February 2012

January ‘numbers’ From Four Corners…

The average percentage price achieved and number of days that a home takes to sell across the communities tracked by Team Donovan was unchanged from January to December with these numbers remaining at 96.6% and 160 respectively. The January 2011 figures record that 12 months ago a listed home sold 14 days faster but still on average achieved 96% of the final listed price. The communities tracked recorded 173 sales during the last 31 days which was down 47 compared to Decembers 220 sold total and down 21 sales from the January 2011 194 sold total. The number of homes recorded as under offer/contract and awaiting closure remained unchanged from December at 813. This figure was was down by 83 compared to the January 2011 896 total. Inventory levels month on month increased slightly with a revised total number of homes listed for sale of 1167. Year on year the overall inventory level is significantly lower than the January 2011 total of 1948 homes listed for sale. During this January owners withdrew a total of 91 homes from the market having failed to achieve a sale. The pace of current sales would suggest that overall inventory levels now reflect an average 6.74 month supply of available homes.

Orlando…

The median price of a ‘conventional’ Orlando home closing in December 2011 was $159,900 which was a decrease of 0.06% from to 12 months ago. The median price of a short sale in December was $105,000 which was up 10.53% compared to December 2010. The bank owned median price increased by 6.67% from December 2010 to $80,000 one year later. Members of the Orlando REALTOR® Association participated in 13.8% less home sales in December 2011 than one year ago with 2,125 homes selling compared to the 2,467 sales one year ago. The total number of 2011 sales was 27,703 which was 3.48% less than the 28,701 2010 total. By type of sale foreclosed homes declined 56.29% in December 2011 compared to December 2010 while over the same period short sales and “normal” sales both increased by 24.25% and 14.15% respectively. The 871 normal sales accounted for 40.99% of all December 2011 transactions while the 785 short sales accounted for 36.94% with 569 bank owned closings comprising the remaining 22.07%. During December homes of all types spent an average of 103 days on the market and sold for an average 92.40% of the listed price. Orlandos pending sales of homes under contract and awaiting closure stands at 8,095 which is 9.14% lower than the November 8,909 total and 3.2% lower than the recorded sales pipeline the same time last year. By type short sales comprise 75.26% of all pending sales with ‘normal’ sales accounting for 12.87% and bank owned homes comprising the remaining 11.87%. Current overall inventory levels are down 35.09% compared to one year ago and down 3.99% compared to last month. Single family home inventory is down 34.50% from 2010, while condo inventory is down 32.14% for the same period. Year on year condominium sales were down by 35.62% in December when compared to December 2010 with the highest sales activity levels of 38.17% in this market remaining in the under $50,000 level.  Orlando homebuyers purchased 211 duplexes, town homes, and villas in December 2011, which was a 9.44% activity decrease when compared to December 2010. At the current pace of sales Orlando inventory levels reflect a 4.58 month supply of homes which is down from the 6.08 month supply recorded in December 2010.

Florida…

December saw a total 15,290 existing single family homes sell statewide which was down 2% from the 15,546 sold homes in December 2010. The statewide existing home median sales price last month was $134,300 which is a rise of 1% over the $133,000 figure for December 2010. Year on year statewide condo sales fell 2% to a 6,836 total compared to the 6,985 sales recorded in December 2010.  The December statewide existing condo sales price stood at $91,900 which was up 4% from the $88,400 a year earlier. According to data released by Florida Realtors® the final period of 2011 saw existing home and condominium sales increase from the previous year. This would make 2011 the third consecutive year that statewide home and condo sales activity has been higher for sales year on year. During 2011 a total 185,921 homes sold compared to 172,462 in 2010. The statewide median existing home price for 2011 stood at $131,700 which was down 3% from the 2010 median recorded figure of $135,900. Floridas condo market reported 87,581 sold units in 2011 which was an increase of 15% over the 76,209 2010 sold total. The statewide existing condo median sales price finished 2011 at $88,300 which was a down 2% from 2010.

U.S …

Existing home sales nationally continued an upward trend in December according to the National Association of Realtors® (NAR).The latest monthly data shows total existing home sales were up 5.0% to a seasonally adjusted annual rate of 4.61 million from a downwardly revised 4.39 million in November and are 3.6% higher than the 4.45 million unit level of December 2010. These figures are based on completed transactions from multiple listing services and include single family homes, townhomes, condominiums and co-ops. During 2011, existing home sales rose 1.7% to 4.26 million from 4.19 million in 2010. Month on month total home inventory at the end of December was down 9.2% to 2.38 million existing homes available for sale, which represents a 6.2 month supply at the current pace of sales, down from a 7.2 month supply in November. Available inventory has been trending downwards since setting a record 4.04 million in July 2007 and is now at the lowest overall level seen since March 2005 when 2.30 million homes recorded as listed for sale. Distressed sales continue to influence the overall market with foreclosures now selling for an average 22% discount, up from 20% a year ago, while short sales closed on average 13% below market value compared to a 16% discount in December 2010. The national median existing home price for all housing types stands at 164,500, which is 2.5% below December 2010.  Nationally distressed sales comprised 32% of all December sales which was up from 29% in November but down 4% from the December 2010 36% total. Cash buyers accounted for 31% of all closings, up from 28% in November and 29% in December 2010. Investors purchased 21% of all homes in December, up from 19% in November and 20% in December 2010. First time buyers fell to 31% of all transactions from 35% in November. In December 2010 this figure recorded as 33%. Existing condominium and co-op sales increased 8.7% to a seasonally adjusted annual rate of 500,000 from 460,000 in November which is 2.0% below the 510,000 unit level in December 2010. The median existing condo price recorded as $160,000 in December, down 3.0% from one year ago.

By Region the sale of existing homes in the Northeast increased 10.7% to an annual pace of 620,000 in December which is 3.3% above a year ago. The median Northeast price was $231,300, which is 2.7% below December 2010. Sales in the Midwest rose 8.3% in December to a level of 1.04 million and are 9.5% above December 2010. The median price in the Midwest was $129,100, down 7.9% from a year ago. In the South, existing home sales increased 2.9% to an annual level of 1.76 million in December and are 3.5% above a year ago. The median South price was $146,900, down 1.1% from December 2010. Sales in the West rose 2.6% to an annual pace of 1.19 million in December but are 0.8% below December 2010. The median price in the West was $205,200, up 0.3% from one year ago.

Closing Numbers…

January 31st 2012

1 G.B.P…Buys  1.568 U.S.D                   –              1 U.S.D…Buys  0.637  G.B.P

1 EURO…Buys  1.310 U.S.D                   –              1 U.S.D…Buys  0.762  EURO

1 CAN $…Buys  0.994 U.S.D                   –               1 U.S.D…Buys  1.005  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.