October 2013

September ‘summation ’ From The Four Corners…

For the third consecutive month total listings of all types increased during September as the inventory level of the Four Corners area reached the highest level seen since June 2011. From last month normal owner listings increased by a net 110 to reach 1020 while bank owned listings increased by 18 to 124. Short sales added 11 new homes to stand at 99. Homes that sold and closed during the past 30 days spent an average of 146 days on the market which was 2 days up from last month whilst the average percentage price achieved of a sold home remains unchanged over the last 3 months at 97.25%. During September owners withdrew 134 homes from the market having been unable to secure a sale.  The number of homes currently under contract awaiting closure fell by a further 52 homes during the month to stand at 659. Homes sold and closed in September totaled 247 which is down by 32 from the August sales total. The September pace of sales when considered against current inventory would suggest a 5.03 month supply of available homes which compares to a 3.95 month supply in August and the 4.21 supply seen in July.

Orlando…

The August 2013 median price of $155,000 is 1.2% lower than the July 2013 end of month figure but was still up by 22% from January 2013. The overall median price by each individual sales type experienced year on year increases in August, with foreclosures up 17.6% and short sale prices up 5.4%. The median price of normal owner sales was up by 13.9%. Orlando Realtors participated in 2,824 closings which is up 4.5% compared to August 2012 down 4.5% from July 2013. Year on year single family home sales increased 7.8% while condo sales fell by 15.9%.  By inventory type the number of short sales fell 38.7% whilst the number of foreclosures decreased by 25.3%. In August, short sales and foreclosures comprised 33.5% of all closings, while normal owner sales made up 66.5%. Last August these figures recorded as 52.0% and 48% respectively. Orlando homes of all styles spent an average 67 days on the market before coming under contract with the average home closing at 96.9% of its listed price. In August 2012 those numbers were 79 days and 96.2%.  Homes under offer awaiting closure currently total 7,519. The August pending total is 19.6% lower than the same time last year. Short sales comprised 55.1% of August pending sales whilst normal owner listings accounted for 30.6% of pending closings with bank owned properties accounting for the remaining 14.2%. Condominium sales were down 15.9% in August, with 386 sales recorded during the month compared to 459 last August. At 63 the highest level of condo closings of any single price category were yet again in the $1 – $50,000 price range accounting for 16.3% of total condo sales. Orlando homebuyers purchased 304 duplexes and town homes during August, which is a 14.7% increase compared to August 2012. The number of existing homes of all styles available for purchase is up by 5.5% from August 2012 to stand at 8,576. Overall inventory increased by 477 homes month on month. The inventory of single family homes is up 5.2% compared to August of 2012, while condo inventory increased by 4.6% with the inventory of duplexes, townhomes, and villas up by 9.9% overall. Existing inventory factored against current sales pace created a 3.04 month supply of homes in August compared to a 3.01 month supply in August 2012 and a 2.74 month supply in July 2013.

Florida…

Statewide existing single family home sales totaled 20,933 in August, up 12.4% from one year ago, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Closed sales during the month typically took 87 days to complete. Meanwhile, pending sales in the State that are awaiting closure for existing single family homes rose 17.2% from last month. Floridas median sales price for existing single family homes was $175,000 which is up 18.6% from the last year. Townhome and condominium activity records report that 9,491 units sold statewide last month which is up 6.3% from August 2012. Meanwhile last months pending sales for townhome and condos increased 11.6% year over year. The statewide median price for townhome and condos was $130,000 which is 25.2% up on the previous year. The current inventory for single family homes offers a 5.1 month supply at the current sales pace while inventory for townhomes and condos recorded a 5.2 month supply, according to Florida Realtors.

U.S…

The August national median existing home price covering all home styles was $212,100, up 14.70% from August 2012. Nationally foreclosures and short sales accounted for 12.0% of all August closings, down from 15% in July to record the lowest market share since monthly tracking began in October 2008. The decline in market share of distressed sales contributed to a growth in median sales prices with 8% of all August sales being foreclosures and 4% short sales. Nationally foreclosures sold at an average 16% discount, whilst short sales discounted at an average 12%. The median time on market for all homes was 43 days during August, little changed from 42 days in July, but much lower than the 70 days on market seen in August 2012. Short sales spent an average 98 days listed, while foreclosures typically sold in 52 days with non distressed closings taking 41 days. These figures helped to account for the 43% of all homes selling in August being on the market for less than one 1 month. First time buyers accounted for 28% of all sales which was down from 29% in July and 31% in August 2012. Cash buyers comprised 32% of total transactions, up from 31% in July and 27% in August 2012. Individual investors, who account for a large percentage of cash sales, purchased 17% of all closings in August, compared to 16% in July and 18% in August 2012. Looking at overall sales single family closings rose 1.7% to a seasonally adjusted annual rate of 4.84 million from 4.76 million in July, and are 12.8% above the 4.29 million unit pace seen in August 2012. Existing condominium and co-op sales rose 1.6% to an annual unit rate of 640,000 from 630,000 in July, and are up 16.4% on the 550,000 unit level seen one year ago. The median existing condo price stands at $211,700 which is up 17.7% from August 2012. Regionally, August existing home sales in the Northeast were unchanged at an annual rate of 710,000 but are 12.70% above August 2012. The median price in the Northeast was $268,800, up 7.6% from one year ago. Existing home sales in the Midwest increased 3.1% to a 1.32 million pace, and are 18.9% higher than one year ago. The median price in the Midwest was $166,100, which is 10.0% above August 2012. In the South, existing home sales rose 3.8% to an annual level of 2.19 million and are 13.5% above the August 2012 level. The median price in the South was $181,000, up 14.6% from one year ago.  Existing home sales in the West fell 2.3% to a pace of 1.26 million in August but are 7.7% higher than a year ago. With the tightest regional inventory conditions, the median price in the West rose to $287,500, which is 18.8% above August 2012.

September 30th 2013

1 G.B.P…Buys 1.614 U.S.D – 1 U.S.D…Buys 0.619 G.B.P

1 EURO…Buys 1.353 U.S.D – 1 U.S.D…Buys 0.738 EURO

1 CAN $…Buys 0.972 U.S.D – 1 U.S.D…Buys 1.028 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.