May 2011

April Update From Short-Term Rental Land…

Closed sales for April covering the short term rental communities collated by Team Donovan were up over 22% from last month with 325 homes officially changing hands during the past month. Overall inventory levels fell for the 4th consecutive month to record a low for the year of 1471 homes which was down 10% from last months total of 1619. The average days that a home now takes to sell increased during the month by 2 days with the average home now selling in 148 days. During the month current owners withdrew 117 homes from the market having failed to attract a buyer. Total homes under offer/contract at the month end remained little changed from last month with 1085 homes still awaiting closure. At the current sales pace overall inventory levels reflect a 4.5 month supply of available homes which was down considerably from last months 6.08 month total.

Orlando…

Existing home prices by month in Orlando edged up slightly during March with distressed sales continuing to lead the market according to the monthly report from the Orlando Regional Realtor Association. The median price for an existing Orlando home increased by 2% during the month to stand at $103,000 but was still 6% down when compared to last March. More than 70% of the 2,485 Orlando area sales in March were foreclosure or short sale related transactions. The median price in March by sale type broke down as follows: traditional sales $152,500; bank owned properties $80,000 and short sales $102,500. Homes on average in Orlando now spend 103 days on the market before selling which is the longest period for over two years. On closed homes the average sales price achieved stands at 95.4% of the listed price which is the highest level since last summer. Potential buyers had 23% less homes to select from in March compared to a year ago with a total of 3,690 homes listed for sale. The current Orlando sales pace of closed sales translates into a 5.0 month supply which is the lowest level seen since December 2005.

Florida…

Floridas existing home and existing condo sales rose in March, according to the latest findings released by Florida Realtors®. Existing home sales increased 12% last month with a total 18,522 homes selling statewide compared to 16,540 in March 2010. Statewide sales of existing condos last month rose 24% compared to  sales a year ago.  Seventeen of Floridas metropolitan statistical areas (MSAs) reported increased existing home and condo sales in March which was the fourth consecutive month that Florida Realtors have reported higher year on year existing home and existing condo sales statewide. Floridas median sales price for existing homes stood at $126,300 which was down 7% from a year ago. Analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. In Floridas year over year comparison for condominiums 9,703 units sold last month compared to 7,830 in March 2010 for an increase of 24%. The statewide existing condo median sales price last month stood at $84,300 compared to last years figure of $94,800 representing an 11% decrease.

US…

Nationally sales of existing homes rose in March, continuing a stuttering recovery that began after sales appeared to bottom out last July according to the National Association of Realtors®. Existing home sales covering single family, townhome, condominiums and co-ops, increased 3.7% to a seasonally adjusted annual rate of 5.10 million in March from an upwardly revised 4.92 million in February but 6.3% below the 5.44 million pace of March 2010. Sales increased from March through June of 2010 assisted by last years Federal homebuyer tax credit.  Cash purchases reached a record 35% market share in March, up from 33% in February and 27% in March 2010. Investor purchasers accounted for 22% of all sales activity, up from the 19% February figure; The national median existing home price for all housing styles was $159,600 in March, down 5.9% from one year ago. Distressed home sales accounted for a 40% of national market share in March which was up from 39% in February and the 35% recorded in March 2010. Total housing inventory at the end of March rose 1.5% to 3.55 million homes representing an 8.4 month supply at the current sales pace, compared with the 8.5 month supply of February. In respect of sales single family home closings rose 4% to a seasonally adjusted annual rate of 4.45 million from 4.28 million in February, but are 6.5% below the 4.76 million level of March 2010. The nations median existing single family home price stood at $160,500 in March, down 5.3% from a year ago. Existing condominium and co op sales increased 1.6% to a seasonally adjusted annual rate of 650,000 in March from 640,000 in February, but are 4.1% below the 678,000 unit pace one year ago. The median existing condo price last month was $153,100 which is 10.1% down from a year ago. By region, existing home sales in the Northeast rose 3.9% to an annual level of 800,000 which is down  12.1% from March 2010. The median price in the Northeast was $232,900, down 3.0% from a year ago. Existing home sales in the Midwest increased 1.0% in March to a pace of 1.06 million but are 13.1% lower than a year ago. The median price in the Midwest was $126,100, which is 7.1% below March 2010. In the South, existing home sales rose 8.2% to an annual level of 1.99 million in March but are 1.0% below March 2010. The median price in the South was $138,200, down 6.6% from a year ago. Existing home sales in the West slipped 0.8% to an annual pace of 1.25 million in March and are 3.1% below a year ago. The median price in the West was $192,100, which is 11.2% lower than March 2010.

Closing Numbers…

April 29th 2011

1 G.B.P…Buys  1.664 U.S.D                   –              1 U.S.D…Buys  0.601  G.B.P

1 EURO…Buys  1.479 U.S.D                   –              1 U.S.D…Buys  0.675  EURO

1 CAN $…Buys 1.051 U.S.D                   –               1 U.S.D…Buys  0.950  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.