Market News

June 'numbers' From The Resort Area...
 
Total inventory was up 5.4% month on month as June saw 1,244 homes listed for sale compared to 1,180 in May although total inventory levels were 37% down from the June 2017 total of 1,705 listings. The average days on market that a home takes to sell was down by 2 days from last month at 128 and also down 3 from the 131 day level of one year ago. A home that sold in June achieved an average of 97.3% of its listed price which compares to 97.4% last month and 97.2% a year ago. The markets median price is up 10.3% from a year ago at $209,675 from $190,007 in June 2017. The total number of homes under contract awaiting closure stood at 618 which was 20 lower than last month and 110 less than the 728 pipeline of June 2017. During the month 84 homes were withdrawn from the market having failed to sell whilst the number of closed transactions in the past 30 days of 378 was just 3 lower than June 2017.  Current inventory considered against pace of sales reflects a 3.2 month level of home availability which is up from the 2.7 level last month but lower than the 4.5 month level being recorded a year ago. 
 
Orlando...
 
During May the number of homes available for purchase in the Orlando market fell to its lowest point this year. The overall median price of an Orlando home (all types combined) that sold during the month was $234,000 which is 7.3% up on the May 2017 median price point of $218,000 but 1.7% below the April 2018 median of $238,000. Year on year increases in median prices have now been recorded for the last 83 consecutive months with the April 2018 median price up 102.6% from July 2011. The median price of a single family home that changed hands during May was 8.5% higher than May 2017 at $255,000 with the median price for condos up 6.1% at $125,250. Members of the Orlando Regional Realtors Association participated in 3,407 sales of all home types combined during the month which is 11.4% less than the 3,845 sales of May 2017 but 1.1% more than the 3,371 sales of April 2018.  Homes of all types saw sales decline in May with the 2,657 sales of single-family homes down 12.4% compared to May 2017, while condo sales of 410 were down 3.1% year on year. Closings of distressed sales related to foreclosure and short sales reached 120 in May which was 70% less than the 282 distressed sales of May 2017 with distressed sales comprising 3.5% of all Orlando area transactions during the month. The overall inventory of homes available for purchase in May was 7,486 representing a decrease of 14.7% compared to May 2017, and a 3.3% decrease compared to last month. Overall there were 10.5% fewer single-family homes and 25.4% less condos available for purchase. Pending sales in May were down 11.4% compared to May of last year and 7.4% down from last month. Current inventory combined with the pace of sales created a 2.2 month supply of homes in the Orlando market during May which compares to a 2.8 month supply in May 2017 and a 2.3 month supply level last month.
 
Florida...
 
During May, Florida's housing market reported an increase in sales, higher median prices and more new listings, according to the latest housing data released by Florida Realtors®.  New listings of single-family homes were up 4.8% from a year ago, while new townhomes and condo listings were up by 6%. Sales of single-family homes statewide totaled 28,071 last month, up 0.8% compared to May 2017. Meanwhile, the statewide median sales price for existing single-family homes was $255,000, up 6.7% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median price for townhome and condo properties in May was $188,688, up 6% from year ago. May's prices represented the 77th consecutive month that statewide median prices for both single-family homes, townhomes and condo properties increased year on year.  Florida's townhome and condo market, statewide saw closed sales totaling 12,012 last month which was 4.1% higher than one year ago. Closed sales data reflected far fewer short sales and foreclosures during May with short sales of townhome and condo properties down 43.2% and foreclosures down 43.7%, while short sales of single family homes were down 43.5% and foreclosures down 47.4% year on year. Overall latest figures revealed that there were around 200 more closed sales of single-family homes across the state this May than in May of last year representing a rise of just under 1%. Condo and townhouse sales, on the other hand, were up more substantially at a little over 4%. Florida's total inventory during May remained tight, with a 4 month supply of single-family homes and a 5.7 month supply for townhome and condo properties. 
 
U.S...
 
The nations existing home sales fell 0.4% in May, as lower inventory levels deterred some home buying. The National Association of Realtors reported that homes sold at a seasonally adjusted annual pace of 5.43 million during May, the second straight monthly decline. The total number of sales listings has fallen 6.1% over the past year to 1.85 million with would be buyers signing contracts on average in just 26 days. The effect has also pushed up home values as the median sales price in May rose 4.9% from a year ago to $264,800. Because of declining inventories, sales of homes valued at more than $250,000 have fallen over the past year with sales of homes worth more than $1 million up 14.4% this year. Adding to the pressure are rising mortgage rates. The average interest rate charged on a 30-year, fixed rate mortgage was 4.62% last month, up from 3.91% a year ago, according to mortgage buyer Freddie Mac. Higher mortgage rates have the risk of further suppressing sales listings, even if the higher home values encourage some people to list their properties. Realtors found that 15% of homeowners wouldn't list their properties for sale due to the increased mortgage costs, up from 11% in April.  Sales rose in the Northeast during May, however sales fell in the Midwest, South and West. Sales of new U.S. homes increased 6.7% during May, with purchases in the South accounting for all of the monthly gains. The Commerce Department also reported during the month that new homes sold at a seasonally adjusted annual rate of 689,000, up from 646,000 in April. The South reported monthly sales growth of 17.9%, while sales were flat in the Midwest and fell in the Northeast and West.  
 
  July 1st 2018
 
1 G.B.P...Buys 1.317 U.S.D - 1 U.S.D...Buys 0.759 G.B.P
 
1 EURO...Buys 1.165 U.S.D - 1 U.S.D...Buys 0.858 EURO
 
1 CAN $...Buys 0.759 U.S.D - 1 U.S.D...Buys 1.316 CAN $
 
1 BRL $...Buys 0.259 U.S.D - 1 U.S.D...Buys 3.859 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.