December 2010

November ‘numerics’ From Short-Term Rental Land…

Total inventory levels fell slightly in November to log a revised total number of homes listed for sale as 2026 which was down 27 from the October figure of 2053. Month on month sales showed an increase in November with 235 homes selling during the month after an average 146 days on the market. Homes sold achieved an average of 97% of the asking price which was little change over last months figure. As at the month end 891 homes still recorded as pending or under contract and over the past 30 days 132 homes have been withdrawn from the market by owners who failed to attract a buyer. Current inventory levels suggest an 8.62% supply of available homes listed for sale based on the current sales pace.

Orlando…

The median sales price of a home in the Orlando area was $105,000 for the second month in a row the Orlando Regional Realtor® Association reported during the month. The median price for October 2010 was 5.1% up on the August median price of $99,900. Compared to the October 2009 median price of $130,000 the October 2010 median price of $105,000 represents an overall decrease of 19.2% during the last year. The median price for normal existing home sales (neither short sale or foreclosure related) in October rose 10.2% to $173,000 from the $156,990 recorded in September 2010 according to the same report.  The October 2010 normal median price is 1.42% below the October 2009 normal median sales price of $175,500. The median price for bank owned sales now stands at $70,000 which is down 1.41% from last months figure of $71,000. The median price for short sales is now $90,000 which is down 18.1% from last months $113,500. Homes of all sale types spent an average of 91 days on the market before coming under contract in October with the average home selling at 94.6% of its listed price. In Orlando there are currently 15,441 homes available for purchase through the MLS which is a 5.61% decrease over September 2010. The October 2010 inventory level is 1.92% lower than October 2009 with the overall current sales pace translating into an 8.36 month supply of available homes. By type there are 12,124 single family homes currently listed, 2011 condos and 1306 townhomes with a total of 2,316 homes actually selling during the month.

Florida…

Sales of existing condominiums in Florida rose 15% in the third quarter of 2010 compared to the same period one year ago according to the statistics provided during the month by the Florida Realtors®. A total of 16,938 existing condos sold statewide in the third quarter of 2010 compared to 14,793 selling during the same period last year. The statewide existing condo median sales price stood at $84,000 for the three month period against 106,000 for the third quarter of 2009 representing a 21% decrease. Meanwhile the year on year quarterly comparison for existing single family home sales recorded that 41,122 homes sold statewide for the quarter compared to 44,451 homes in quarter 3 of 2009 which was a 7% decrease. The statewide existing home median sales price recorded as $135,200 in quarter 3 of 2010 against $145,300 at the same period last year which also represents a 7% decrease.

U.S …

Existing home sales fell across the U.S in October after two consecutive monthly gains, according to the National Association of Realtors®. Existing home sales, which are completed transactions that include single family, townhomes, condominiums and co-ops fell 2.2% to a seasonally adjusted annual rate of 4.43 million in October from 4.53 million in September, and are 25.9% below the 5.98 million unit level in October 2009. Year on year there were 4.149 million existing home sales which is a 2.9% fall from the 4.272 million recorded this time in 2009. The national median existing home price for all housing types recorded as $170,500 in October which was down 0.9% from October 2009. Distressed home sales accounted for 34% of all sales in October compared with 35% in September and 30% of all sales in October 2009.  Total housing inventory at the end of October fell 3.4% to 3.86 million existing homes available for sale which represents a 10.5 month supply at the current sales pace. Existing condominium and co op sales fell 3.6% to a seasonally adjusted annual rate of 540,000 in October from 560,000 in September. The median existing condo price was $166,000 in October which was down 4.2% from October 2009. Construction of new homes and apartments fell 11.7% last month to a seasonally adjusted annual rate of 519,000 units, the Commerce Department also reported during the month which  was mainly because apartment construction which represents less than 20% of the overall housing market fell by more than 40%. The much larger single family home category fell by 1.1%.The overall drop marked the poorest showing since April 2009, when construction dropped to 477,000 units which was the lowest level on records dating back to 1959. Construction of new homes and apartments is now 77% below its peak during the housing boom of 2.27 million units in January 2006

Closing Numbers …

November 30th 2010

1 G.B.P…Buys  1.551 U.S.D                   –               1 U.S.D…Buys  0.644  G.B.P

1 EURO…Buys  1.299 U.S.D                    –                1 U.S.D…Buys  0.769  EURO

1 CAN $…Buys 0.976 U.S.D                   –                1 U.S.D…Buys  1.023  CAN $

U.S Prime Interest Rate = 0.25%

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