November 2011

October ‘observations’ From The Four Corners…

‘Steady as she goes’ was the message from the Four Corners area in October with all areas home sale indicators remaining relatively stable. The communities tracked by Team Donovan completed the month with an inventory total of 1131 homes listed for sale which was little changed from last months 1129 figure. During October these same communities recorded 236 sales with homes that closed recording an average 158 days on the market and achieving 96.5% of the listed price. At the month end the remaining pipeline of homes positioned under offer/contract was down by 61 from last month to register a revised total of 893 homes awaiting closure. During the month 86 unsuccessful homes withdrew from the market having failed to secure interest during their listing term. Given the October monthly sales pace overall total homes available for sale in the Four Corners area equates to a 4.79 month supply of available stock which is down slightly from last months 4.95 month supply level.

Orlando…

Orlando area home values and sales both saw small declines in September, Florida Realtors reported during the month. Association members sold 2,160 homes last month which was a 1% decline from the 2,184 sold during September 2010. Meanwhile, the median price of a single family home fell 2%, from $128,400 September last year to $125,200 this year. Existing condo sales fell from 720 units in September 2010 to 444 last month, representing a 38% sales decline. Conversely unit values reached $60,500 which was a 21% increase from September 2010s $49,900 figure. At the current sales pace the Orlando inventory level stands at a 4.83 months with the total number of homes available for purchase falling in September by 124 homes to close at 9,931. Overall inventory is down 39.29% from last September with single family home inventory down 36.12% and condo inventory down by 50.16%. Pending sales under contract and awaiting closing currently stand at 9,369. This pending sales total is 7.53% higher than September 2010. An Orlando home now spends an average of 100 days on the market before coming under contract and selling for 93.80% of its listed price. In September 2010 those Orlando statistics recorded as 87 days and 95.19% respectively.

Florida…

Florida’s existing home and condo sales continued an upward swing in September, according to the monthly data released by Florida Realtors®. Existing home sales increased 10% last month with a total of 15,036 homes selling statewide compared to the 13,723 total sold in September 2010. Fifteen of Floridas metropolitan statistical areas (MSAs) reported higher existing home sales in September with 11 MSAs witnessing higher existing condominium sales. The statewide median sales price for an existing home last month stood at $133,900 down 1% from last years $135,000 recorded figure. Analysts with the National Association of Realtors® (NAR) continue to highlight that sales of foreclosures and other distressed properties downwardly distort the median price because they generally sell at a discount relative to traditional homes. In Florida’s year on year comparison for condos, 6,666 units sold statewide in September which was 10% up on the 6,035 units sold in September 2010. The statewide median existing condo sales price last month stood at $87,200 which was up 7% from last years $81,800 figure.

U.S …

The Nations existing home sales were down in September compared to August but remain above one year ago, according to the National Association of Realtors®. Total existing home sales covering single family, townhomes, condominiums and co-ops, declined 3.0% to a seasonally adjusted annual rate of 4.91 million from an upwardly revised 5.06 million in August but are 11.3% above the 4.41 million unit pace in September 2010. The national median existing home price for all housing types stood at $165,400, down 3.5% from September 2010. Distressed home sales typically selling at deep discounts comprised 30% of all sales in September (18% foreclosures and 12% short sales) which was down from the 31% total in August and 35% recorded figure in September 2010. Total housing inventory at the end of September fell by 2.0% to 3.48 million existing homes representing an 8.5 month National supply of available homes at the current sales pace. The U.S median existing single family home price stood at $165,600 in September which was down 3.9% from one year ago. Existing condominium and co-op sales increased 1.8% to a seasonally adjusted annual rate of 580,000 in September from 570,000 in August and are 5.6% above the 549,000 unit pace of one year ago. The median existing condo price stood at $163,800 in September which is 1.0% down from September 2010.

Closing Numbers…

October 31st 2011

1 G.B.P…Buys  1.610 U.S.D                   –              1 U.S.D…Buys  0.621  G.B.P

1 EURO…Buys  1.415 U.S.D                   –              1 U.S.D…Buys  0.706  EURO

1 CAN $…Buys 1.006 U.S.D                   –               1 U.S.D…Buys  0.993  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.