July 2012

June ‘journal’ From The Four Corners…

The four corners area saw 240 homes change hands during June with the average area home selling for 96.6% of the listed price after 157 days on the market. When compared against June 2011 the average days on market is up by 4 days and the average percentage price achieved of a sold home remains unchanged. Overall inventory levels compared to one year ago are down by over 300 homes with the June 2012 850 total comparing to 1191 listings this time last year.  Junes inventory total by type comprised 644 normal owner listings, 61 bank owned homes and 155 homes listed as short sales. The pipeline total of homes under offer/contract awaiting closure at the month end stood at 896 which is down 38 from last months 934 total and down 155 from the total one year ago of 1051. This past month 117 homes withdrew from the market having failed to achieve a sale. The June area inventory total when divided by current monthly sales pace indicates that the Four Corners area overall inventory reflects a 3.54 month supply of available homes listed for sale.

Orlando…

The year on year median sales price of an Orlando home was up by 9% according to the Orlando Regional REALTOR® Association to a revised median price of $120,000. The May 2012 median prices of homes of by all types increased from one year ago with bank owned prices up 4.31% to $83,450 from $80,000, short sales up by 5.88% to $108,000 from $102,000, and normal owner sales prices increasing by 3.23% to $160,000 from $155,000. Local Realtors participated in 2,337 home sales during May 2012 which was down 5.88% compared to May 2011 and a decrease of 4.06% compared to April 2012. By type the sales total comprised 47% normal owner sales, 27.4% short sales with the remaining 27.47% foreclosure sales. Homes of all types spent an average of 85 days on the market before coming under contract, and the average home sold for 95.57% of its listed price. The Orlando pending pipeline stands at 10,291 which is 0.79% higher than May 2011 (10,210) and 2.11% up on April 2012 (10,078). The total number of Orlando existing homes available for purchase continues to decline to stand this month at 8,243 which is down 24.85% from one year ago. The inventory of single family homes is down 28.22% from last year while total condo inventory recorded an increase of 1.18%. The total inventory level reached a revised record low during the month to record a 3.53 month supply of available homes at the current sales pace. Condominium sales in the Orlando area fell by 17.37% in May when compared to May of 2011 (371 to 448). Sales of existing homes within the entire Orlando market (Lake, Orange, Osceola and Seminole counties) in May were down by 1.78% compared to May of 2011. Throughout the area 3,028 homes sold during May 2012 compared with 3,083 in May 2011. Year to date, sales totals are down 7.40% for all the area counties combined.

Florida…

Statewide pending sales, closed sales and median prices rose, while the available inventory of homes listed for sale fell in May according to the latest monthly housing data released by Florida Realtors®. Pending sales were up 43.1% for existing single family homes and up 33.4% for townhome and condos. The statewide median sales price for an existing single family home in May was $147,000 up 8.9% from one year ago according to data from Florida Realtors. The statewide median for townhome and condo properties stands at $112,000, up 14.3% from May 2011. Statewide sales of existing single family homes totaled 18,723 in May which was up 7.2% from one year ago. The Florida year on year comparison for sales of townhomes/condos recorded 9,995 units selling statewide last month, up 5.4% from those sales recorded in May 2011.

U.S …

Nationally existing home sales covering single family homes, townhomes, condominiums and co-ops declined 1.5% to a seasonally adjusted annual rate of 4.55 million in May from 4.62 million in April but are 9.6% above the 4.15 million-unit pace in May 2011. Total housing inventory at the end of May fell 0.4% to 2.49 million existing homes available for sale which represents a 6.6 month supply at the current national sales pace. Listed inventory is 20.4% below one year ago when a 9.1 month supply was recorded. Unsold inventory has trended down from a record 4.04 million in July 2007. The national median existing home price for all housing types rose 7.9% from one year ago to $182,600, the third consecutive month of year over year price gains.  Distressed sales relating to foreclosures and short sales accounted for 25% of all May sales, down from 28% in April and 31% in May 2011. Foreclosures sold at an average discount of 19% below market value in May, while short sales discounted by an average 14%.  First time buyers accounted for 34% of national buyers compared with 35% in April and 36% in May 2011.  Cash buyers represented 8% of all transactions, down from 29% in April and 30% one year ago. Single family home sales for May were down by 1.0% to a seasonally adjusted annual rate of 4.05 million from 4.09 million in April but are 10.4% above the 3.67 million unit level in May 2011. The national median existing single family home price is now $182,900, up 7.7% from one year ago. Existing condominium and co-op sales are down 5.7% to a seasonally adjusted annual rate of 500,000 from 530,000in April but remain 4.2% higher than the 480,000 unit pace one year ago. The median existing condo price was $180,000, which is 8.8% above May 2011. Americans purchased new homes in May at the fastest pace in over two years according to the Commerce Departments monthly report with sales of new homes up by 7.6% in May from April to a seasonally adjusted annual rate of 369,000 homes.

Closing Numbers…

June 29th 2012

1 G.B.P…Buys 1.554 U.S.D – 1 U.S.D…Buys 0.625  G.B.P

1 EURO…Buys 1.241 U.S.D – 1 U.S.D…Buys 0.798  EURO

1 CAN $…Buys 0.972 U.S.D – 1 U.S.D…Buys 1.027 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.