Market News

August 'announcements' From The Resort Area...
 
The resort area median price was 8% higher than 12 months ago rising from $196,988 to $212,812 whilst the average days that a home now takes to sell fell by 6 from a year ago at 124. This latest days on market figure of an average home that sold was also 3 days below the 127 days recorded last month.  The average price attained was 97.2% of the listed price which was little changed from the 97.3% achieved last month. Total inventory of 1,133 homes was down 41% from the 1,598 level of a year ago and also down 2.2% from the 1,158 total last month. August sales of 397 were up 6.7% from a year ago and 23 higher than the 374 total last month. The pipeline number of homes under contract awaiting closure fell by 13.3% from July at 517 and were down 10.4% from the 571 total of August last year. The number of homes withdrawn from the market having failed to achieve a sale during the past 30 days was 85 which was 35 less than were withdrawn during July. August overall inventory levels reflect a 2.9 month supply of availability when reviewed against pace of sales which contrasts to a 4.3 month supply one year ago and the 3 month supply level recorded last month.
 
Orlando...
 
The overall median price of Orlando homes (all types combined) that sold during July was $235,000, which is 6.8% above the July 2017 median price of $220,000 and 1.3% below the June 2018 median price of $238,000.  Year on year increases in median price in the Orlando market have now been recorded for the last 85 consecutive months as of July 2018 with the overall price 103.5% higher than it was back in July 2011.  The median price for single family homes that closed during the month was 6.3% higher than July 2017 at $255,000 with the median price of condos up 10.4% at $127,000.  Members of Orlando Regional Realtors Association participated in a total of 3,383 sales during July, which was 0.1% up on the 3,381 sales of July 2017 but 2.3% less than the 3,461 sales recorded in  June 2018. Sales of single family homes totalled 2,653 which was a 0.2% decrease from July 2017, while condo sales of 39 were 2.6% higher year on year.  Distressed related sales of foreclosures and short sales of 121 in July were  42.1% lower than the 209 sales of July 2017 with distressed sales comprising 3.6% of all Orlando transactions last month.  The overall inventory of homes available for purchase was 16.9% lower than a year ago at 7,525 listings, and 0.4% down from last month. By home type the total listings revealed 15.3% fewer single family homes and 14.8% fewer condos. Current inventory combined with pace of sales created a 2.2 month supply of home availability in  July compared a 2.7 month supply in July 2017.  Pending sales under offer/contract were down 18.5% compared to July of last year and 9.9%  from last month.
 
Florida...
 
The Florida housing market saw increased sales, rising median prices and more new listings in July compared to a year ago, though inventory still remains somewhat constrained in many markets, according to the latest housing data released by Florida Realtors®. Sales of single family homes statewide totaled 25,488 which was up 3.8% compared to July 2017.  New listings of existing single family homes were 3.1% up from a year ago while new listings of condo and townhome properties increased 2% with homes that sold achieving a higher percentage of asking price at the closing table. Sellers of existing single family homes closed at an average of 96.7% of the listed price, while those selling condo and townhome properties received an average 95.3%.  July recorded the 79th 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 $255,000, up 6.3% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median price for condo and townhome units during July was $180,000, up 5.3% from a year ago.  The Florida statewide condominium and townhome market saw closed sales of 10,032 which was 8.5% higher than a year ago. Closed sales data reflected a lower percentage of short sales and foreclosures during July with short sales of condo and townhome properties down 33% while foreclosures fell 26.5% year on year as short sales of single family homes declined 41.6% and foreclosures fell 38.3%
 
U.S...
 
Existing home sales fell in July to their slowest pace in over two years, according to the National Association of Realtors® (NAR) with the West being the only major region with an increase in sales last month.  Total existing home sales of all home styles fell 0.7% to a seasonally adjusted annual rate of 5.34 million from 5.38 million in June. With last month's decline, sales are now 1.5% below levels of a year ago and have fallen on an annual basis for the last five months.  The median existing home price for all housing types was $269,600, up 4.5% from the July 2017 price of $258,100 with Julys price increase representing the the 77th straight month of year on year price gains. The nations housing inventory fell 0.5% during July to 1.92 million existing homes available for sale.  Properties typically spent 27 days on the market, up from 26 days in June but down from the 30 day level of a year ago with 55% of homes sold last month on the market for less than a month.  Cash buyers accounted for 20% of all transactions, down from 22% in June but up from a 19% level one year ago. Distressed sales of foreclosures and short sales had a 3% market share which was the lowest since NAR began tracking in October 2008 which was unchanged from last month but down from a 5% level one year ago. Broken down, 2% of July sales related to foreclosures and 1% represented short sales.  Single family home sales overall declined 0.2% to a seasonally adjusted annual rate of 4.75 million from 4.76 million during  June and were also 1.2% below the 4.81 million sales pace of a year ago. The median existing single family home price was $272,300 which was a rise of 4.6% from July 2017.  Existing condominium and co-op sales fell 4.8% to a seasonally adjusted annual rate of 590,000 units during July to be 3.3% below levels of one year ago.  The median existing condo price was $248,100 which is 3.2% up from a year ago.  Sales of new U.S. homes fell 1.7% in July, the second straight monthly decline as the broader housing market appeared to loose some of its momentum. The Commerce Department also reported that newly built homes sold at a seasonally adjusted annual rate of 627,000 which was down from 638,000 in June and 654,000 in May. Despite this apparent slowdown, new home sales have risen 7.2% year to date.  Unsold inventory overall is at a 4.3 month supply at the current sales pace which was unchanged from one year ago.
 
August 31st 2018
 
1 G.B.P...Buys 1.296 U.S.D - 1 U.S.D...Buys 0.771 G.B.P
 
1 EURO...Buys 1.163 U.S.D - 1 U.S.D...Buys 0.859 EURO
 
1 CAN $...Buys 0.765 U.S.D - 1 U.S.D...Buys 1.305 CAN $
 
1 BRL $...Buys 0.241 U.S.D - 1 U.S.D...Buys 4.145 BRL $
 
U.S Prime Interest Rate = 1.75-2.00%
 
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.