Orlando Real Estate Market News - October 2018
October 'Oracle' From The Resort Area...
 
The resort area recorded 349 closings during October which was 6% higher than the 329 sales of the corresponding month last year while the number of homes under contract awaiting closure was down 17.7% from last year at 491. The markets median price was $212,362 which is an increase of 6.5% from the one year ago price of $199,231 and also 0.5% up on last months price of $211,293. A home that sold during October achieved on average 97.5% of the asking price after having spent 116 days on the market which compared to 97% and 132 days respectively a year ago. During the month 88 unsold homes were withdrawn from the market which compared to 67 withdrawals last month and 117 removals during October 2017. Octobers total inventory of 1161 homes was down from 1426 listings a year ago and 1173 last month which year on year reflects a 21.6% fall in supply of listings. Overall market inventory levels when compared against sales pace suggests a 3.3 home supply in October which compared to 3.6 months last month and the 4.4 month supply total of one year ago.  
 
Orlando...
 
A year on from Hurricane Irma sales data from the Orlando Regional REALTOR® Association revealed positive year on year comparisons for both sales and median prices whilst total inventory continued its year on year downward trend.  The overall median price of an Orlando area home (all types combined) that sold in September was $233,000, which is 3.6% up on the September 2017 median price of $225,000 and 1.3% above the August 2018 median level of $230,000.  Year on year increases in median price have been now been in evidence for the last 87 consecutive months with the overall median price having rose 101.7% from July 2011.  The median price of a single family home that changed hands in September was up 3.8% from September 2017 at $254,250 with the the median price of an Orlando area condo up 6.4% to $125,500Orlando realtors participated in a total of 2,768 sales of all home types combined which was 8.5% more than the 2,552 sales of September 2017 but 18.1% less than the 3,381 sales recorded in August 2018.  The 2,096 sales of single family homes during the month was 7.6% higher than September 2017, while condo sales of 390 were 23.4% up year on year.  Sales of distressed homes (foreclosures and short sales) recorded 124 closings in September which was 3.1% lower than the 128 distressed sales in September 2017 with distressed sales overall comprising 4.5% of all Orlando area transactions during the month.  Total inventory of homes available for purchase stood at 8,092 which represented a decrease of 6.4%  from September 2017, and a 3.6% increase from last month. By home style there were 5.6% fewer single family homes available for purchase but 2.6% more condos, year on year.  Homes that closed during September took an average of 48 days to move from listing to pending and an average of 84 days to actually close. Pending sales in September were down 14.2% compared to September last year and down 6% compared to last month.  Orlandos inventory compared to existing pace of sales created a 2.9 month supply of home availability during September which compared to a 2.3 month supply in August 2018 and the 3.4 month supply level of September 2017.  
 
Florida...
 
Floridas housing market saw an increase in closed sales, higher median prices and more pending sales in September compared to a year ago when Hurricane Irma impacted the Florida Keys in Sept 2017  according to the latest housing data released by Florida Realtors®. Sales of single family homes statewide totaled 21,087 which was up 17% compared to September 2017. September was the 81st consecutive month that statewide median sales prices for both single family homes and condo and townhome properties increased year on year. The statewide median sales price for existing single family homes was $251,610, up 4.9% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median price for condos and townhomes was $182,500, up 5.5% from one year ago. Floridas condo and townhome market, statewide saw closed sales totaling 8,492 last month, up 14.6% compared to a year ago. Closed sales data continued to reveal fewer short sales and foreclosures during September with short sales of condo and townhome properties down 37.1% and foreclosures down 5.2% year on year. For single family homes short sales declined 3.9% and foreclosures fell 7.9% year on year.  In September single family inventory levels were up for the third consecutive month on a statewide basis, this time by 6.5% while condo and townhome inventory was higher by a more modest 2.9%.
 
U.S...
 
Existing home sales declined in September after stagnation in August, according to the National Association of Realtors® (NAR) latest home sales report with none of the N.A.R's four major regions recording  gains in sales activity in September. Total existing home sales for all home styles was down  3.4%  from August to a seasonally adjusted rate of 5.15 million in September. Sales are now down 4.1%  year on year (5.37 million in September 2017).  Single family home sales posted a seasonally adjusted annual rate of 4.58 million, down from 4.74 million in August, and are 4% below the 4.77 million sales pace of one year ago. The median existing single family home price was $260,500 in September, up 4.6% from September 2017. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 570,000 units, down 3.4% from last month and 5% below a year ago. The median existing condo price was $239,200 in September, which is up 1.5% from a year ago.  The median existing home price for all housing types stood at $258,100, up 4.2% from the September 2017 figure of $247,600 with the September price increase marking the 79th straight month of year on year gains. Total existing housing inventory at the end of September decreased from 1.91 million in August to 1.88 million homes available for sale which was up from 1.86 million a year ago. Properties typically stayed on the market for 32 days in September, up from 29 days in August but down from 34 days a year ago. During September 47% of sold homes were on the market for less than a month.  Cash buyers accounted for 21% of all transactions during September, up from August and a year ago level of 20% in each case. Distressed sales of foreclosures and short sales took a market share of 3% in September (the lowest since NAR began tracking in October 2008), unchanged from last month but down from 4% a year ago with 2% being foreclosures and 1% short sales. Unsold inventory is at a 4.4 month supply at the current sales pace, up from 4.3 last month and 4.2 months a year ago. 
 
By region September existing home sales in the Northeast decreased 2.9% to an annual rate of 680,000 which was 5.6% below a year ago. The median price in the Northeast was $286,200, which is up 4.1%  from September 2017. In the Midwest, existing home sales remained the same as last month at an annual rate of 1.28 million in September but are still down 1.5% from a year ago. The median price in the Midwest was $200,200, up 1.9% from last year. In the South sales decreased 5.4% to an annual rate of 2.11 million in September, down from 2.12 million a year ago. The median price in the South was $223,900, up 3% from a year ago. Existing home sales in the West fell 3.6% to an annual rate of 1.08 million in September, 12.2% below a year ago. The median price in the West was $388,500, up 4.1% from September 2017. 
 
October 31st 2018
 
1 G.B.P...Buys 1.273 U.S.D - 1 U.S.D...Buys 0.784 G.B.P
 
1 EURO...Buys 1.131 U.S.D - 1 U.S.D...Buys 0.883 EURO
 
1 CAN $...Buys 0.761 U.S.D - 1 U.S.D...Buys 1.313 CAN $
 
1 BRL $...Buys 0.269 U.S.D - 1 U.S.D...Buys 3.705 BRL $
 
U.S Prime Interest Rate = 2.00-2.25%
 
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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