April 2012

March ‘math’ From The Four Corners…

The inventory pool of available homes for sale in the communities tracked by Team Donovan fell below 1000 in March to revise the total number of homes listed for sale to 966 which was a decrease of 98 homes compared to the February total. By type this total inventory comprised 50 Bank owned homes, 202 short sales and 714 conventional owner listings. The average days that a home takes to sell was down by days from last month to 157 whilst the average home sold in March achieved 97.12% of its final listed price. March sales recorded 322 total closings whilst 60 homes were withdrawn from the market during the month having failed to achieve a sale. The total number of homes recorded as pending under offer/contract now stands at 1141 which represents a 201 home increase from last month. The current availability of listed inventory equates to a 3 month supply of available homes at the current sales pace which is the lowest level of overall inventory supply seen for over 3 years.

Orlando…

The number of resale homes available for purchase in the wider Orlando market also declined last month to record a revised total of 9,253 homes. Inventory levels of both single family homes and condos were down by 32.6% and 18.4% respectively. The current inventory level factored with sales pace equates to a 4.9 month supply of available homes. During February Orlando Realtors participated in 1,854 closings which was down 14.5% compared to February 2011. By type 39.8% of these total sales represented normal owner sales. The overall median price of an Orlando home increased 15.7% from the February 2011 median price of $95,000, to $110,000. Orlandos total number of pending homes under contract awaiting closure now stands at 9,348 which is up 1.36% from the 9233 pipeline total one year ago. By type short sales dominate this total and comprise 69.8% of all pending totals while “normal” properties account for 17.2% with bank owned homes accounting for 13.2%.  Total condo sales last month of 326 units was down by 34.2% compared to a year ago with the highest percentage of condo sales at 35.5% in the $1 – $50,000 price range. Orlando homebuyers purchased 173 duplexes, town homes and villas in February 2012, which was a 27.3% decrease compared to February 2011.

Florida…

Pending sales and median prices rose whilst Floridas overall inventory of homes listed for sale fell during February according to the very latest housing data released by Florida Realtors®. The statewide median sales price for an existing single family home stood at $134,000 in February which was a 7.2% increase from one year ago. The statewide median for townhomes and condo properties stood at $95,000, up 15.9% from February 2011. Statewide February saw sales of existing single family homes totaled 14,270 in February, down 4.8% compared to sales recorded one year ago. Floridas year on year sales comparison for townhomes/condos shows a total of 7,545 units selling statewide last month which was down 16% from one year ago. Based on Floridas currrent inventory levels the months supply of available homes stands at 6.2 for a single family homes and 6.3 months for condominiums and townhomes, according to Florida Realtors.

U.S …

Nationally February existing home sales declined from an upwardly revised January pace, while the median price recorded a modest gain, according to the National Association of REALTORS®. Sales in general were up in the Midwest and South but offset by declines in the Northeast and West. Total existing home sales covering single family homes, townhomes, condominiums and co-ops fell by 0.9% to a seasonally adjusted annual rate of 4.59 million in February from an upwardly revised 4.63 million in January, but were 8.8% higher than the 4.22 million-unit level of February 2011. The national median existing home price for all housing types stood at $156,600, up 0.3% from February 2011. Distressed home sales including both foreclosures and short sales continue to sell at deeper discounts and accounted for 34% of all February sales nationally, down from 35% in January and 39% one year ago. Total housing inventory at the end of February rose 4.3% to 2.43 million existing homes available for sale, which represents a 6.4 month supply at the current sales pace, up from a 6.0 month supply in January. Unsold listed inventory has been trending downwards from a record 4.04 million in July 2007, and is 19.3% below a year ago. Cash buyers rose to 33% of total transactions in February from 31% in January with investors accounting for the bulk of all cash transactions. Investors purchased 23% of all homes in February which was unchanged from January and up 3% from one year ago. Single family home sales declined 1.0% to a seasonally adjusted annual rate of 4.06 million from 4.10 million in January, but are 9.4% higher than the 3.71 million-unit level one year ago. The median existing single family home price stood at $157,100 which is 0.1% above February 2011. Existing condo and co-op sales were unchanged at a seasonally adjusted annual rate of 530,000 in February which is 3.9% above the 510,000 unit pace in February 2011. The national median existing condo price stood at $153,000 which is up 1.6% from a year ago.

Regionally, existing home sales in the Northeast fell 3.3% to an annual 580,000 level which is up 5.5% from a year ago. The median price in the Northeast was $225,800 which is down 1.9% from February 2011. Existing home sales in the Midwest rose 1.0% to a 1.02 million pace and are 13.3% higher than February 2011. The median price in the Midwest was $120,500, down 0.5% from one year ago. In the South, existing home sales increased 0.6% to an annual level of 1.77 million which is up 9.3% from one year ago. The median price in the South was $138,100, up 1.8% from February 2011. Existing home sales in the West declined 3.2% to an annual pace of 1.22 million in February but are 6.1% above February 2011. The median price in the West was $195,300, up 3.1% from one year ago. Foreclosure activity increased last month across half the U.S. states. The pace of foreclosures may be increasing now that many states have reached a settlement with the nation’s five biggest mortgage lenders over past foreclosure abuses.
New home sales nationally fell in February for the second straight month the Commerce Department reported as new home sales fell 1.6% last month to a seasonally adjusted annual rate of 313,000 homes. New home sales nationally are down by just under 7% since December.

Closing Numbers…

March 30th 2012

1 G.B.P…Buys 1.587 U.S.D – 1 U.S.D…Buys 0.629  G.B.P

1 EURO…Buys 1.327 U.S.D – 1 U.S.D…Buys 0.753 EURO

1 CAN $…Buys 1.000 U.S.D – 1 U.S.D…Buys 1.000  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.