***Published on 1st December 2016***
November 'Numbers' From The Resort Area...
Inventory levels year on year were up 6.4% across the resort area as Novembers total inventory reached 2,004 homes. This total was also 3.3% higher than last months 1,939 recorded total. By listing type, November inventory comprised 1,917 owner listings, up from 1,870 last month, 50 bank owned, up from 40 in October and 37 short sales, up from 29 last month. The average days on market that a home takes to sell was up 3 from November 2015 at 133 whilst the average price achieved compared to asking price was 97%, up from 96.6% last year. Total sales volume was 18.9% higher than November 2015 as 319 homes changed hands during the month. The median price of a resort area home was up 7.9% from last year at $180,219 and from last month was 0.6% higher. The number of homes under offer awaiting closure stood at 564 which compares to 529 in October and 494 in November 2015. During the month 144 homes were withdrawn from the market having failed to attract buyer interest. The November inventory total reflects a 6.3 month supply level at the current sales pace which compares to the 7.3 month supply in October and 7.2 month level of supply recorded in November 2015.
Orlando...
The median price of an Orlando area home increased 14% year on year in October while sales were down 8% and inventory fell by 12% from October 2015. The overall median price (all sales and home types combined) was $205,000, a 13.9% increase from the $179,900 median price of October 2015. The year on year median price of normal sales was up 8.3%, while the median price for foreclosure sales rose 16.6% and short sales increased 20%. The median price of a single family home increased 14.1% from October of last year whilst the median price of condos were 9% higher. Members of O.R.R.A participated in the sale of 2,654 homes (all home types and all sale types combined) during October, a decrease of 7.7% from the October 2015 total with sales overall down 14.6% compared to last month. Sales of normal homes increased 6% during October 2016, while foreclosures decreased 57.1% and short sales fell 32.4%. Sales of single family homes were down 6.3% year on year while condo sales decreased 14%. Homes of all types spent an average 61 days on the market before coming under contract with the average home closing at 96.8% of its listed price compared to October 2015 when those numbers were 71 days and 96.7%, respectively. Pending sales under offer totaled 4,719 which was 10.6% lower than October 2015 and 2.7% up on September 2016. By type normal properties comprised 75.1% of all pending sales. Short sales accounted for 14.4%, while bank owned properties accounted for 10.5%. The sale of condos in the Orlando market were down 14%, with 288 sales recorded during October compared to 335 in October 2015. Orlando homebuyers purchased 237 duplexes, townhomes, and villas during October, which is 11.6% down on October 2015. The number of existing homes (all types combined) available for purchase was 12.2% below that of October 2015 at 10,025 with Inventory down 3.2% (337 homes) compared to last month. The inventory of normal homes decreased 2.3%, while foreclosures fell 67.1% and short sales decreased 46.1%. The inventory of single family homes is down by 12.7% from October of 2015, while condo inventory is down by 13.8%. The inventory of duplexes, townhomes, and villas is down by 4.3%. Current inventory combined with pace of sales created a 3.8 month supply of homes in Orlando during October compared to a 3.9 month supply in October 2015 and a 3.3 month supply last month.
Florida...
The wider Florida housing market reported higher median prices and fewer cash sales during October, according to the latest housing data released by Florida Realtors®. The sale of single family homes totaled 20,194, down 5.3% from October 2015, while townhome and condo sales totaled 7,955, down 12.3% from a year ago. Sellers of existing single family homes received 96.1% of their original listing price, while those selling townhomes and condo properties received an average 94.8%. The statewide median sales price for existing single family homes last month was $220,000, up 11.7% from a year ago, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price for townhomes and condos stood at $161,000, up 8.1% from a year ago. In October, statewide median sales prices for both single family homes and townhomes and condo properties rose year on year for the 59th month in a row. Closed sales data reflected fewer short sales and cash buyers during October. Short sales of single family homes declined 39.4% while short sales for townhomes and condo properties dropped 37.2%. Inventory dipped to a 4.2 month supply level during October for single family homes and a a 5.9 month supply for townhomes and condos.
U.S...
Total existing home sales for all types of home was up 2% nationally to a seasonally adjusted annual rate of 5.60 million from an upwardly revised 5.49 million in September. Octobers sales pace is 5.9% up on a year ago (5.29 million) and surpasses the June pace (5.57 million) as the highest since February 2007 (5.79 million). The nations median home price for existing home sales was $232,200, up 6% from October 2015 ($219,100). The October price increase marks the 56th consecutive month of recorded year on year gains. Total housing inventory at the end of October was down 0.5% to 2.02 million existing homes available for sale, and is now 4.3% lower than a year ago (2.11 million) having fell year on year for 17 consecutive months. Unsold inventory is at a 4.3 month supply at the current sales pace, which is down from 4.4 months in September. Properties typically stayed on the market for 41 days in October, up from 39 days in September but down considerably from the 57 day level seen a year ago. Short sales spent the longest period of time on the market at a median 99 days, while foreclosures sold in 50 days with non distressed homes taking 39 days. Cash sales represented 22% of all transactions during October, up from 21% in September but down from 24% a year ago. Distressed sales of foreclosures and short sales were up to 5% market share in October, up from 4% in September but down from the 6% level of a year ago with 4% of October sales foreclosures and 1% representing short sales. Sales relating to foreclosures sold at an average 18% discount against market value (15% in September), while short sales were discounted at an average 16% (11% in September). Single family home closings increased 2.3% to a seasonally adjusted annual rate of 4.99 million in October from 4.88 million in September, and are now 6.6% above the 4.68 million pace seen a year ago. The median existing single family home price was $233,700, up 5.9% from October 2015. Existing condominium and co-op sales were at a seasonally adjusted annual rate of 610,000 units during October (unchanged from September and a year ago). The median existing condo price was $220,300 which is 6.2% above a year ago.
November 30th 2016
1 G.B.P...Buys 1.247 U.S.D - 1 U.S.D...Buys 0.801 G.B.P
1 EURO...Buys 1.064 U.S.D - 1 U.S.D...Buys 0.939 EURO
1 CAN $...Buys 0.747 U.S.D - 1 U.S.D...Buys 1.337 CAN $
1 BRL $...Buys 0.294 U.S.D - 1 U.S.D...Buys 3.393 BRL $
U.S Prime Interest Rate = 0.25%
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.
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