July 2011

June Figures From The Four Corners…

Completed June sales were down 18 from May to record a total 270 closings across the communities tracked by Team Donovan. The average days that a home now takes to sell increased by 5 during the month to stand at 153 with the average home now achieving 96.3% of its listed price. Overall inventory levels continued their  downward trend to revise the total number of homes listed for sale to 1191 which was down a further 110 when compared to the May 1301 total. Homes shown as under contract/offer recorded as 1051 at the month end which was 49 below the May month end pipeline total. Owners in June withdrew from the market a total of 98 homes having failed to achieve a sale. Current inventory levels now reflect a 3.7 month supply of available homes listed at the current sales pace which is the lowest overall four corners inventory level we have witnessed for over years.

Orlando…

Non distressed sale prices helped to increase Orlando’s overall median price, which in May was up by 4.76% to $110,000 from the $105,000 recorded in April. The overall median price has increased each month since January 2011. The May 2011 median is 4.35% lower than May 2010 when this was $115,000. The lower median price of foreclosure and short sales related closings comprised 62.53% of all sales and continues to negatively influence overall median sales prices. The median price for bank owned homes sold during May was $80,000 with the median price for short sales $102,900. The median price for ‘normal’ existing homes sold recorded as $155,000. The total 2,367 sales transactions completed during the month was down 14.95% when compared to May 2010. The overall combination of sales transactions combined with less new listings resulted in an overall reduction of available homes for purchase. Overall inventory declined by 511 homes during May with the total now standing at 10,969.  When compared to May last year overall inventory levels are down by 31.28% with single family home inventory down 24.9% and condo inventory 55.1% lower.  Sales recording as pending/under offer stand at 10,210 which is the highest level since May 2010.  Homes of all styles now spend an average of 104 days on the market and sell for an average 94.9% of the  listed price. Sales of existing homes within the entire Orlando area (Lake, Orange, Osceola, and Seminole counties) were down by 12.8% compared to May last year with 2,925 homes closing compared to the 3,355 that sold in May 2010. At the current pace of sales total Orlando inventory reflects a 4.63 month supply of homes which is the lowest Orlando inventory level since December 2005.

Florida…

Floridas existing home and condominium sales increased in May, according to the latest housing data released by Florida Realtors®. Existing home sales increased by 3% last month with a total of 17,228 homes closing statewide compared to 16,790 in May 2010, according to Florida Realtors. Statewide sales of existing condos rose 17% last month against the corresponding month one year ago. Twelve of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in May with 14 MSAs also recording higher condo sales which is the sixth consecutive month that Florida Realtors have reported higher year on year existing home and condo sales statewide. Florida’s median sales price for an existing home recorded as $135,500 which was down 5% from one year ago when this figure was $142,900 although the May statewide existing home median price was up 2.9% from April. Analysts with the National Association of Realtors® (NAR) continue to note that distress related sales continue to downwardly distort the median price as they  generally sell at a discount relative to traditional homes. Floridas year on year comparison for condos shows that 8,338 units sold statewide last month compared to 7,104 units in May 2010 representing a 17% sales increase. The statewide existing condo median sales price last month was up 2% at $98,200 from $96,400 in May 2010.

U.S …

Existing home sales across the nation were down in May according to the monthly report by the National Association of Realtors® (NAR).  Existing home sales covering all product styles fell 3.8% to a seasonally adjusted annual rate of 4.81 million from a downwardly revised 5.00 million in April which is 15.3% below the 5.68 million pace in May 2010. The national median existing home price for all housing types recorded as $166,500 in May which was down 4.6% from May 2010. Distressed homes are typically selling at a 20% discount and are now accounting for about 30% of total sales which is down from 37% in April.  Total housing inventory at the end of May fell 1.0% to 3.72 million existing homes available for sale, which at the current sales pace represents a 9.3 month supply of available homes. Cash transactions comprised 30% of all May sales which was down from 31% in April but up from the 25% recorded in May 2010.  Single family home sales declined 3.2% to a seasonally adjusted annual rate of 4.24 million, down from 4.38 million in April which is 15.4% below the 5.01 million rate one year ago. The median existing single family home price recorded as $166,700 which is down 4.5% from one year ago. Existing condominium and co op sales fell 8.1% to a seasonally adjusted annual rate of 570,000 from 620,000 in April which is 14.7% below the 668,000 unit pace in May 2010. The median existing condo price stood at $165,400 in May, which is 5.8% below one year ago. Regionally, existing home sales in the Northeast declined 2.5% to an annual level of 770,000 which is 13.5% below May 2010. The median price in the Northeast was $241,500, up 6.1% from a year ago. Existing home sales in the Midwest dropped 6.4% to a 1.02 million pace which is 22.7% below a year ago with the median price also 8.5% lower than May 2010. In the South, existing home sales fell 5.1% to an annual level of 1.85 million in May which is 14.4% below May 2010. The median price in the South was also down 3.1% to stand at $149,200. Existing home sales in the West were unchanged at an annual pace of 1.17 million in May which was 10.0% lower than a year ago. The median price in the West was $192,300, which is 12.6% below May 2010.  The Commerce Department reported that new home sales fell 2.1% in May to a seasonally adjusted annual rate of 319,000 homes which is a long way below the 700,000 homes per year that economists say need to be sold to sustain a healthy national housing market. The median new home sales price rose 2.6% from April to $222,600 which is over 30% higher than the median sales of price of older re sale homes.

Closing Numbers…

June 30th 2011

1 G.B.P…Buys  1.603 U.S.D                   –              1 U.S.D…Buys  0.623  G.B.P

1 EURO…Buys  1.442 U.S.D                   –              1 U.S.D…Buys  0.693  EURO

1 CAN $…Buys 1.027 U.S.D                   –               1 U.S.D…Buys  0.973  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.