May ‘musings’ From The Four Corners…
The inventory level of homes listed for sale decreased again during May by a further 46 homes to a new low of 871. By type these listings comprise 640 normal owner sales, 65 bank owned homes and 166 short sales. Over the past 30 days 266 homes changed owner in the communities tracked by Team Donovan with the average sold home taking 159 days to sell and achieving 96.6% of its final listed price. During May owners withdrew 135 homes from the market that did not achieve a sale whilst listed. The number of homes recorded as under offer/contract finished the month up by 4 homes from last month to leave 934 homes in the pipeline awaiting closure. The May sales pace of 266 homes when compared against the current active listings total of 871 would suggest an overall inventory supply level now down to 3.27 months in the Four Corners area.
Orlando Realtors participated in 2,353 sales in April which was down 4.5% compared to April 2011 and a decrease of 3.37% from March 2012. April total sales included 45.1% normal owner closings, 29.4% short sales and 25.4% being bank foreclosures. By comparison the April 2011 owner sales total accounted for 34.2% of overall sales. The median sales price of an Orlando area home increased by more than 10% from one year ago to stand at $116,000 with homes of all styles now spending on average 87 days in the market and achieving on average 95.4% of the listed price. In April 2011 these figures stood at 104 days and 94.1% respectively. The Orlando pending sales pipeline total is up 1.24% from one year ago at 9,955 and 3.39% higher than it was in March 2012. Short sales comprised 67.7% of all current pending sales while 19.4% comprise bank influenced related sales. The total number of existing homes available for purchase in Orlando now stands at 8,642 which reflects an inventory level down by 24.7% from one year ago with both single family homes and condominium inventorys down. The sale of Orlando condos fell by 12.19% last month from the same month last year with 425 total sales. By price 34.8% of these sales where in the $1 – $50,000 price point range.
The wider Florida housing market recorded increased pending sales and higher median prices during April, along with a reduced overall inventory of homes for sale according to Florida Realtors® latest monthly housing data. The statewide median sales price for an existing single family home in April recorded as $144,350 which is up 10.2% from one year ago, according to data provided from the same report. The statewide median townhome and condominium price now stands at $108,000, up 16.1% from April 2011. Statewide sales of existing single family homes totaled 17,544 in April which is down 0.7% compared to one year ago. Floridas year on year comparison for townhome/condo sales shows 9,765 units selling statewide last month which is 4.9% down on the April 2011 sales total. The April inventory totals in Florida record a 5.8 month supply for single family homes and a 5.7 month supply for townhomes/condos.
Across the country existing home sales rose in April from a year ago and home prices continued to rise, according to the National Association of Realtors® (NAR) with these improvements in sales and prices being broad based across all regions. Total existing home sales covering all home styles increased 3.4% to a seasonally adjusted annual rate of 4.62 million in April from a downwardly revised 4.47 million in March. Total housing inventory at the end of April increased 9.5% to record 2.54 million existing homes available for sale, which represents a 6.6 month supply at the current national sales pace, up from a 6.2 month supply in March. Total inventory levels are now 20.6% below one year ago when a 9.1 month supply was recorded. The national median existing home price for all housing styles increased by 10.1% from one year ago to $177,400. Distressed home sales continue to sell at deep discounts and accounted for 28% of April National sales (17% were foreclosures and 11% were short sales), down from 29% in March and 37% in April 2011. Nationally foreclosures are selling at an average 21% below market value in April, while short sales are discounting by on average 14%.
Figures show that first time buyers comprised 35% of purchasers in April which was up from 33% in March with cash buyers accounting for 29% of all transactions down from 32% in March and 31% in April 2011. Investors, who account for the bulk of national cash sales, purchased 20% of all sales in April compared with 21% in March and 20% in April 2011. By type Single family home sales rose 3.0% to a seasonally adjusted annual rate of 4.09 million from 3.97 million in March, and are 9.9% higher than the 3.72 million unit pace set one year ago. The median existing single family home price stood at $178,000 in April, up 10.4% from one year ago. Existing condominium and co-op sales increased 6.0% to a seasonally adjusted annual rate of 530,000 from 500,000 in March and are 10.4% above the 480,000 unit level of April 2011. The national median existing condo price now stands at $172,900, which is 8.1% up from one year ago. Sales of new homes in the U.S. rose last month with the Commerce Department reporting a 3.3% increase in April from March to a seasonally adjusted annual rate of 343,000. Sales of new homes are still very much below the 700,000 annual rate that economists equate with a healthy market. In April, sales rose in all regions except the South and the median price rose to $235,700, up slightly from March.
Regionally, existing home sales in the Northeast rose 5.1% to an annual level of 620,000. The median price in the Northeast stood at $256,600, up 8.8% from one year ago. Existing home sales in the Midwest increased 1.0% to a pace of 1.03 million and are 14.4% above April 2011. The median price in the Midwest was $141,400, up 7.4% from one year ago. In the South, existing home sales rose 3.5% to an annual level of 1.79 million in April which is 6.5% higher than a year ago. The median price in the South was $153,400, up 8.0% from April 2011. Sales in the West increased 4.4% to an annual pace of 1.18 million and are 7.3% above April 2011. The median price in the West was $221,700, up 15.9% from a year ago.
May 31st 2012
1 G.B.P…Buys 1.559 U.S.D – 1 U.S.D…Buys 0.641 G.B.P
1 EURO…Buys 1.243 U.S.D – 1 U.S.D…Buys 0.803 EURO
1 CAN $…Buys 0.972 U.S.D – 1 U.S.D…Buys 1.027 CAN $
U.S Prime Interest Rate = 0.25%
Team Donovan publish an updated monthly report on the 15th 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.