November 2010

October ‘numbers’ From Short-Term Rental Land…

The communities tracked by Team Donovan recorded 175 sales in October which was a 30% fall on the September sold total of 242. Total inventory levels at the month end recorded as 2053 with the average days on market that a home is now taking to sell remaining unchanged at 147. The average price achieved of sold homes as a percentage of asking price also remained little changed at 97.12%. The number of homes recorded under offer/contract increased by 19 during the month to revise the total number of homes awaiting closure to 909. Last month 117 homes withdrew from the market having failed during their listing period to achieve a sale. Current total inventory levels reflect an 11.73 month supply of available homes assuming the current sales pace which was an increase of over months based on last months total available inventory figure of 8.03 months.

Orlando…

Orlando Realtors recorded 2,226 closings last month which was a 2.9% fall against September 2009’s 2,292 sales. The median price of an Orlando existing single family home has now fallen 16% since September 2009 to currently stand at $105,000. A total of 8,713 homes now record as pending which is little changed against Septembers 2009 figure but 20% down from April 2010’s peak when 10,832 homes were awaiting closure. Homes newly under contract in September fell for the first time this year from 3,858 last year to 3,654. Sales of existing single family homes in the Orlando metropolitan statistical area (MSA) which covers Lake, Orange, Osceola and Seminole counties fell by 4.6% in September, from 2,883 closings in 2009 to 2,751. Figures for the first nine months of 2010 show that overall MSA sales were up 25% with 27,062 homes selling this year compared to 21,627 for the same period last year. As values continue to fall distressed property sales by association members accounted for more than 71%of all closings in September. Foreclosure sales in September totaled 1,046 with the median price achieved standing at $72,388, while short sales comprised 543 closings with a median sales price of $110,000. Traditional sales accounted for 637 of the total sales with a median price of $157,000. A total of 16,359 homes record as listed for sale in September which was 176 less than the August figure. The current inventory level translates into a 7.4 month supply of available homes at the current sales pace which was slightly higher than the September 2009 recorded figure of just under months. Sold homes averaged 88 days on the market before coming under contract and the average home sold for 95% of its listing price. The Orlando condominium midpoint price last month remained below $50,000 and was 40% below the statewide median price according to another report released during the month by Florida Realtors. Condo prices in Central Florida have now fallen for over a year with the metro area’s median price in September down a further 5% to $49,900 when compared a year ago.

Florida…

Statewide, single family resales fell 8% in September, from 14,781 sales last year to 13,536 this year. Median home values year on year fell by 6% from $141,700 in September 2009 to $133,400 last month. Florida’s overall condo sales increased by 10% from 5,140 unit sales in September 2009 to 5,675 sales in September 2010, while the year on year median price of an existing condo fell 18% in September, from $102,300 last year to $83,400 this year.

U.S …

Across the country single family home sales increased 10.0% to a seasonally adjusted annual rate of 3.97 million in September from a pace of 3.61 million in August, but were still 19.5% below the 4.93 million sales level of September 2009. The median existing single family home price stood at $172,600 in September which was down 1.9% from a year ago. Existing condominium and co-op sales rose 9.8% to a seasonally adjusted annual rate of 560,000 in September from 510,000 in August, but are 16.2% lower than the 668,000 unit level this time last year. The median existing condo price was $165,400 in September which was down 6.2% from September 2009. New home construction rose slightly last month on the strength of single family home sales. The Commerce Department stated that construction of new homes and apartments rose 0.3% in September from a month earlier to a seasonally adjusted annual rate of 610,000. The August figure was revised upward to an annual rate of 608,000 from an earlier estimate of 598,000. Construction of condominiums and apartments overall fell by nearly 10% and the number of building permits issued to build new homes which is an indicator of future construction activity fell by 5.6% from one month ago. Actual Sales of new U.S. homes improved last month after the worst summer in nearly five decades with the Commerce Department reporting that September sales grew by 6.6% from a month earlier to a seasonally adjusted annual sales pace of 307,000. This increase follows a period where three of the past four months were the slowest on records dating back to 1963. The median sales price recorded was $223,800 which was up 3.3% from a year earlier.

Closing Numbers…

October 29th 2010

1 G.B.P…Buys 1.592 U.S.D – 1 U.S.D…Buys 0.628 G.B.P

1 EURO…Buys 1.385 U.S.D – 1 U.S.D…Buys 0.721 EURO

1 CAN $…Buys 0.976 U.S.D – 1 U.S.D…Buys 1.024 CAN $

U.S Prime Interest Rate = 0.25%

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