February ‘factoids’ From The Resort Area…
Total sales of 294 across the resort communities during February were 9.8% up from the January 288 total and 8% higher than the February 2017 total of 272. The number of homes under offer/contract awaiting closure stood at 542 which was 12.5% down from the 610 total on the corresponding month last year. Homes that sold achieved on average of 97.25%, of the asking price which was unchanged from last year, but took 1 day less to sell than a year ago at an average 133 days. The markets median price was up 10.6% from last years $184,363 at $204,025. The number of homes withdrawn from the market having failed to sell whilst listed was 97 while inventory levels overall continued to decline. Total inventory stood at 1310 and comprised 1270 normal owner sales, 23 bank owned listings and 17 short sales. Total inventory was down 33.3% from last years total of 1964 with normal owners listings down from 1894 to 1270. Bank owned listings of 23 were down by19 homes while short sales were down 11 at 17. Total inventory at the current sales pace suggests a 4.5 month supply of home availability which is down from last month 4.9 month supply and the 7.2 month level seen in February 2017.
The Orlando area median home price continued its upward trajectory during January while sales remained steady with a 0.5% increase compared to January of 2017, reported the Orlando Regional REALTOR® Association. The overall median price of an orlando area home (all types combined) that sold during January was $225,000, which is 12.6% up from the January 2017 median of $199,900 but 2.2% below the December 2017 median price of $230,000. Year on year increases in median price have now been recorded for the past 79 consecutive months with the January 2018 overall median price up 94.8% from July 2011. The median price for a single family home that changed hands during January increased 10.1% from January 2017 at $240,000. The median price for condos was up 15.1% at $115,000. Members of O.R.R.A participated in a total of 2,225 sales of all home types during the month which was 0.5% up on the the 2,213 sales of January 2017 with overall sales down 26.9% compared to last month. The sale of 1,731 single family homes during the month was up 0.5% compared to January 2017, while condo sales of 268 were down 5.6% over the same period. Sales of distressed homes (foreclosures and short sales) totaled 143 which was 41.6% less than the 245 distressed closings in January 2017 with distressed sales comprising 6.4% of all Orlando area closings last month. The overall inventory of homes available for purchase stood at 7,604 which represented a decrease of 11.1% compared to January 2017, and a 1.3% decrease compared to the previous month. Total inventory revealed 6.6% fewer single family homes and 29.7% fewer condos. Current inventory combined with existing pace of sales suggested a 3.4 month supply of home availability in Orlando in January, down from a 3.8 month supply in January 2017 and a 2.5 month supply level the previous month.
The Florida housing market reported rising median prices and more new listings in January, according to the latest housing data released by Florida Realtors®. Sales of single family homes statewide totaled 16,564 last month, down 1.3% compared to January 2017. Meanwhile, the statewide median sales price for existing single family homes was $240,000, up 9.1% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median price for condo and townhome properties in January was $179,900, up 11.7% from a year ago. January marked 73 consecutive months that the statewide median sales prices for both single family homes and townhome/condo properties rose year on year. Januarys listed inventory remained tight with a 3.9 month supply for single family homes and a 5.9 month supply for condominium and townhome properties, according to Florida Realtors
Existing home sales fell for the second consecutive month in January and experienced their largest decline on an annual basis for over three years, according to the National Association of Realtors® with all major regions recording annual sales declines last month. Total existing home sales covering single family homes, townhomes, condominiums and co-ops were down 3.2% in January to a seasonally adjusted annual rate of 5.38 million from a downwardly revised 5.56 million in December 2017. After last months decline, sales are 4.8% down on a year ago which was the largest annual decline since August 2014 at 5.5% and the slowest pace since last September (5.37 million). The median existing home price for all housing styles was $240,500, up 5.8% from January 2017 figure of $227,300. The January price increase marked the 71st straight month of year on year gains. Total housing inventory at the end of January was up 4.1% to 1.52 million existing homes available for sale, but is still 9.5% lower than the 6.68 million level of a year ago and has now fallen year on year for the past 32 consecutive months. Single family home sales declined 3.8% to a seasonally adjusted annual rate of 4.76 million from 4.95 million in December to be 4.8% below the 5 million pace of one year ago. The median existing single family home price was $241,700 in January, up 5.7% from January 2017. Existing condominium and co-op sales increased were 1.6% higher at a seasonally adjusted annual rate of 620,000 units but are still 4.6% down from a year ago. The median existing condo price was $231,600 which was 7.1% up on a year ago. Unsold inventory is at a 3.4 month supply at the current sales pace from 3.6 months one year ago. Properties typically stayed on the market for 42 days during January, which was up from 40 days in December 2017 but down from the 50 day level achieved one year ago. Unsold inventory is at a 3.4 month supply at the current sales pace which was down from 3.6 month level of a year ago.
By region January existing home sales in the Northeast declined 1.4% to an annual rate of 730,000 which was 7.6% below a year ago. The median price in the Northeast was $269,100, up 6.8% from January 2017. In the Midwest, existing home sales were down 6% to an annual rate of 1.25 million which was down 3.8% from a year ago. The median price in the Midwest was $188,000, up 8.7% from a year ago. Existing home sales in the South fell by 1.3% to an annual rate of 2.26 million during January and are 1.7% lower than a year ago. The median price in the South was $208,200, up 4.3% from a year ago. Existing home sales in the West fell 5% to an annual rate of 1.14 million to be 9.5% down from a year ago. The median price in the West was $362,600, up 8.8% from January 2017.
February 28th 2018
1 G.B.P…Buys 1.383 U.S.D – 1 U.S.D…Buys 0.723 G.B.P
1 EURO…Buys 1.222 U.S.D – 1 U.S.D…Buys 0.817 EURO
1 CAN $…Buys 0.782 U.S.D – 1 U.S.D…Buys 1.278 CAN $
1 BRL $…Buys 0.308 U.S.D – 1 U.S.D…Buys 3.241 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.