March 2012

February ‘figures’ From The Four Corners…

For the third consecutive month latest figures show that those communities tracked by Team Donovan report no change in the number of days a home takes to sell or percentage price achieved at 160 days and 96.6% respectively. The number of homes that closed and sold in February was up by 55 from January as the communities reported a total 228 sales. Overall inventory levels continued to fall with 1064 homes now advertised as listed for sale, down by over 700 homes from 12 months ago and down 103 from last month. During this last month records also show that 73 homes withdrew from the market having failed to attract a buyer and that the total number of homes under offer/contract increased to 920 which is 107 more than the pending pipeline recorded at the end of January. The February sales pace factored against current overall inventory levels suggests a 4.66 month supply of available homes listed on the market.

Orlando…

A fall in foreclosure related sales contributed to a 17.83% drop in Orlando area sales in January, despite increases in the amount of short sales and normal sales. Foreclosure sales in January fell by 57.61% when compared to January 2011, while short sales increased 23.69%. January saw members of the Orlando Regional REALTOR® Association participate in 1,677 home closings. By type these comprised 36.1% normal sales, 37.98% short sales and 26.1% foreclosure related sales made up the remainder. By comparison, January 2011 normal sales accounted for 24.8% while short sales accounted for 25.2% and foreclosures accounted for 49.9%. The increase in short sale and normal sale activity helped lift Orlandos overall median price 13.8% from January 2011 however, the January 2012 overall median price was down 9.24% from December 2011. Orlando homes of all types spent an average 96 days on the market before coming under contract in January and sold for an average 95.2% of the listed price. In January 2011 these numbers were 96 days and 94.5%, respectively. Homes under contract and waiting closure now stand at 8,709. The current overall inventory level of 9,258 homes listed for sale is down 35.7% when compared to January 2011 and also down 4.8% from December 2011. Orlandos single family home inventory is down 36.3% compared to January 2011 while condo inventory is down 26.46%.  At the current pace of sales Orlandos inventory levels reflects a 5.52 month supply of homes. Condo sales fell 48.1% from January 2011 to record 275 sales this January. Orlando homebuyers purchased 160 duplexes, town homes, and villas in January which was a 20.0% decrease compared to sales totals one year ago. January sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) were down 19.6% from a year earlier. Throughout the MSA, 2,087 homes sold in January 2012 compared with 2,598 in January 2011.

Florida…

The January Florida housing market reported gains in median sales prices along with a reduction of listed inventory according to the latest housing data released by Florida Realtors®. In both the statewide single family and condo townhome markets, pending sales are up and the statewide median sales price rose 5.3% to $129,000 for single family homes and 18.8% to $95,000 for condo townhomes. As has been the case for some time the sale of foreclosures and other distressed properties continue to downwardly distort the median price given that they will generally sell at a discount relative to traditional homes, according to housing industry analysts. Florida statewide sales of existing single family homes totaled 12,044 in January this year, down 5.5% compared to one year ago according to data from Florida Realtors. Floridas year on year comparison for condo/townhome sales records 5,963 unit sales sold last month which was down 22.6% from January 2011. According to NAR, the national median existing condo price in December 2011 was $160,000. Floridas pending sales continue to increase and have been higher every month since May with Floridas inventory supply of available homes now standing at 6.4 months for both the single family properties, condominiums and townhomes.

U.S…

National existing home sales rose in January, recording three monthly gains in the past four months, according to the National Association of Realtors® (NAR). In addition, the high levels of inventory continued to decrease. Total existing home sales covering single family homes, townhomes, condominiums and co-ops  increased 4.3% to a seasonally adjusted annual rate of 4.57 million in January from a downwardly revised 4.38 million unit pace in December. Total housing inventory at the end of January fell 0.4% to 2.31 million existing homes available for sale representing a 6.1 month supply at the current sales pace. Total unsold inventory has trended down from a record 4.04 million in July 2007 to now be 20.6% below inventory levels one year ago. The national median existing home price for all housing types stands at $154,700 in January, down 2.0% from January 2011. Distressed home sales accounted for 35% of January sales (22% foreclosures and 13% short sales). Cash buyers nationally accounted for 31% of all January sales.  By type single family home sales rose 3.8% to a seasonally adjusted annual rate of 4.05 million in January from 3.90 million in December.  The median existing single family home price was $154,400 in January, down 2.6% from January 2011. Existing condominium and co-op sales increased 8.3% to a seasonally adjusted annual rate of 520,000 in January from 480,000 in December, but are 10.3% lower than the 580,000 volume in January 2011. The median existing condo price stood at 156,600 in January, up 2.0% from a year ago.

Regionally last month existing home sales in the Northeast rose 3.4% to an annual pace of 600,000 which is 7.1% above a year ago. The median price in the Northeast stands at $225,700, which is 4.2% below January 2011. Existing home sales in the Midwest increased 1.0% to a level of 980,000 and are 3.2% higher than January 2011. The median price in the Midwest was $122,000, down 3.9% from one year ago. In the South, existing home sales rose 3.5% to an annual level of 1.76 million in January, unchanged from one year ago. The median price in the South was $134,800, which is 0.3% below January 2011. Existing home sales in the West jumped 1.8% to an annual pace of 1.23 million in January but are 3.1% below the same figure one year ago. The median price in the West stands at $187,100, down 1.8% from one year ago.

Closing Numbers…

February 29th 2012

1 G.B.P…Buys  1.586 U.S.D                   –              1 U.S.D…Buys  0.630  G.B.P

1 EURO…Buys  1.345 U.S.D                   –              1 U.S.D…Buys  0.743  EURO

1 CAN $…Buys  1.004 U.S.D                   –               1 U.S.D…Buys  0.995  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.