October 'observations' From The Resort Area...
The Resort area saw total sales of 316 during October which was down 10.4% from the 349 closings of October 2018 but a rise of 4.8% on the 301 sold homes last month. The pipeline number of properties under contract awaiting closure stood at 413 which was a rise of 4.4% from the corresponding pipeline total of one year ago. A home that sold achieved an average of 97.6% of its listed price having spent 99 days on the market which compared to the 97.5% and 116 days achieved respectively one year ago. The markets median price was up 7% from $212,362 in October 2018 to $228,118 whilst the number of homes withdrawn from the market during the month having failed to sell totaled 77 which was 11 lower than the total withdrawn one year ago. The overall inventory available for purchase of 1,349 homes is 16.2% up from the 1,161 listed one year ago and also 3.8% up on the 1,300 available last month. Octobers inventory when considered against pace of monthly sales suggests a 4.2 month supply of home availability in October compared to last months 4.2 month level and the 3.3 month availability of supply recorded back in October 2018.
Orlando Regional Realtor Association (O.R.R.A) reported during the month that the Orlando housing market recorded year on year increases in both sales of 7% and median sales prices of 5% during September. The inventory of homes available for purchase, however, saw a second consecutive decline after nine months of increased listings. The overall median price of an Orlando area home (all types combined) that sold during September was $245,000, which was 5.2% above the September 2018 median of $233,000 but down 2% compared to the August 2019 median price of $250,000. The median price of an Orlando single family home that changed hands during the month was up 19.4% from September 2018 at $303,000 while the median price for condos increased 34.3% over the same period to $167,886. Members of O.R.R.A participated in a total of 2,972 sales of all home types combined, which was 7.1% up on the 2,776 sales recorded during September 2018 but 12.5% lower than the 3,397 sales in August 2019. Sales of single family homes totaled 2,290 which was an increase of 8.8% compared to September 2018, while condo sales of 399 were up 2.1% year on year. Sales of distressed homes (foreclosures and short sales) totaled 112 which was 10.4% less than the 125 distressed sales in September 2018 with distressed sales comprising 3.8% of all Orlando area transactions during last month. The 7,784 homes available for purchase represented an inventory decrease of 3.8% over September 2018, and a 1.7% increase from last month. Overall there were 5.7% fewer single family homes and 2.1% less condos available for purchase, year on year. Homes that closed during September took an average 51 days to move from listing to pending and an average 37 days between pending and closing, to give a total 88 days from listing to closing, up from 86 days the previous month. Pending sales in September were 2.2% higher than September of last year but down 9.3% compared to last month. Current inventory combined with the pace of sales created a 2.6 month supply of homes in Orlando for September. which compared to a 2.9 month supply in September 2018 and the 2.3 month supply recorded in August 2019.
According to the latest housing data provided by Florida Realtors for September 2019, Floridas housing market reported more closed sales, higher median prices and increased levels of pending inventory compared to a year ago. Sales of single family homes statewide totaled 23,510 last month, up 11.5% from September 2018. Statewide median sales prices for both single family homes and condo and townhouse properties have now risen year on year for the past 93 consecutive months. The statewide median sales price of an existing single family home was $265,000, up 5.3% from the previous year, according to data from Florida Realtors Research Department. Last months statewide median price for condo and townhome units was $193,000, up 5.8% from a year ago. Floridas condo and townhouse market during September, saw statewide closed sales of 9,007, up 6.1% compared to a year ago.
The nations existing home sales receded during September following two consecutive months of increase, according to the National Association of Realtors®. Each of the four major regions witnessed a decrease in sales last month, with the Midwest seeing the largest declines. Total existing home sales of all completed transactions for all home styles were down 2.2% from August to a seasonally adjusted annual rate of 5.38 million. Despite this decline, overall sales were up 3.9% from a year ago at 5.18 million. The median existing home price for all housing types in September was $272,100, up 5.9% from September 2018 as prices rose in all regions with the September price increase marking the 91st straight month of year on year gains. Total housing inventory at the end of September stood at 1.83 million, little changed from August, but a 2.7% decrease from 1.88 million inventory level of a year ago. Unsold inventory was at a 4.1 month supply at the September sales pace, up from 4 months in August but down from the 4.4 month level recorded in September 2018. First time buyers were responsible for 33% of the nations transactions during September, up from 31% in August and the 32% recorded in September 2018. Cash buyers accounted for 17% of all transactions, down from 19% in August and 21% in September 2018. Distressed sales of foreclosures and short sales represented 2% of all September closings, unchanged from August but down from a 3% level in September 2018. The Commerce Department also reported during the month that new home sales declined 0.7% to a seasonally adjusted annual rate of 701,000 units. Augusts sales pace was revised down to 706,000 units from the previously reported 713,000. New home sales, which comprise about 11.5% of total housing market closings, are drawn from permits and tend to be volatile on a month to month basis with sales up 15.5% from a year ago. The median new house price fell 8.8% to $299,400 during September from a year ago with prices down 7.9% from the prior month, the biggest decline seen since September 2014.
October 31st 2019
1 G.B.P...Buys 1.2940 U.S.D - 1 U.S.D...Buys 0.772 G.B.P
1 EURO...Buys 1.114 U.S.D - 1 U.S.D...Buys 0.897 EURO
1 CAN $...Buys 0.759 U.S.D - 1 U.S.D...Buys 1.316 CAN $
1 BRL $...Buys 0.249 U.S.D - 1 U.S.D...Buys 4.005 BRL $
U.S Prime Interest Rate = 5.5%
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.