February ‘facts’ from the Orlando resort area…
The overall resort area inventory increased by 1.4% in February compared to January as 2053 homes ended the month advertised for sale. By type this total comprised 1957 normal owner listings which represented an increase of 46 homes from last month. Conversely bank owned listings were down 12 at 59 and short sale listings fell by 4 at 37. Overall inventory was 16.5% above February 2015. The average days on market that a home takes to sell was down 2 from last month at 129 whilst the average percentage price achieved compared against final listing price was marginally down at 96.6%. The median price of an area home month on month showed a 0.8% gain at $168,857 and was up 3.2% from February 2015. During the month 153 homes were withdrawn from the market having failed to achieve a sale whilst listed with the number of homes under contract/offer awaiting closure up by a net 83 from last month at 499. During February the market recorded 245 sales which was 38 higher than January and 23 higher than the 222 closings of February 2015. The markets overall inventory when compared against pace of sales indicates an 8.3 month supply of home availabilty which was down on the 10.3 month supply level of January 2016.
The overall Orlando median price for January stood at $176,500 up 3.8% up from the $155,000 median price of January 2015 representing a fall of 4.5% compared to the December 2015 price of $185,000. The year on year median price of normal sales was up 7%, while the median price for foreclosures increased 4.1% with short sale prices down 2.9% . The median price of an Orlando single family home was up 12.7% from January of last year whilst the condo median price was up 11.7%. Members of the Orlando Regional REALTOR® Association participated in the sale of 1,745 homes during January which was a decrease of 17.6% over January 2015 and a fall of 33.8% from December 2015. Single family home sales fell 15% overall in January 2016 compared to January 2015, while condo sales were down 32.2% over the same period. Homes of all types spent an average 78 days on the market before coming under contract with the average home selling at 96.6% of its listed price. In January 2015 those numbers recorded as 82 days and 96.3%, respectively. Pending sales under contract and awaiting closure stood at 4,934. This total number of pending sales is 18.2% lower than January 2015 but 10.3% up from December 2015 with normal properties comprising 59.8% of all pending sales in January. Short sales accounted for 20.8%, while bank owned properties accounted for 19.2% of closings. The number of existing homes (all types combined) available for purchase was 7.3% down from January 2015 at 10,777. Inventory overall increased by a net 143 properties compared to the preceding month. The inventory of normal homes was up 5.7% while foreclosures decreased 50.4% and short sales fell by 43.5%. The inventory of single family homes was down 6.7% compared to January of 2015, while condo inventory was lower by 10.8%. The inventory of duplexes, townhomes and villas fell 6.5%. Orlandos total current inventory combined with pace of sales created a 6.1 month supply of home availability in January which compares to a 5.4 month supply in January 2015 and a 4 month supply In December. The sales of condos in the Orlando market were down 32.2%, with 210 sales recorded in January 2016 compared to 310 in January 2015. Orlando homebuyers purchased 149 duplexes, townhomes and villas during January 2016, which was 16.2% less than in January 2015.
The wider Florida housing market saw an increase in median prices, fewer cash sales and a tighter overall inventory of homes listed in January, according to the latest housing data released by Florida Realtors®. Closed sales of single family homes statewide totaled 16,529 last month, up 2.7% from January 2015. Sellers of single family homes averaged 94% of their asking price at the closing whilst sellers of existing townhomes and condos achieved an average 93% . The statewide median sales price of an existing single family homes last month was $199,000, up 13.7% from 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 townhomes and condo properties was $152,000, up 10.9% from a year ago. January marked the 50th consecutive month that statewide median sales prices for both single family homes and townhomes and condos rose year on year. Floridas townhome and condo market saw statewide closed sales totaling 6,942 last month, down 4.8% compared to January 2015. However this closed sales data reflected fewer short sales and cash only purchases in January. Traditional sales in Florida were up 21% for single family homes and 7.1% for condo and townhouse properties. The states inventory was at a 4.5 month supply level in January for single family homes and at a 5.9 month supply level for for townhome and condo properties.
Existing home sales crept up slightly in January according to the latest data provided by the National Association of Realtors® (NAR) with the West being the only region to see a decline in sales in January. Total existing home sales for all home styles inched up 0.4% to a seasonally adjusted annual rate of 5.47 million from a downwardly revised 5.45 million in December. Sales are now 11% higher year on year. The nations median existing home price for all housing types in January was $213,800, up 8.2% from January 2015. Last month’s price increase was the largest since April 2015 and marks the 47th consecutive month of year on year gains. Total housing inventory at the end of January was up 3.4% to 1.82 million existing homes available for sale, but remains 2.2% less than a year ago. Unsold inventory is at a 4 month supply at the current sales pace, up slightly from the 3.9 month supply level of December. Cash buyers represented 26% of all transactions in January (24% in December 2015) and are down from 27% a year ago. Properties typically stayed on the market for 64 days during January, an increase from 58 days in December but below the 69 days of one year earlier. Short sales spent the longest period on the market at a median 77 days while foreclosures sold in 57 days and non distressed related closings took 61 days. Distressed sales of foreclosures and short sales rose slightly to 9% in January, up from 8% in December but down from 11% a year ago. Seven percent of all January sales related to foreclosures and 2% short sales. Foreclosures sold for an average 13% discount below market value in January while short sales discounted at an average 12% . Single family home sales increased 1% overall to a seasonally adjusted annual rate of 4.86 million from 4.81 million in December, and are now 11.2% higher than the 4.37 million pace of a year ago. The median existing single family home price was $215,000 up 8.3% from January 2015. Existing condominium and co-op sales fell 4.7% to a seasonally adjusted annual rate of 610,000 units in January from 640,000 in December, but are still 8.9% above January 2015 (560,000 units). The median existing condo price was $203,900 in January, which is 7.4% above a year ago.
February 29th 2016
1 G.B.P…Buys 1.387 U.S.D – 1 U.S.D…Buys 0.720 G.B.P
1 EURO…Buys 1.087 U.S.D – 1 U.S.D…Buys 0.919 EURO
1 CAN $…Buys 0.739 U.S.D – 1 U.S.D…Buys 1.353 CAN $
1 BRL $…Buys 0.252 U.S.D – 1 U.S.D…Buys 3.965 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.