June 2011

May Update From Short-Term Rental Land…

May sales recorded 288 closings which was down 13% down on the April total of 325 sales. Total inventory levels across the 200 plus short term rental communities tracked by team Donovan fell by 170 homes last month to revise the month end inventory figure to 1301 homes available for purchase. The average days on market that a home now takes to sell was unchanged at 148 days with the average percentage price achieved of sold homes down slightly at 95.2% representing a 0.3% adjustment from last months figure. The number of homes remaining under contract awaiting closure recorded as 1100 which was little changed from the April pending figure of 1085. During the month 110 homes withdrew from the market having been unable to secure a confirmed purchaser during the listed period. The current total inventory level of homes available for sale at the current monthly sales pace reflects a 4.5 month supply of active listings which brings overall inventory levels to  the lowest levels seen for over years.

Orlando…

Orlando sales for April were down 9.68% compared to April 2010, with 2,388 homes changing hands during the month. Year to date, sales so far are 1.82% above sales for the same period of 2010. Orlando’s median price experienced its third month on month gain, with area homes selling for a median of $105,000 which is  8.70% lower than April 2010’s median of $115,000. Homes of all types spent an average of 104 days on the market before coming under contract and the average home selling for 94.10% of its listed price. In April 2010 those respective numbers were 81 days and 95.8%. Total condo sales in Orlando last month of 465 were down 22.4% when compared to April 2010 when total sales achieved 598.  Other figures released during the past month may suggest that the Orlando price gap between distressed and regular home sales appears to be narrowing. According to one report released during the month by RealtyTrac Inc buyers and sellers in the four county Metro Orlando area last year saw a 24% difference between the prices paid for distress related sales and those paid for conventional transactions which was down from 30% in 2009.  Price differentials were less evident where the gap fell from 32% in 2009 to 28% last year. The average price paid for the 20,418 foreclosure and pre foreclosure homes sold last year in Orange, Seminole, Osceola and Lake counties was $111,938 which was down from $122,688 in 2009. The Florida Realtors’ monthly release of existing home sales data showed that Metro Orlando had one of the more modest price declines in the state last month with one of the smallest increases in sales. The metro area’s median price has now fallen from $123,500 in 2009 to $119,700 representing a 3% decline.

Florida…

Florida existing home and condo sales rose in the first quarter of 2011 when compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. Existing home sales increased 13% in quarter 1 of 2011 with a total of 44,531 homes selling statewide. During the same period the year before, a total of 39,406 homes changed hands according to Florida Realtors. Statewide sales of existing condos in the first quarter rose 29% compared to one year ago. The statewide existing home median sales price for the first quater of this year stood at $123,600 compared to $131,100 in the first quarter of 2010 representing a decrease of 6%. Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales in the first quarter of 2011 compared to the same three month period a year earlier, while 18 of the MSAs showed gains in condo sales, according to Florida Realtors. In the year on year quarterly comparison for existing condominium sales, 23,375 units sold statewide in the first quarter compared to 18,170 in 2010 for a 29% increase. The statewide existing condo median sales price stood at $80,700 in quarter 1 of this year compared to $96,100 last year representing a 16% decrease. Statewide the sale of foreclosure and other distressed properties continues to downwardly distort the median price given that they they will generally sell at a discount relative to traditional homes, according to the National Association of Realtors® (NAR).

U.S…

Nationally existing home sales in April fell 0.8% to a seasonally adjusted annual rate of 5.05 million from a downwardly revised 5.09 million in March which in turn is 12.9% below the 5.80 million pace of April 2010. The national median existing home price for all housing styles was $163,700 in April, which is down 5% from April 2010. Distressed home sales accounted for 37% of all sales in April which was down 3% from the 40% recorded in March and 33% in April 2010. Total housing inventory at the end of April increased 9.9% to 3.87 million existing homes available for sale which represents a 9.2 month supply at the current sales pace, up 0.9% from the 8.3 month supply recorded in March. Nationally first time buyers accounted for 36% of all home sales in April, up from 33% in March. By product single family home sales fell 0.5% to a seasonally adjusted annual rate of 4.42 million in April from 4.44 million in March which was 12.6% below the 5.06 million pace in April 2010. The median existing single family home price stood at $163,200 in April, which is 5.4% below one year ago. Existing condominium and co op sales fell 3.1% to a seasonally adjusted annual rate of 630,000 in April from 650,000 in March which is 15.0% below the 741,000 unit level one year ago. The median existing condo price was stood at $167,300 which is down 2.3% from April 2010. Regionally, existing home sales in the Northeast fell 7.5% to an annual pace of 740,000 in April down 32.1% from one year ago. The median price in the Northeast stood at $225,400, which is down 7.3% from April 2010. Existing home sales in the Midwest rose 5.7% to a level of 1.12 million but are 16.4% below a cyclical peak in April 2010. The median price in the Midwest recorded as $133,200 which is down 5.1% from a year ago. In the South, existing home sales declined 1.0% to an annufal pace of 1.95 million in April which is 9.3% below a year ago. The median price in the South recorded as $142,800, which is 4.1% lower than April 2010. Existing home sales in the West slipped 1.6% to an annual level of 1.24 million in April and are 0.8% below April 2010. The median price in the West was $203,400 which is down 6.1% from a year ago.

Closing Numbers…

May 31st 2011

1 G.B.P…Buys  1.645 U.S.D                   –              1 U.S.D…Buys  0.607  G.B.P

1 EURO…Buys  1.427 U.S.D                   –              1 U.S.D…Buys  0.700  EURO

1 CAN $…Buys 1.024 U.S.D                   –               1 U.S.D…Buys  0.975  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.