November 2012

October ‘oracle’ From The Four Corners…

October sales figures recorded 223 closings across the Four Corners area in October with the average home selling after 156 days on the market whilst achieving 96.75% of the listed price. The total level of inventory across the market was unchanged from last month with 1027 homes recorded as listed for sale. By type the October inventory comprised 800 normal owner related sales, 148 short sales and 79 bank owned listings. During the last 30 days 128 homes withdrew from the market having failed to attract a buyer whilst listed for sale. The pipeline of homes under contract/offer awaiting closure was down 10% from last month to record an October month end total of 718 listings. The October sales pace when measured against total current inventory suggests a 4.60 month supply of homes currently listed for sale.

Orlando…

The median price of an Orlando home sold in September was up by 11.1% with the markets median price showing  positive year on year gains for 14 consecutive months. Members of the Orlando Regional REALTOR® Association participated in 2,258 closings during September which was a 0.67% increase over 2011 but a 16.4% decrease compared to August 2012. By Comparison to the same time last year the number of Orlando short sales was down 21.0% and foreclosures decreased 6.63%. The number of completed traditional sales increased by 25.8% with homes of all types in Orlando spending an average of 84 days on the market before coming under contract and selling for on average 95.8% of the listed price. These figures in September 2011 recorded as 102 days and 93.8% respectively. Pending sales recording homes under offer and awaiting closure totaled 9,268 which is 1.08 lower than the September 2011 figure of 9,369. The total number of existing homes available for purchase in Orlando continues a steady decline that started back in July 2010 when inventory levels peaked at 16,563 homes to now stand at 8,073. Septembers inventory level was down 18.7% from one year ago with single family homes down 22.8%. Conversely condominium inventory levels from one year ago have increased by 9.8%.  Condominium sales increased 4.78% in September when compared to September of 2011 with the highest volume of condo sales being in the $1 to $50,000 price range and accounting for 31.0% of all condo transactions. Orlando homebuyers purchased 196 duplexes, town homes and villas in September which was a 18.6% decrease compared to September 2011. The overall month of supply level covering all home styles increased in September compared to last month with total inventory levels now equating to a 3.58 month availability.

Florida…

The wider Florida market saw higher pending sales, higher median prices and a reduced inventory of homes listed in September, according to the latest housing data released by Florida Realtors®.  Statewide closed sales of existing single family homes totaled 15,643 which was up 2% from one year ago. Floridas pending sales of existing single family homes rose 40.1% from the last September with the statewide median sales price of an existing single family home in September recording as $145,000 which was up 7.4% from one year ago.  Floridas foreclosure and other distressed related sales continues to downwardly distort the median price as these closings continue to sell at a discount relative to traditional homes. The Florida year on year comparison for sales of townhomes and condos recorded a total of 7,329 units selling statewide last month which was down 2.9% from sales recorded in September 2011. Meanwhile, pending sales for townhome and condos increased by 30.6% from one year ago. The statewide median price for a townhome and condo properties was $105,736, up 18.8% from last year. Floridas inventory for single family homes stood at a 5.2-month supply with inventory for townhome and condo properties also at a 5.2 month supply.

U.S …

The nations existing home sales declined in September but with inventory continuing to tighten in many markets the national median home price recorded its seventh back to back monthly increase from a year earlier, according to the National Association of Realtors® (NAR). Total existing home sales covering all home styles fell 1.7% to a seasonally adjusted annual rate of 4.75 million in September from an upwardly revised 4.83 million in August, but 11% above the 4.28 million unit pace of September 2011. The national median existing home price for all housing types stood at $183,900 in September, up 11.3% from one year ago. Distressed home sales nationally accounted for 24% of all September sales (13% foreclosures and 11% short sales), up from 22% in August. Foreclosures sold at an average 21% discount below market value in August, while short sales on average discounted by 13%. Total housing inventory at the end September fell by 3.3% to 2.32 million existing homes available for sale, which represents a 5.9 month supply at the current sales pace. Listed inventory is now 20% below levels a year ago when there was an 8.1 month availability supply. The median time on market was 70 days in September, unchanged from August, but down 30.7% from the 101 day figure recorded in September 2011. First time buyers accounted for 32% of all transactions in September compared to 31% in August and 32% in September 2011. Cash buyers accounted for 28% of all September transactions, up from 27% in August. Single family home sales declined 1.9% to a seasonally adjusted annual rate of 4.21 million in September from 4.29 million in August, but are 10.8% higher than the 3.80 million unit level of September 2011. The median existing single family home price this September recorded as $184,300, up 11.4% from one year ago. Existing condominium and co-op sales are unchanged at a seasonally adjusted annual rate of 540,000, but are 12.5% above the 480,000 unit pace of one year ago. The September median existing condo price was $181,000, which is 10.0% higher than September 2011.

Closing Numbers…

October 31st 2012

1 G.B.P…Buys 1.610 U.S.D – 1 U.S.D…Buys 0.620 G.B.P

1 EURO…Buys 1.298 U.S.D – 1 U.S.D…Buys 0.770 EURO

1 CAN $…Buys 0.999 U.S.D – 1 U.S.D…Buys 1.000 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.