May 2012

April ‘arithmetic’ From The Four Corners…

The communities tracked by Team Donovan recorded 281 sales in April which was down 41 closings from last months total. The overall inventory level of listed homes closed the month at 917 which reduced the total inventory pool by a further 49 listings. By type the current inventory comprises 678 normal owner sales, 55 bank owned and 184 short sale listings.  During this last month existing owners withdrew from the market 146 homes having been unable to secure a willing and able purchaser. The homes that did sell on average took 159 days to do so and secured 96.75% of their final listed price. Last month these figures posted as 157 and 97.12% respectively. The number pending homes at the month end awaiting closure stood at 930 which was down 211 from last months pipeline total. At the current pace of sales Aprils level of listed inventory equates to a 3.26 month supply of homes available for purchase which continues to place overall inventory levels at the lowest supply level for over 3 years.

Orlando…

The wider Orlando market also recorded another month of falling inventory the Orlando Regional Realtor® Associations latest report detailed during the month with the Orlando area median price increasing by 12.75% from last Marchs $102,000, to $115,000. The March 2012 median price of both bank owned and normal sales increased in March  with bank owned prices up by 5.25% and normal sales prices up 3.33%. The Orlando median price of a short sale decreased by 0.73% during the month from $102,750 to $102,000. Orlando area Realtors participated in 2,327 closings which was up 17.82% from the previous month but down 10.95% from the same month last year. By type Orlando March sales recorded just over 40% normal sales, 33.0% short sales and the remainder comprising bank owned and foreclosure related transactions. Homes of all types spent on average 97 days on the market before going under contract with the average Orlando home selling for 94.83% of its listed price. By comparison those numbers one year ago recorded as 103 days and 95.35% respectively. Pending sales under offer/contract and awaiting closure total 9,748 with the total number of existing homes available for purchase in Orlando now standing at 8,666 which reflects an inventory level some 30.85% lower than one year ago. Orlando condominium sales are down 23.20% from one year ago recording 384 sales this March compared to 500 last year. The highest level of condo transactions by price continue to be in the $1 – $50,000 price range accounting for 40.36% of all sales. During the past month Orlando homebuyers purchased 232 duplexes, town homes, and villas, which was down 4.53% compared to March 2011. The current inventory total measured against current pace of sales gives Orlando a 3.72 month supply of homes, a pace not seen since December of 2005 when records recorded a 3.58 month supply.

Florida…

Floridas March housing market recorded increased pending sales, higher median prices and a reduced level of inventory according to the latest Florida Realtors® housing report. These latest figures show pending sales up by almost 30% for single family homes and 20% for townhomes and condominiums. The statewide March median sales price for an existing single family home recorded as $139,000, up 10.3% from one year ago. The statewide median price for townhome and condos stood at $105,000 which was up 20.8% from March 2011. Statewide sales of existing single family homes totaled 18,370 in March which was down 5.7% from one year ago.  Florida’s year to year comparison for townhome/condo sales recorded a total of 10,012 units selling statewide last month, down 12.4% from one year ago. The Florida inventory level in March recorded a 5.9 month supply of single family homes and a 6.0 month supply of  townhomes/condos.

U.S …

Total existing home sales covering all home styles declined 2.6% to a seasonally adjusted annual rate of 4.48 million in March from an upwardly revised 4.60 million in February, but were 5.2% above the 4.26 million-unit pace in March 2011. National levels of inventory at the end of March declined 1.3% to 2.37 million existing homes available for sale, which represents a 6.3 month supply at the current sales pace. Listed inventory nationally is 21.8% below that recorded one year ago and well below the record of 4.04 million in July 2007. The national median existing home price for all housing styles stood at $163,800 in March, up 2.5% from March 2011. Distressed homes sales continue to sell at a discount and accounted for 29% of all March national sales (18% being foreclosures and 11% short sales). Foreclosures sold at an average 19% below market price in March, while short sales discounted by 16% and cash buyers accounting for 32% of total March transactions. By type single family home sales fell 2.5% to a seasonally adjusted annual rate of 3.97 million from 4.07 million in February, but are 5.9% above the 3.75 million unit pace one year ago. The median existing single family home price stood at $163,600 in March which was up 1.9% from March 2011. Existing condo and co op sales fell 3.8% to a seasonally adjusted annual rate of 510,000 from 530,000 in February, and are unchanged from March 2011. The March median existing condo price recorded as $165,200, which is 7.1% up from one year ago. Sales of new homes fell during the month by the largest amount for over a year. The Commerce Department stated that sales dropped 7.1% to a seasonally adjusted annual rate of 328,000 units. That followed a 7.3% increase in sales during February.

Closing Numbers…

April 30th 2012

1 G.B.P…Buys 1.622 U.S.D – 1 U.S.D…Buys 0.616  G.B.P

1 EURO…Buys 1.322 U.S.D – 1 U.S.D…Buys 0.755  EURO

1 CAN $…Buys 1.017 U.S.D – 1 U.S.D…Buys  0.982  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.