October ‘observations ’ From The Four Corners…
October Four Corners area sales were down by 19% compared to September with a total of 207 closings over the last month. Inventory levels overall in the market increased for the fourth consecutive month to record a revised 1375 homes listed for sale, up by 132 from the September 1243 listed total. Listings of all types increased during October with normal owner listings up 107 at 1127. Bank owned homes increased by 19 to 143 while short sales were up 6 at 99. The average days on market that a Four Corners home now takes to sell fell by 4 days from last month to a revised 142 days while the average percentage price achieved of a closed home was 97.12%. The total pending pipeline of homes under contract awaiting closure fell by 35 during the month to leave 572 homes under offer awaiting closure. During October 118 homes were withdrawn from the market by owners who failed to yield a buyer. The October sales pace compared to current level of total inventory suggests a 6.64% month supply of available homes at the current pace compared to 5.03 last month, 3.95 months in August and a 4.21 supply in July.
The total number of existing homes available for purchase in Orlando is 13.6% above that of September 2012 at 9,127 listings. Overall inventory increased by 551 homes from last month. The inventory of single family homes increased 12.6% from September 2012, while condo inventory is up by 9.9% with inventory of duplexes, townhomes and villas up by 23.8%. Members of ORRA participated in the closing of 2,404 homes during September, an increase of 4.7% compared to September 2012 and a decrease of 17.1% compared to August 2013. Single family home sales increased 7.5% in September from September 2012, while condo sales fell 15.6%. Homes of all types spent an average 67 days on the market before coming under contract with the average home selling for 96.8% of its listed price. In September 2012 those Orlando numbers were 84 days and 95.8% respectively. Pending sales awaiting closure now stand at 7,224. This pending sales total is 22.0% lower than the same time last year when 9,268 homes recorded as awaiting closure. Short sales comprised 54.2% of all pending sales in September 2013. Normal owner properties accounted for 30.7% while bank owned properties accounted for 15.2%. Condominium sales were down 15.6% with 359 sales recorded during the month compared to 303 in September 2012. Orlando homebuyers purchased 229 duplexes, town homes and villas, which represents a 16.2% increase over September 2012. Current inventory combined with the current pace of sales created a 3.80 month supply of Orlando homes in September compared to a 3.52 month supply in September 2012 and a 2.96 month supply last month.
Statewide sales of existing single family homes totaled 18,490 in September, up 18.8% compared to one year ago, according to data from Florida Realtors and local Realtor boards/associations. Pending sales contracts signed but not yet completed or closed of existing single family homes last month rose 10.5% over the previous September. The statewide median sales price for a single family home last month stood at $170,000, up 17.2% from the previous year. The Florida year on year comparison for townhome and condo sales records a total 8,279 units changing hands last month, up 11.4% from September 2012. Meanwhile, pending sales for townhouse and condominiums increased 4.6% compared to one year ago. The statewide median price for townhouse and condo properties is now $130,000, up 23.5% over the previous year. Florida inventory recorded a 5.3 month supply in September for both single family homes and for townhouse and condo properties, according to Florida Realtors.
Total existing home sales covering single family homes, townhomes, condominiums and co-ops fell 1.9% to a seasonally adjusted annual rate of 5.29 million in September from a downwardly revised 5.39 million in August. The national existing home median price for all housing types was $199,200 in September, up 11.7% from September 2012. Distressed sales covering foreclosures and short sales accounted for 14% of all September sales, up from 12% in August with 9% of September sales being foreclosures and 5% short sales. Nationally September foreclosures sold at an average 16% below market value, while short sales discounted on average by 12%. Total housing inventory at the end of September was unchanged at 2.21 million existing homes available for sale, which represents a 5.0 month supply at the current sales pace, compared to a 4.9 month supply seen in August. Unsold inventory is up by 1.8% from one year ago, when there was a 5.4 month supply. The median time on market of all homes is 50 days, up from 43 days in August, with short sales on the market for a median 93 days. Foreclosures typically sell in 43 days while non distressed homes typically take 49 days. First time buyers accounted for 28% of all purchases during September, unchanged from August, but down from 32% in September 2012. Cash sales comprised 33% of September transactions, up from 32% in August and 28% in September 2012. Single family home sales fell 1.5% to a seasonally adjusted annual rate of 4.68 million from 4.75 million in August, but are 10.9% above the 4.22 million unit pace of September 2012. The median existing single family home price was $199,300 in September, which is 11.4% higher than a year ago. Existing condominium and co-op sales fell 4.7% to an annual rate of 610,000 units in September from 640,000 in August, but remain 8.9% above the 560,000 unit level seen one year ago. The national median existing condo price was $198,600 in September, up 14.2% from September 2012.
October 31st 2013
1 G.B.P…Buys 1.606 U.S.D – 1 U.S.D…Buys 0.622 G.B.P
1 EURO…Buys 1.365 U.S.D – 1 U.S.D…Buys 0.732 EURO
1 CAN $…Buys 0.958 U.S.D – 1 U.S.D…Buys 1.043 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.