September 2012

August ‘Answers’ From The Four Corners…

For the 3rd consecutive month August inventory totals across the four corner communities tracked by Team Donovan increased to revise the total number of homes listed to 977 which was a 51 home increase from July but 157 less than August 2011. This months inventory total comprised 741 normal owner sales, 169 short sales and 67 bank owned listings. During August 262 homes changed hands achieving on average 96.8% of the listed price after 157 days on the market. This months days on market figure was up 2 from last months 155 days. The August pipeline total of homes under offer/contract awaiting closure was little changed from July and stands at 813 homes. During the last 30 days owners withdrew 132 homes from the Four Corners market having been unable to secure a sale. The August rate of sales when measured against overall inventory levels would suggest a 3.72 month supply of available homes at the current sales pace. In July this figure recorded a 3.54 month inventory total supply.

Orlando…

The wider Orlando market saw July existing home sales rise 1% from the same period a year ago with 2,884 homes closing compared to 2,856 the same period last year the Orlando Regional Realtor Association reported. The July median price was $125,750 which is 8.87% up from July 2011. This price is also up 16.44% from the January figure of $108,000. Overall sales for this year are down 4.45% from last year the Associations monthly report also concluded. The July Orlando sales breakdown comprised 48% traditional owner sales, 28.2% short sales and 23.8% foreclosures. An Orlando area home now spends on average 82 days in the market and sells for 96% of the listed price according to the same report. One year ago Orlando homes spent on average 101 days on the market and sold for 95% of their listed price. In a separate report published during the month by Zillow it was calculated that the number of homeowners in Orlando who owe more than their homes value fell by two points during the second quarter but remains above 50% with the number of Orlando homeowners in negative equity in the second quarter standing at 51.9% down from 53.9% in the first quarter.

Florida…

Florida July closings for existing single family homes were up 9.8% from the same period one year ago from 15,861 last July to 16,844 this year according to the Florida Realtors monthly report. The median statewide sales price stands at $148,000 which is up 7.8% from the $137,300 figure recorded in July 2011.  Statewide sales are also up year to date by 3.4% to total 117,337 against 113,428 during the same period last year. Floridas year on year sales comparison of townhomes/condos records a total of 7,779 units selling statewide last month, up 2.8% from July last year. The statewide median price for Florida townhomes and condos now stands at $102,000, up 10.9% from last  year. Last month, the inventory for single family homes was at a 5.3 months’ supply across the state and the inventory for townhome condo properties stood at a 5.4 months’ supply, according to the Florida Realtors report.

U.S …

National sales of existing homes rose in July with the median U.S price recording five consecutive months of year on year increases, according to the National Association of Realtors®.  Total existing home sales covering all property styles grew 2.3% to a seasonally adjusted annual rate of 4.47 million in July from 4.37 million in June and were 10.4% above the 4.05 million unit pace seen in July 2011. The July national median existing home price was $187,300, up 9.4% from one year ago. The last time National prices showed five back to back monthly price increases from the previous year was back in January 2006 to May of that year. Distressed home sales of foreclosures and short sales continue to sell at deep discounts and accounted for 24% of all July U.S sales, down from 25% in June and 29% in July 2011. Foreclosures are now selling on average at a 17% discount below market value, while short sales on average discount by 15%. Total housing inventory at the end of July increased 1.3% to 2.40 million existing homes available for sale representing a 6.4 month supply at the current sales pace, down from a 6.5 month supply in June. Nationally first time buyers accounted for 34% of all purchasers with cash buyers accounting for 27% of all sales. By property style single family home sales increased 2.1% percent to a seasonally adjusted annual rate of 3.98 million with the median existing single family home price standing at $188,100 in July, up 9.6% from one year ago. Existing condominium and co-op sales rose 4.3% to a seasonally adjusted annual rate of 490,000 from 470,000 in June, and are 14% higher than the 430,000 unit pace one year ago. The median existing condo price is now $180,700 which is 7.7% higher than one year ago.  Regionally, existing home sales in the Northeast rose 7.4% to an annual level of 580,000 in July and are 13.7% above July 2011. The median price in the Northeast stands at $254,200, up 3.5% from one year ago. Sales in the Midwest increased 2.0% in July to a pace of 1.04 million and are 16.9% higher than a year ago. The median price in the Midwest was $154,100, up 5.8% from July 2011. In the South, existing home sales rose 2.3% to an annual level of 1.77 million in July which is up 8.6% from July 2011. The median price in the region was $162,600, up 6.6% from one year ago. Existing home sales in the West were unchanged at an annual pace of 1.08 million in July but are 5.9% higher than a year ago. With higher inventory shortages, the median price in the West was $238,600, a jump of 24.5% from July 2011.

Closing Numbers…

August 31st 2012

1 G.B.P…Buys 1.585 U.S.D – 1 U.S.D…Buys 0.630 G.B.P

1 EURO…Buys 1.259 U.S.D – 1 U.S.D…Buys 0.794 EURO

1 CAN $…Buys 1.012 U.S.D – 1 U.S.D…Buys 0.987 CAN $

U.S Prime Interest Rate = 0.25%

Team Donovan publish an updated monthly report on the 15th 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.