Orlando Real Estate Market News - January 2014

January ‘journal’ From The Orlando Resort Area …

The first month of 2014 saw 174 homes change ownership across the Orlando Resort area communities tracked by Team Donovan whilst achieving a median sales price of $152,643. Homes sold did so in an average 2 days less than last month at 137 days and achieved an average 97.12% of the listed price, unchanged from last month. Overall total area listings are up by 25 homes month on month to 1456 but are 285 homes higher than the January 2013 1171 inventory total. By listing type month on month bank owned listings fell by 23 at 131 and short sale listings are down by 3 homes to a revised total of 109. Normal owner listings increased by 51 homes to a revised 1216 total. The number of homes under contract and awaiting closure increased by 6 from last month to 493. During January 159 homes were removed from the market having failed to attract a buyer whilst listed. The January sales pace considered against overall listings would suggest an 8.27 month availability of home supply in the Orlando Resort area tracked by Team Donovan.

Orlando…
The Orlando December median price was 3.32% higher than the previous month price of $155,000. In addition individual sales and home type all saw year on year median price increases in December. Normal sales led the way up 11.5%, while the median price of short sales increased 11.1% with foreclosures increasing by 3.0%. Members of O.R.R.A participated in the closing of 2,376 homes in December 2013, a decrease of 5.1% compared to December 2012 while traditional sales increased by 29.0% when compared to December 2012. Closings of short sales fell by 57.7% while foreclosure related closings were down 9.74%.  Single family home sales fell 4.2% in December compared to December 2012, while condo sales decreased 13.4%. Short sales and foreclosures comprised 32.6% of all sales, while normal sales comprised the remaining 67.4%. Homes of all types spent an average 69 days on the market before coming under contract with the average Orlando home selling at 96.4% of its listed price. In December 2012 those numbers were 80 days and 96.2%, respectively. The number of Orlando pending sales in December was down 23.5% compared to December 2012 (7,883) and 7.5% lower than the November 2013 6,520 total. The number of existing homes (all styles combined) available for purchase is 27.5% above that recorded in December 2012 to stand at 9,421. The inventory of single family homes is up by 29.5% from December 2012, while condo inventory is up 8.7% while  duplexe and townhome invevtory increased by 26.9%. The current Orlando inventory level combined with the pace of sales created a 3.97 month supply of available homes in December compared to a 4.51 month supply last month. The sale of condos were down 13.4% in December, with 309 sales recorded compared to 357 in December 2012. Orlando homebuyers purchased 222 duplexes, town homes and villas in December, which is the exact same total recorded in December 2012.

Florida...
Floridas wider housing market reported higher median prices and an increase in listings in December, according to the latest housing data released by Florida Realtors®. Closed sales of single family homes statewide totaled 19,497 last month, up 8.6% from December 2012. The statewide median sales price for last month of existing single family homes stood at $172,630, up 11.4% 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 sales price for townhomes and condos in December was up 17% from a year ago at $137,500. Floridas townhome and condo market saw 8,364 closings last month, down 2.5% compared to December 2012. This closed total reflected a lower total of both short sales and cash sales during December. Traditional sales in Florida were up 23.3% for single family homes and 6% for condo and townhome properties. Florida inventory was at a 5.5 month supply during December for single family homes and at a 5.8 month supply for townhomes and condo properties, according to Florida Realtors.
U.S...

Total existing home sales covering all styles of home increased 1% to a seasonally adjusted annual rate of 4.87 million in December from a downwardly revised 4.82 million in November, for the month, sales are 0.6% below the 4.9 million unit level seen in December 2012. For 2013 as a whole the U.S. saw 5.09 million sales representing a 9.1% increase over 2012. The national median existing home price for 2013 was $197,100, which is 11.5% above the 2012 median of $176,800 and the strongest gain seen since 2005 when it rose 12.4%. The median existing home price for all housing types was $198,000, up 9.9% from December 2012. Distressed home sales accounted for 14%  of December sales, unchanged from November but down 10% from the 24% market share seen in December 2012. Total housing inventory at the end of December fell 9.3% to 1.86 million existing homes available for sale, which represents a 4.6 month supply at the current sales pace, down from 5.1 months in November. Unsold inventory is 1.6% above one year ago when a 4.5 month supply was recorded. The median time on market for all homes was 72 days in December, up sharply from 56 days in November, but slightly below the 73 days on market seen in December 2012. Short sales were on the market for a median 122 days, while foreclosures typically sold in 67 days and non distressed homes took 70 days. Cash buyers comprised 32% of all transactions, unchanged from November but down 3% from the 29% recorded in December 2012. Single family home sales rose 1.9% to a seasonally adjusted annual rate of 4.3 million in December from 4.22 million in November, but are 0.7% below the 4.33 million unit pace seen in December 2012. The median existing single family home price was $197,900 in December, up 9.8% from one year ago. Existing condominium and co op sales fell 5% to an annual rate of 570,000 units in December from 600,000 units in November, and are unchanged from one year ago. The median existing condo price was $198,600 which is 10.9% up from December 2012. New construction of single family homes, which makes up roughly two thirds of homebuilding, fell 7% to an annual rate of 667,000. Construction of apartments dropped 14.9% to a 332,000 rate. Applications for building permits, considered a good sign of future activity, fell 3% in December to a rate of 986,000 while single family permits fell by 4.8%.

January 31st 2014

1 G.B.P…Buys 1.648 U.S.D - 1 U.S.D…Buys 0.607 G.B.P

1 EURO...Buys 1.350 U.S.D - 1 U.S.D…Buys 0.740 EURO

1 CAN $…Buys 0.892 U.S.D - 1 U.S.D…Buys 1.119 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.

 

Posted by Team Donovan on
Email Send a link to post via Email