July ‘journal’ From The Four Corners…
The Four Corners area achieved 247 closings during July which was 10 below the June sold total. Over the last 30 days a sold home in the communities tracked by Team Donovan on average achieved 97.25% of the asking price having spent 147 days on the market. The areas overall inventory level ended July unchanged from June with 1041 homes listed for sale. By listing type month on month normal owner listed homes fell by 21 homes from June at 857 whilst bank owned listings increased by a net 4 to 97. The largest month on month increase in listing type was in the short sale category with 16 net new short sale listings entering the market in the past 30 days to revise the short sale total to 87 homes. The pipeline number of homes under contract awaiting closure now stands at 709 which was down 50 homes from June. The July sales pace considered against overall inventory level indicates a 4.21 month supply of home availability in the Four Corners area. This figure last month recorded as 4.05 months whilst the May figure stood at 3.82 months.
The median price of an existing Orlando area home that changed hands in June was $153,000. Members of the Orlando Regional Realtors Association participated in 2,563 closings during the month, a decrease of 1.95% compared to June 2012. Single family home sales increased 1.28% from June 2012, while condo sales fell by 15.84%. Compared to the same month last year, the markets short sales fell by 35.8% whilst foreclosure activity is down 29.4% with traditional completed sales up by 33.8%. In June short sales and foreclosures comprised 36.7% of all closings. Orlando area homes of all styles spent an average 66 days on the market before coming under contract with the average Orlando area home selling at 97.1% of its listed price. Pending sales awaiting closure currently total 8,441. This pending sales total is up 1.31% from June 2012 but 2.2% lower than the May 2013 total. The overall number of existing homes available for purchase in Orlando is down 6.39% from June 2012 at 7,616 but overall inventory did increase by 344 homes last month. From a year ago the inventory for single family homes is down by 9.79% while condo inventory is up by 2.56%. The areas condo sales were down 15.84% in June, with 356 sales recorded compared to 423 in June 2012. The highest volume of sales in any single price category changing hands was again in the $1 to $50,000 price range accounting for 20.2% of the areas condo sales. Orlando homebuyers purchased 227 duplexes, town homes, and villas during June, which is a 3.8% decrease compared to June 2012 whilst the overall inventory of duplexes, townhomes, and villas is up by 12.65%. Total inventory combined with pace of sales created a 2.97 month supply of available homes in Orlando across all home styles in June.
Floridas June housing market saw an increase in the sale of single family homes, more new listings, rising median prices and a reduced inventory, according to the latest housing data released by Florida Realtors®. On average a Florida seller received 94% of their asking price in June. Statewide, new listings of single family homes increased 10.8% while new townhome condo listings increased by 4.7%. The statewide closings of existing single family homes totaled 20,403, up 8.6% compared to a year ago. The states pending sales for existing single family homes was up 23.1% from last June. The statewide median sales price for existing single family homes was $175,000, up 15.1% from the previous year. Floridas year over year comparison for townhome and condo sales reported 9,136 units selling last month, down 2.5% from the June 2012 level. Meanwhile, pending sales for townhome and condos increased 14.2% from one year ago. The statewide median price for townhouse and condo properties was $130,000, up 18.2% over the previous year. Floridas inventory of single family homes recorded a 5 month supply level in June whilst inventory for townhomes and condos was at 5.2 months, according to Florida Realtors.
Existing home sales declined in June but still remain at levels up from the past two years according to the National Association of Realtors® (NAR). Total existing home sales covering all home styles dipped 1.2% to a seasonally adjusted annual rate of 5.08 million in June from a downwardly revised 5.14 million in May, but remain 15.2% higher than the 4.41 million unit level seen in June 2012. Total housing inventory at the end of June rose 1.9% to 2.19 million existing homes available for sale, which represents a 5.2 month supply at the current sales pace. Listed inventory remains 7.6% below levels last year when a 6.4 month supply was recorded. The national median price for existing homes of all styles was $214,200 in June, up 13.5% from June 2012. Distressed sales covering foreclosures and short sales comprised 15% of all June closings which was down from 18% in May, and now records the lowest market share since monthly tracking began back in October 2008. By type the figures show that 8% of all June sales were foreclosures whilst 7% related to short sales. Foreclosures sold at an average 16% below market value during June, while short sales discounted by an average 13%. The median time on market for all homes was 37 days, down from 41 days in May and some 47% faster than the 70 days on market seen in June 2012. Short sales were on the market for a median of 68 days, while foreclosures typically sold in 39 days. Non distressed listings took an average of 35 days. First time buyers accounted for 29% of all purchases in June, compared to 28% in May and 32% in June 2012. All cash closings made up 31% of total transactions in June, down from 33% in May. Individual investors, who account for many of the cash closings, purchased 17% of all homes, down from 18% in May and 19% in June 2012. Single family home sales fell 1.1% overall to a seasonally adjusted annual rate of 4.50 million from 4.55 million in May, but remain 14.5% above the 3.93 million unit pace seen in June 2012. The June median price for an existing single family home was $214,700, which is 13.2% up from one year ago. Existing condominium and co-op sales fell 1.7% to an annualised rate of 580,000 units from 590,000 in May, but are 20.8% higher than the 480,000 unit level seen one year ago. The median existing condo price was $210,200 in June, up 15.4% from June 2012. The Commerce Department during the month reported that new home sales rose across the country 8.3% last month to a seasonally adjusted annual pace of 497,000 which is up from an annual pace of 459,000 in May, which was subsequently revised lower.
July 31st 2013
1 G.B.P…Buys 1.515 U.S.D – 1 U.S.D…Buys 0.659 G.B.P
1 EURO…Buys 1.325 U.S.D – 1 U.S.D…Buys 0.754 EURO
1 CAN $…Buys 0.971 U.S.D – 1 U.S.D…Buys 1.029 CAN $
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 own home in more detail.