October 2011

September ‘sums’ From The Four Corners…

Performance figures from the Four Corners area remained relatively stable during September with 228 homes changing hands in the month. The overall inventory level now records 1129 homes listed for sale across the communities tracked by Team Donovan. Sold homes in these communities over the past 30 days averaged 96.25% of the asking price after 158 days on the market. During the month 103 homes expired from the market having been unable to secure a sale during their agreed listing period. The pipeline of homes under contract awaiting closure at the month end stood at 954 which was down by 10 homes from last months pipeline total of 964. September overall sales divided by overall inventory levels indicate a 4.95 month supply of available property at the current sales pace which was down from the August 5.17 month recorded level.

Orlando…

$115,000 which was a 15.12% increase from August 2010 although the lower median prices of foreclosure and short sale related closings continue to negatively influence overall median pricing. The median price for bank owned closings stands at $81,750 with the short sale median price at $96,950. The total number of normal sales fell 1% last month after six months of consecutive increases to comprise 41.33% of all transactions involving members of the Orlando Regional REALTOR® Association. During the month a total of 2,342 homes closed which was 8.7% down from last year. A breakdown by sales type, records that from a year ago bank owned sales fell 51.36%, while short sales increased 31.95% with ‘normal’ sales increasing 32%. At the current sales pace Orlando inventory reflects a 4.29 month supply of available homes. The overall number of Orlando homes available for purchase was down by 294 homes in August to revise total listings to 10,055 which in turn is down 39.1% from August last year. By type single family home inventory fell 35.54% while condo inventory was down 51.84%. The Pending sales total currently awaiting closure stands at 9,502 with the average home now spending 101 days on the market before coming under contract and selling for an average 95.05% of the listed price. Orlando area condo sales overall were down 41.43% when compared to August 2010 with 393 sales.

Florida…

Sales activity for Floridas existing home and existing condo markets rose in August according to the latest housing data released by Florida Realtors®. Existing home sales increased 15% with a total of 16,206 homes selling statewide compared to the 14,131 sold in August 2010. In Floridas year on year condo comparison 7,098 units sold statewide last month compared to 6,041 units in August 2010 for an increase of 17%. Statewide the existing condo median sales price last month stood at 91,100 as opposed to $81,500 in August 2010 representing a 12% increase.

U.S…

Nationally existing home sales rose 7.7% to a seasonally adjusted annual rate of 5.03 million last month from an upwardly revised 4.67 million in July which was 18.6% higher than the 4.24 million unit level in August 2010. Investors accounted for 22% of all purchase activity in August, up from 18% in July and 21% in August 2010. First time buyers purchased 32% of all homes last month, which was unchanged from July with cash buyers accounting for 29% of all August transactions. The national median existing home price for all housing types stood at $168,300, down 5.1% from August 2010. Distressed sales continue to sell at deep discounts and accounted for 31% of all August sales, compared to 29% in July and 34% in August 2010. Total housing inventory at the end of August fell 3.0% to 3.58 million existing homes available for sale, which represents an 8.5 month supply at the current sales pace, down from a 9.5 month supply in July. Single family home sales rose 8.5% to a seasonally adjusted annual rate of 4.47 million in August from 4.12 million in July and are 20.2% above the 3.72 million pace in August 2010. The national median existing single family home price stood at $168,400 in August. Existing condominium and co-op sales increased 1.8% to a seasonally adjusted annual rate of 560,000 from 550,000 in July with the median existing condo price standing at $167,500, down 3.3% from August 2010. U.S sales of new homes fell to a six month low during August which was the fourth consecutive monthly decline. During the month the Commerce Department reported that new home sales fell 2.3% to a seasonally adjusted annual rate of 295,000 which is less than half the 700,000 total that economists suggest should be sold to sustain a balanced housing market. New homes sales are on pace for the worst year since the government started keeping records more than half a century ago.

Closing Numbers…

September 30th 2011

1 G.B.P…Buys  1.563 U.S.D                   –              1 U.S.D…Buys  0.639  G.B.P

1 EURO…Buys  1.361 U.S.D                   –              1 U.S.D…Buys  0.734  EURO

1 CAN $…Buys 0.969 U.S.D                   –               1 U.S.D…Buys  1.031  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.