October 2012

September ‘Summary’ From The Four Corners…

For the first time in over months the Four Corners inventory level exceeded 1000 homes in September with the total number of homes listed for sale recording as 1027 which represents a net increase of 50 homes from last months total. The current inventory total comprises 795 owner listings, 157 short sales and 75 bank owned homes.  During September 130 properties were withdrawn from the market having failed to sell whilst 229 homes did change hands for an average 97% of the listed price after having spent 156 days on the market. The September pipeline of homes under offer/contract awaiting closure was down by 30 homes to record a 783 month end total. The current sales pace when factored against total inventory level would indicate a 4.48 month supply of available homes listed for sale.

Orlando…

The broader metro Orlando market recorded year on year increases of both sales and median prices during August with the Orlando Regional REALTOR® Association participating in 2,634 home closings which was an increase of 5.36% compared to August 2011. By type “normal” owner sales comprise the markets largest percentage accounting for more than 48.3% of all sales. Short sales accounted for 32.9% of all sales with foreclosures accounting for the remaining 26.4%. The Orlando August 2012 median price of $120,550 is 5.1% higher than one year ago but down 4.3% from last months $126,000 figure. Orlando area pending sales under contract total 9,362 which is down 2.0% from the July 9,502 total. The number of Orlando existing homes of all types available for purchase now rests at 8,128 down 19.1% from one year ago. By type single family home inventory is down by 23.9% from one year ago but net condo inventory has increased by 11.52%. The overall sales of condos increased by 4.72% in August from a year ago with the highest volume of sales (134) in a single price category that changed hands in the $1 – $50,000 price range accounting for 35.29% of all condo sales. Orlando homebuyers purchased 256 duplexes, town homes, and villas during August, which was a 1.59% increase from August 2011. Homes of all styles spent an average 80 days on the market before coming under contract with the average home selling for 96.26% of its listed price. In August 2011 these numbers recorded as 101 days and 95.08% respectively. The Orlando month of supply figure fell in August as current inventory levels combined with sales pace equated to a 3.09 month supply of homes.

Florida…

The wider Florida housing market saw more closed sales, increased pending sales, higher median prices and a reduced inventory of homes available for sale in August, according to the latest housing data released by Florida Realtors®. Statewide sales of existing single family homes totaled 18,669, up 10.8% from one year ago, according to data from Florida Realtors Industry Data and Analysis department. Floridas pending sales for existing single family homes last month was up 40.2% from last August. The statewide median sales price for a Florida single family existing home stood at $147,000, up 5.8% from one year ago. The Florida year on year comparison for townhome and condo sales records a total 8,767 units selling statewide last month, up 5.7% from the August 2011 closed total. The statewide median price for a Florida townhome/condo stood at $102,980, up 13.2% from the previous year. Inventory levels for single family homes last month recorded a 5.3 month supply at the current sales pace with inventory levels for townhomes and condominiums also recording a 5.3 month supply.

U.S …

Existing home sales across the nation increased in August and the national median price rose on a year on year basis for the sixth straight month, according to the National Association of Realtors® (NAR). Total existing home sales for single family homes, townhomes, condominiums and co-ops rose 7.8% to a seasonally adjusted annual rate of 4.82 million from 4.47 million in July, and are 9.3% higher than the 4.41 million-unit level seen in August 2011. The national median existing home price for all housing types stands at $187,400, up 9.5% from one year ago. Distressed sales continue to sell at discounts and accounted for 22% of all August sales (12% were foreclosures and 10% were short sales), down from 24% in July and 31% in August 2011. Total listed inventory is down 18.2% from one year ago when this supply level recorded as 8.2 months. The national median time on market stood at 70 days, consistent with the 69 days in July but down 23.9% from the 92 day level of just one year ago. First time buyers accounted for 31% of all purchasers in August whilst cash buyers accounted for 27% of all national sales.  The median existing single family home sales price recorded as $188,700 in August, up 10.2% from one year ago.  Existing condominium and co-op sales increased 6.1% to a seasonally adjusted annual rate of 520,000 from 490,000 in July, and are 4.0% above the 500,000 unit level of one year ago. The median existing condo price was $176,700 in August, up 3.3% from August 2011. Regionally, existing home sales in the Northeast rose 8.6% to an annual pace of 630,000 in August and are also up 8.6% from August 2011. The median price in the Northeast stands at $245,200, up 0.6% from a year ago.  Existing home sales in the Midwest increased 7.7% in August to a level of 1.12 million and are 17.9% higher than one year ago. The median price in the Midwest was $152,400, up 7.8% from August 2011.  In the South, existing home sales rose 7.3% to an annual pace of 1.90 million in August and are 11.1% above August 2011. The median price in the region was $160,100, up 6.5% from a year ago. Existing home sales in the West increased 8.3% to an annual level of 1.17 million in August but are unchanged from one year ago. With ongoing inventory shortages, the median price in the West was $242,000, which is 16.3% higher than August 2011.

Closing Numbers…

September 28th 2012

1 G.B.P…Buys 1.612 U.S.D – 1 U.S.D…Buys 0.620 G.B.P

1 EURO…Buys 1.284 U.S.D – 1 U.S.D…Buys 0.778 EURO

1 CAN $…Buys 1.015 U.S.D – 1 U.S.D…Buys 0.984 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.