May ‘markers’ From The Resort Area…
The resort area market saw 424 homes change ownership during May which was a rise of 5.7% on the 401 closed total of May 2017 and 79 homes higher than the 345 sales completed last month. The pipeline number of homes under offer/contract awaiting closure stood at 638 which was down 8% from levels a year ago. Total inventory is down by 52.3% from one year ago with the 1,180 homes listed for sale, compared to 1,794 listings in May last year. The average days on market that a home takes to sell was down 1 day from a year ago at 130 and was 2 days lower than the 132 day total of last month. The average percentage price achieved of a sold home when compared to list price was unchanged from 12 months ago at 97.4%. The markets median price is now 10.1% up on the $189,644 price a year ago at $208,875. During the month 93 homes were withdrawn from the market having failed to sell which compares to 85 last month and 142 in May 2017. Current inventory when measured against monthly pace of sales reflects a 2.7 month supply of home availability which is down from 3.6 months last month and a 4.5 month supply level one year ago.
Members of Orlando Regional Realtors Association participated in 3,347 sales of all home styles during April, which is 8.3% up on the 3,092 sales of April 2017 but 5.2% below the 3,530 sales in March 2018. Orlandos median home price was up more than 10% during April from a year ago while sales saw an increase of more than 8% reported the Orlando Regional Realtor® Association. Inventory levels overall have declined by nearly 11% from this time last year. The median price of an Orlando area home (all types combined) that sold during April was $237,000, which is 10.3% up from the April 2017 median price of $215,000 and 3% above the March 2018 median price level of $230,000 with year on year increases in median price having now been recorded for the last 82 consecutive months. As of April 2018, the overall median price is 105.2% higher than it was in July 2011. The median price for single family homes that changed hands in the month was 9.4% up from April 2017 at $257,000 with the median price of condos up by 20.4% to $130,000. Pending sales of all home types during April were down 3.4% from April last year but 9% higher compared to last month. Sales of 2,620 single family homes were up 9.1% from a year ago while condo sales of 359 were down 6.3% over the same period. Sales of distressed homes (foreclosures and short sales) totaled 133 which was 46.4% less than the 248 distressed sales total of April 2017 with distressed sales making a 4% contribution to all Orlando area transactions last month. The overall inventory total of 7,740 homes available for purchase in April represented an inventory decrease of 10.8% compared to April 2017, and a 0.4% increase from last month. Overall there were 6.6% fewer single family homes listed for sale and 25.2% less condos. Current Orlando inventory considered against pace of sales created a 2.3 month supply of home availabilty which compares to a 2.8 month supply in April 2017 and the 2.2 month supply last month.
Floridas housing market reported more closed sales, higher median prices and an increase in new listings, according to the latest housing data released by Florida Realtors®. Sales of single family homes statewide totaled 24,804 last month, up 4.1% compared to April 2017. Meanwhile, the statewide median sales price of an existing single family home was $253,895, up 8.1% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median price for townhomes and condo properties stood at $190,000 which was up 10.5% from a year ago. April recorded the 76th consecutive month that statewide median sales prices for both single family homes and townhomes and condo properties increased year on year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Floridas townhome and condo market saw statewide closed sales of 11,236 which was up 9.2% from a year ago. Closed sales data reflected fewer short sales and foreclosures with short sales for townhome and condo properties down 27.5% while foreclosures fell 41.8% year on year. Short sales for single family homes were down 48.8% and foreclosures fell 50.7%. inventory statewide during April remained relatively low at a 3.8 month supply level for single family homes and 5.8 months supply level for townhome and condo properties, according to Florida Realtors.
After moving upward for two months, existing home sales retreated during April across the Nation on both a monthly and annualised basis, according to the National Association of Realtors® (NAR) with all four major regions seeing no gain in sales activity last month. Total existing home sales covering all home styles were down 2.5% to a seasonally adjusted annual rate of 5.46 million during April from 5.60 million in March. With last months decline, sales are now 1.4% below levels of a year ago. The median existing home price for all housing types was $257,900, up 5.3% from the April 2017 figure of $245,000. with the the March price increase marking the 74th straight month of year on year gains. Total housing inventory at the end of April was up 9.8% to 1.80 million existing homes available for sale but remains 6.3% lower than the 1.92 million level of a year ago and has now fallen year on year for the past 35 consecutive months. Unsold inventory reflects a 4 month supply at the current sales pace, down from a 4.2 month supply a year ago. Properties typically stayed on the market for 26 days during April, which was down from 30 days in February and 29 days a year ago with 57% of homes that sold in April on the market for less than a month. First time buyers accounted for 33% of all sales in April, which is up from 30% last month but down from the 34% level of a year ago. The Nations market share of distressed sales of foreclosures and short sales stood at 3.5%, down from 4% last month and 5% one year ago with 3% of April sales being foreclosures and 0.5% attributed to short sales. By type, single family home sales declined 3% to a seasonally adjusted annual rate of 4.84 million from 4.99 million in March and were 1.6% below the 4.92 million sales pace of one year ago. The median existing single family home price was $259,900, up 5.5% from April 2017. Existing condominium and co-op sales were up 1.6% to a seasonally adjusted annual rate of 620,000 units in April (unchanged from a year ago). The median existing condo price stood at $242,500, which is 3.4% higher than a year ago.
May 31st 2018
1 G.B.P…Buys 1.334 U.S.D – 1 U.S.D…Buys 0.749 G.B.P
1 EURO…Buys 1.169 U.S.D – 1 U.S.D…Buys 0.854 EURO
1 CAN $…Buys 0.779 U.S.D – 1 U.S.D…Buys 1.283 CAN $
1 BRL $…Buys 0.268 U.S.D – 1 U.S.D…Buys 3.724 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.