September 'summations' From The Resort Area...
Inventory levels in September were up a net 33 homes from August to a revised 1923 listings which was 69 homes above the 1854 total of September 2015. By listing bank owned month on month listings were down 9 at 39 whilst short sale listings fell 4 at 27. Normal owner listings showed an increase in net inventory as 46 homes were added during the month to give a revised 1857 total. The September activity report also detiled that 281 homes changed ownership in the short term rental communities during the month which was 50 below August and 39 lower than the 523 total closed in September 2015. The average days on market that a home takes to sell was down 3 to 134 but up 3 from the 131 level of September 2015. The average price achieved of a home that sold was 97% of the listed price which was unchanged from August but up from the 96.5% level of September last year. The areas median price recorded a small 0.3% gain month on month at $177,746 but was up 7% from the September 2015 median price of $165,375. During the month 176 homes were withdrawn from the market having failed to achieve a sale whilst the number of homes under offer/contract stood at 474 which was up 11 from last month but 49 below the 523 September 2015 recorded total. Inventory levels in September represented a 7 month supply at the currrent pace which compares to 5.7 months in August and 5.8 months in September 2015
Orlando...
Members of the Orlando Realtors Association participated in the sale of 3,429 homes (all home types and all sale types combined) during August, an increase of 7.3% compared to August 2015 and an increase of 2.3% from July 2016. The sale of normal listings increased 27.9% while foreclosures decreased 56.2% and short sales fell 38.7%. Sales of single family homes were up 5.1% year on year while condo sales were up 14.6%. Homes of all types spent an average 56 days on the market during the month with the average home selling at 97.4% of its listed price compared to August 2015 statistics of 69 days and 97%, respectively. Overall sales were up 7.3% despite another double digit decrease in overall inventory. Orlandos median price has now experienced year on year increases for the past 61 months with the August median price up 78.3% from July 2011. The year on year median price for normal sales has increased 4.8%, while the median price for foreclosure related sales increased 11.1% with short sales up 8%. The median price of a single family home increased 12.5% compared to August last year while the median price of condos increased 15.2%. The total number of existing homes (all types combined) available for purchase was 9.9% below that of August 2015 at 10,505 with inventory levels overall down 1.3% (143 homes) from last month. The inventory of normal homes decreased 0.5% while foreclosures fell 62.6% and short sales decreased 44.7%. The inventory of single family homes was down 8.8% overall while condo inventory fell 16.8%. The inventory of duplexes, townhomes and villas was down 6.9%. The number of pending sales under contract and awaiting closure stood at 4,955 which is 16.1% lower than August 2015 and 4.3% down on July 2016 with normal properties comprising 72.9% of all pending sales. Short sales accounted for 15.5% of pending sales while bank owned properties contributed 11.5%. Condominium sales were up 14.6% with 407 sales recorded during the month compared to 355 in August 2015. Orlando homebuyers purchased 335 duplexes, town homes and villas during August, which was 17.9% more than in August 2015. Total current inventory combined with pace of sales created a 3 month supply of homes compared to a 3.6 month supply in August 2015 and a 3.2 month supply last month.
Florida...
The wider Florida housing market reported an increase in closed sales, higher median prices an increase in listings and fewer cash buyers, according to the latest housing data released by Florida Realtors®. Closed sales of single family homes statewide totaled 25,070, up 8.2% from August 2015. Home sellers achieved a higher percentage of original asking price at the closing with sellers of existing single family homes receiving 96.4% of their original listing price, while those selling townhomes and condos received an average 94.6%. The August statewide median sales price for an existing single family home stood at $225,000, up 12.6% from the previous year, 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 $160,000, representing a rise of 6.7% from a year ago with the median sales prices for single family homes townhomes and condos rising year on year for the 57th consecutive month. Closings of single family homes were up 8.2% overall while sales of townhomes and condo properties recorded 9,484 sales, up 3.3% compared to August 2015. Closed sales data recorded fewer short sales and cash only sales during August with the short sale of townhomes and condos down 37.4% while short sales of single family homes were 37.3% lower. Inventory stood at a 4.2 month supply level in August for single family homes and offered a 5.8 month supply of townhomes and condo properties.
U.S...
The Nations existing home sales slowed during August for a second consecutive month despite mortgage rates near record lows as higher home prices and lower inventory levels kept some would be buyers on the sidlines, according to the National Association of Realtors® (NAR). Total existing home sales for all home styles declined 0.9% to a seasonally adjusted annual rate of 5.33 million during August from a downwardly revised 5.38 million in July. Following last months decline, sales recorded their second lowest pace of 2016 but were still slightly up (0.8%) on a year ago (5.29 million). The median existing home price for all homes was $240,200, up 5.1% from August 2015 ($228,500). Total housing inventory at the end of August was down 3.3% to 2.04 million existing homes available for sale which was 0.1% lower than a year ago (2.27 million. Unsold inventory is at a 4.6 month supply level at the current sales pace, which was down from 4.7 months in July. The market share of first time buyers was 31% which was down from 32% in July but equal to the same level a year ago. First time buyers represented 30% of all sales made during 2015. Properties typically stayed on the market for 36 days during August, unchanged from July but down from the 47 day level of a year ago. Short sales spent the longest period of time on the market with a median 144 days, while foreclosures sold in 42 days and non distressed closings took 35 days. Cash buyers accounted for 22% of all transactions during August, up from 21% in July and unchanged from a year ago. Distressed sales of foreclosures and short sales represented 5% of all sales, unchanged from last month and down from the 7% level seen a year ago with 4% of all August sales related to foreclosures and 1% short sales. Foreclosures closings discounted at an average 12% below market value (18% in July), while short sales discounted at 14% on average (16% in July). Single family home sales declined 2.3% to a seasonally adjusted annual rate of 4.70 million during August from 4.81 million in July, but are still 0.6% above the 4.67 million pace of a year ago. The median existing single family home price stood at $242,200 which is up 5.3% from August 2015. Existing condominium and co-op sales increased 10.5% to a seasonally adjusted annual rate of 630,000 units in August from 570,000 in July, and are 1.6% above August 2015 (620,000 units). The median existing condo price was $225,100 in August, which is 3.7% up from a year ago.
September 29th 2016
1 G.B.P...Buys 1.298 U.S.D - 1 U.S.D...Buys 0.770 G.B.P
1 EURO...Buys 1.124 U.S.D - 1 U.S.D...Buys 0.889 EURO
1 CAN $...Buys 0.763 U.S.D - 1 U.S.D...Buys 1.309 CAN $
1 BRL $...Buys 0.310 U.S.D - 1 U.S.D...Buys 3.221 BRL $
U.S Prime Interest Rate = 0.25%
Team Donovan publish an updated 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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