Team Donovan Blog

 

Resort area sales month on month were down 20% in August as the latest figures revealed 225 closings, down from 275 in July and down 22% from the 279 closings recorded in August 2013. The number of homes under offer awaiting closure increased by 18 month on month to a revised 533 total. Overall inventory was up 17 homes during the month to 1480 which comprised 1249 normal owner sales, an increase of 15 from last month. Bank owned listings month on month increased 5 with short sale listings down by a net 3 to a revised 89 total. The average days on market that a home now takes to sell was down 5 at 128 days while the average achieved price of a closed home compared against list price remained unchanged at 96.75%. Median prices fell by just over 1% month on month to record a median $158,125 price August. During the month 139 homes withdrew from the market having been unable to secure a buyer whilst listed.  The current total supply of inventory when compared against monthly sales pace would suggest a 6.57 month inventory level in August which was up from the 5.32 month supply in July and 5.22 in June. The August 2013 figure recorded a 3.95 month availability supply.

 

 

Latest Orlando monthly figures reveal fewer homes sold at higher prices according to the Orlando Regional REALTOR® Association. Latest data shows that home sales in July fell more than 17% from July 2013, while prices rose just under 9% In the same period. The overall median price for the month was $171,000 which is an 8.9% increase over July 2013 and a 1.4% increase over last month. Foreclosures experienced the greatest jump in median price with a year on year 10.4% increase. The median for “normal” sales increased 8.1% while short sales increased 6.5%. The median price of single family homes increased 11.4% when compared to July of last year, and the median price of condos increased 1.6%. Members of O.R.R.A participated in the sale of 2,431 homes (all home types and all sale types combined) during July, a decrease of 17.8% compared to July 2013 and a decrease of 14.2%compared to June 2014. Single family home sales were down 16.3%compared to July 2013, while condo sales fell 19.4%. Month on month, single family home sales also fell by 12.5% and condo sales decreased 17.4%. Orlando homes of all types spent an average of 73 days on the market before coming under contract with the average area home selling at 96.6% of its listed price. In July 2013 those figures recorded as 63 days and 96.8%, respectively. Pending sales awaiting closure currently stand at 6,768 which is 15.2% lower than July 2013 (7,990), and 5.14% lower than June 2014 (7,135). Short sales comprised 35.4% of all pending sales while normal properties accounted for 42.4% of the pending total with bank owned properties accounting for the remaining 22.1%. The areas condo sales were down 19.4% with 294 sales recorded compared to 365 in July 2013. Orlando homebuyers purchased 198 duplexes, town homes, and villas during July, which is a 27.9% decrease compared to the 274 closings seen in July 2013. The number of existing homes (all sales types and all home types combined) available for purchase stands at 49.3% above that of July 2013 at 12,093 with inventory overall up by a net 575 properties month on month. The inventory of single family homes is up 52.3% overall when compared to July of 2013, while condo inventory is up by 37.4%. The inventory of duplexes, townhomes, and villas is up by 43.5%. Orlando existing inventory combined with the current pace of sales created a 4.97 month supply of area homes in July. This compares to a 2.74 month supply in July 2013 and a 4.06 month supply last month.

 

 

The Florida housing market reported rising median prices and increased inventory during July, according to the latest housing data released by Florida Realtors. Closings of single family homes statewide totaled 22,099, up 5% from the July 2013 figure  Statewide, inventory for single family homes rose 17.5% year on year,while townhouse and condo inventory was up by 10.9%. The statewide median sales price for existing single family homes was $185,000, up 3.6% from the previous year, according to data from Florida Realtors Industry Data and Analysis (IDA) Department in partnership with local Realtor boards/associations. The statewide median price for townhome and condo properties was $137,500, up 7.4% from one year ago. Floridas townhouse and condo market, statewide saw closed sales totaling 8,984 which was down 6.7% compared to July 2013. The states closed sales data reflected fewer short sales last month compared to the previous year: Short sales for condo and townhouse properties declined by a total of 61.1% while short sales for single family homes were down by 54.8%. Inventory statewide reflected a 5.5 month supply in July for single family homes and a 5.7 month supply for townhome and condo properties, according to the Florida Realtors report.

 

 

Total existing home sales of all home styles rose 2.4% to a seasonally adjusted annual rate of 5.15 million in July from a downward revised 5.03 million in June. Sales although at the highest pace of 2014 remain 4.3% below the 5.38 million unit level from last July, which was the peak of 2013. The median existing home price for all housing types in July was $222,900, which is 4.9% above July 2013. Total housing inventory at the end of July rose 3.5% to 2.37 million existing homes which represents a a 5.5 month supply at the current sales pace. Unsold inventory is 5.8% higher than a year ago, when there were 2.24 million existing homes listed for sale. Distressed sales accounted for 9% of July sales, down from 15% a year ago. Foreclosures sold for an average 20% discount compared to normal owner sales in July, while short sales discounted at an average 14%. The median time on market for all homes was 48 days, up from 44 days in June and up 6 days from the 42 day average of July 2013. Short sales were on the market for a median of 93 days, while foreclosures sold in 58 days with non distressed homes typically taking 45 days. Single family home sales increased 2.7% to a seasonally adjusted annual rate of 4.55 million from 4.43 million in June, but remain 4.2% below the 4.75 million pace seen one year ago. The median existing single family home price was $223,900 in July, up 5.15 from July 2013. Existing condominium and co-op sales remained unchanged in July from June at an annual rate of 600,000 units, and are 4.8% below the 630,000 unit pace of one year ago. The median existing condo price was $215,000 in July, which is 3.3% higher than one year ago. In a separate Commerce Department report released during the month details showed that new home sales fell 2.4% last month to a seasonally adjusted annual rate of 412,000. The report also revised the June sales rate to 422,000 from 406,000. Inventory of new homes on the market rose to 6 months, a level last reached in October 2011. The median price of a new home last month was $269,800, up 2.9% over the past 12 months.