Main Content

May 2014

April ‘arithmetic’ From the Orlando Resort Area…

The April market analysis revealed that all listing types increased during the month to revise the total number of homes listed for sale across the resort area to 1494 which reflects a net increase of 30 homes over March. By type, normal owner listings were up by 26 at 1259 bank owned inventory increased by to 135. The number of listed short sales stood at 100 which was also higher than the March total. The April inventory total is up 43.2% from the April 2013 figure of 1043 listed homes. The time that the average home now takes to sell fell by 1 day during the month to 134 days whilst the average home now closes at 96.8% of its listed price. The areas median price was up 1.5% from last month to 156,289.  During April owners withdrew 152 homes from the market having failed to execute a sale. The total of homes under contract awaiting closure fell by 10 during the month to 597. Month on month total sales were up by 38 as April saw 268 homes change hands. The April sales pace when measured against current inventory levels indicates a 5.57 month of total inventory supply which compares to the 6.36 month supply recorded in March.


The wider Orlando housing market saw a 17.2% increase in month on month closings over February. Normal transactions led the way with a 24% month on month increase. In addition, the March median price represented a year on year 14.2% increase from the $140,000 median price of March 2013. Members of ORRA participated in the closing of 2,342 homes (all home types and all sale types combined) during March 2014, a decrease of 13.5% compared to March 2013.  Normal owner sales increased by 3.69% compared to March 2013 to comprise 68.4% of total sales. The number of short sale closings fell 68.3% while foreclosure sales decreased by 3.99%.  Single family home sales were down overall by 11.5% in March compared to March 2013, while condo sales fell by 28.1%. Homes of all styles spent an average of 76 days on the market before coming under contract with the average Orlando home closing at 96.5% of its listed price. One year ago those numbers recorded as 79 days and 96.0%, respectively. Orlandos total pending sales under contract and awaiting closing stood at 7,530. This total is 14.4% down from the same month last year but 6.2% higher than the February 2014 total of 7,085. The number of existing homes (all sales types and all home types combined) available for purchase in March is 49.1% up from March 2013 to stand at 10,343. Total Orlando inventory increased by 159 properties from last month. Orlandos overall condo sales were down 28.0% in March, with 311 sales recorded compared to 432 the same month last year.  Orlando homebuyers purchased 226 duplexes, town homes, and villas during the month which is a 4.6% decrease compared to the 237 closings in March 2013. Sales of existing homes within the entire Orlando metropolitan area (Lake, Orange, Osceola, and Seminole counties)  were down 12.1% overall when compared to March 2013 with 2,897 homes changing hands in March compared with 3,299 in March 2013.


The wider Florida housing market reported higher median prices, more new listings and a stable level of inventory in March, according to the latest housing data released by Florida Realtors®. Statewide closed sales of single family homes totaled 20,081, up 2.8% from the March 2013 figure. The statewide median sales price for an existing single family home last month was $173,000, up 7.1%  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 townhome and condo properties was $140,000 which represents a 16.7% increase  year on year.  Floridas townhome and condo market registered 9,580 closings last month, down 5.2%  compared to March 2013. The closed sales data reflected fewer short sales when compared to the previous year. Short sales for condo and townhome properties fell 62.8%  statewide while short sales for single family homes fell 55.3%. The states inventory level recorded a 5.7 month level last month for single family homes and a 6 month supply for townhome and condo properties, according to the same Florida Realtors report.


The nations existing home sales were essentially flat in March, while the growth in home prices moderated, according to the National Association of Realtors® (NAR). Sales gains in the Northeast and Midwest were offset by declines in the West and South. Total existing sales of single-family homes, townhomes, condominiums and co-ops, fell 0.2%  to a seasonally adjusted annual rate of 4.59 million in March from 4.60 million in February, and are 7.5%  below the 4.96 million unit pace recorded in March 2013. Last months sales volume remained the slowest since July 2012, when it recorded as 4.59 million. The median existing home price for all housing types in March was $198,500, up 7.9%  from March 2013. Distressed sales accounted for 14% total March sales, down from 16% in February and 21% in March 2013. Nationally foreclosures sold at an average 18% discount, while short sales discounted by 12%. Total housing inventory at the end of March rose 4.7% to 1.99 million existing homes available for sale, which represents a 5.2 month supply at the current sales pace.  Unsold inventory remains 3.1% up from a year ago, when there was a 4.7 month inventory supply. The median time on market for all homes was 55 days, down from 62 days in February, and also 62 days on market in March 2013. Short sales were on the market for a median of 112 days, while foreclosures typically sold in 55 days and non distressed homes took 53 days. First time buyers accounted for 30% of the nations total closings, up from 28% in February. Cash buyers comprised 33% of all March transactions, compared with 35% in February and 30% in March 2013. Single family home sales were unchanged at a seasonally adjusted annual rate of 4.04 million, the same as February, but are down 7.3% from the 4.36 million pace of one year ago. The median existing single family home price was $198,200, which is 7.4% above March 2013. Existing condominium and co-op sales fell 1.8% to an annual rate of 550,000 units from 560,000 in February, and are 8.3%  below the 600,000 level seen in March 2013. The median existing condo price was $200,800 in March, up 11.6%  from one year ago. Sales of newly built, single-family homes fell 14.5% to a seasonally adjusted annual rate of 384,000 units during the month, according to data released today by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau. The decline represents an eight month low, and disappointed some economists who were anticipating an increase to 450,000 units.

April 30th 2014

1 G.B.P…Buys 1.687 U.S.D – 1 U.S.D…Buys 0.592 G.B.P

1 EURO…Buys 1.396 U.S.D – 1 U.S.D…Buys 0.721 EURO

1 CAN $…Buys 0.911 U.S.D – 1 U.S.D…Buys 1.097 CAN $

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.