace which was down from the 6.5 month supply of April and 7.1 month supply level recorded in March.
The median price of an Orlando home was up just under 10% in April compared to April 2015, while overall sales climbed by 2% with the total supply of inventory down 10.9% year on year. The overall median price (all sales types and all home types combined) stood at $191,900, a 9.6% increase compared to the $175,000 median price of April 2015. The month on month median price is down 1.5% compared to the March 2016 median of $195,000. The median year on year price of normal sales was up 1.5%, while the median price of foreclosure sales increased 11.6% and short sales increased 11.4%. The median price of single family homes was up 7.7% from April of last year whilst the median price of condos increased 13.9% . Members of the Orlando Regional REALTOR® Association participated in the closing of 3,159 homes (all home types and all sale types combined) during April, an increase of 1.6% compared to April 2015 and an increase of 3.3% from March 2016. Homes of all styles spent an average 70 days on the market before coming under contract with the average Orlando home selling at 97.1% of its listed price. This compares to the April 2015 numbers of 79 days and 95%, respectively. The total number of pending sales was 12.9% lower than April 2015 but 4.8% higher than March 2016. Normal owner listings comprised 71.6% of all April pending sales. Short sales accounted for 15.8%, while bank owned properties accounted for 12.5%. The total number of existing homes (all types combined) available for purchase is 10.9% below that of April 2015 at 10,447. Inventory overall was also down 1.3% against last month. The inventory of single family homes was 9.3% lower than to April 2015, while condo inventory fell 17.8%. The inventory of duplexes, townhomes and villas was down by 11.2%. The areas sales of condos fell 0.8%, with 369 sales recorded during April compared to 372 in April 2015. Orlando home buyers purchased 309 duplexes, town homes and villas during April, which is 4.7% more than April 2015. Orlandos current inventory combined with existing pace of sales created a 3.3 month supply of home availability which compares to the 3.7 month supply level in April 2015 and a 3.5 month supply last month.
The wider Florida housing market reported an increase in new listings entering the market, rising median prices, and fewer cash buyers during April, according to the latest housing data released by Florida Realtors®. Statewide closed sales fell last month with single family home sales totaling 24,144, this was down 0.6% from April 2015 with sellers achieving an average 95.9% of the asking price for single family homes and 94.5% for condos and townhomes. The statewide townhome and condo market saw a total of 10,738 sales last month, down 5.3% compared to April 2015. The closed sales data reflected fewer short sales and cash buyers during April with the short sale of townhomes and condos down 43.2% while short sales for single family homes were down 35.9%. Floridas total inventory was at a 4.5 month supply in April for single family homes and 6.3 months level of supply for townhomes and condos.
The Nations existing home sales for all property styles was up 1.7% to a seasonally adjusted annual rate of 5.45 million in April from an upwardly revised 5.36 million in March with sales up 6% overall from April 2015. The median price of an existing home for all housing types was $232,500, up 6.3% from April 2015 ($218,700). Total housing inventory at the end of April increased 9.2% to 2.14 million existing homes, but is still 3.6% lower than a year ago (2.22 million). Unsold inventory represented a 4.7 month supply at the current pace, up from 4.4 months in March. Properties typically spent a median 39 days on the market, which was unchanged from a year ago. Short sales were on the market the longest period at a median of 120 days while foreclosures sold in 51 days with non distressed homes taking 37 days. The percentage share of first time buyers stood at 32% in April, up from 30% in both March and a year ago. The sale of foreclosures and short sales fell for the second straight month to represent a total 7% market share, down from 8% last month and the 10% of a year ago with 5% representing foreclosures and 2% short sales. Foreclosures sold at an average 17% discount below ‘market value’ while short sales discounted at an average 10% (unchanged from March). Single family home sales inched forward 0.6% to a seasonally adjusted annual rate of 4.81 million in April from 4.78 million in March, and are now 6.2% higher than the 4.53 million pace seen one year ago. The median existing single family home price stood at $233,700, up 6.2% from April 2015. Existing condominium and co-op sales were up 10.3% to a seasonally adjusted annual rate of 640,000 units in April from 580,000 in March, and are now 4.9% above April 2015 (610,000 units). The median existing condo price stood at $223,300 in April, which is 6.8% up from a year ago.
May 31st 2016
1 G.B.P…Buys 1.463 U.S.D – 1 U.S.D…Buys 0.683 G.B.P
1 EURO…Buys 1.116 U.S.D – 1 U.S.D…Buys 0.896 EURO
1 CAN $…Buys 0.764 U.S.D – 1 U.S.D…Buys 1.307 CAN $
1 BRL $…Buys 0.278 U.S.D – 1 U.S.D…Buys 3.592 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.