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April 2011

March ‘maths’ From Short-Term Rental Land…

The number of homes recorded as pending/under offer increased by 10% in March to revise the number of  total homes awaiting closure to 1090. Overall listed inventory levels across the communities fell from 1858 homes in February to 1619 in March with the average home that sells now achieving 95.4% of the listed price after having spent 146 days on the market. During this past month 266 homes changed ownership which was a 2% increase on Februarys sold total of 259 sales. Homes failing to achieve a sale and being withdrawn during the month totaled 132. Based on the current monthly sales pace overall inventory levels now reflect a 6.08 month supply of available homes which was down by over one month on last months 7.17 month inventory availability figure.


Members of the Orlando Regional REALTOR® Association reported a 5.68% year on year increase in sales in February with total condo inventory falling 43.4% from this time last year. The $96,000 overall median price of an Orlando home sold in February was 1.1% up from last month but down 8.57% from the February 2010 median price figure of $105,000. Bank owned and short sold homes accounted for 73.48% of all Orlando sales last month and continue to exert a downward influence on overall median sales prices being achieved.  The number of homes under contract for purchase in February (9,223) was down 2.53% compared to one year ago. Homes of all types in Orlando now spend on average 99 days on the market before coming under contract and sell for an average of 94.47% of the listed price. Total inventory levels now stand at 13,480 homes which is 2,571 less than were available in February 2010. The current pace of Orlando sales translates into 6.47 month availability of supply. Condominium sales in the area increased by 2.14% in February when compared to February of 2010 but decreased by 10% when compared to January 2011. The highest level of sales in the condominium market continued to be in the lower $50,000 and under price band range.


Florida’s existing home and condo sales increased in February according to the monthly report from Florida Realtors®. Existing home sales increased 13% last month with a total of 13,701 homes closing statewide when compared to the 12,164 homes that sold in February 2010 with statewide existing condo sales rising 29% compared to the previous year’s sales figures. Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased sales in February with eighteen recording higher condominium sales. The Florida median sales price for an existing home last month was down 2% from one year ago at $121,900.  In Florida’s year on year condo comparison 6,984 units sold statewide last month compared to 5,424 in February 2010 representing a 29% increase. The statewide existing condo median sales price last month stood at $77,300 which was down 14% from February 2010 when the price then recorded as $90,400. The national median existing condo price in January 2011 was $154,900 according to the National Association Of Realtors.

U.S …

Across the Nation existing home sales fell in February following three straight month on month increases, according to the National Association of Realtors®.  Completed transactions which includes single family, townhome, condominiums and co-ops fell by 9.6% to a seasonally adjusted annual rate of 4.88 million from an upwardly revised 5.40 million in January and are 2.8% below the 5.02 million pace in February 2010. Overall existing home sales are 26.4% above the cyclical low recorded back in July last year. Another survey during the month reported that first time buyers accounted for 34% of all U.S home sales in February with cash buyers accounting for a record 33% of all sales. The national median existing home price for all housing types stood at $156,100 which is 5.2% down on the year. Distressed home closings now account for 39% of the overall market which was up from 37% in January and 35% one year ago. Total housing inventory at the end of February rose 3.5% to 3.49 million existing homes available for sale representing an 8.6 month supply at the current sales pace, up from a 7.5 month supply noted in January. Existing condominium and co-op sales dropped 10.0% to a seasonally adjusted annual rate of 630,000 in February from 700,000 in January. The median existing condo price in the U.S stood at $150,400 in February which was down 11.1% from February 2010. Regionally, existing home sales in the Northeast fell by 7.2% to an annual pace of 770,000 which was 8.3% below February 2010. The median price in the Northeast stood at $230,200 down 9.5% from one year ago. Existing home sales in the Midwest fell 12.2% last month to a 1.01 million level which is 9.0% lower than a year ago. The median price in the Midwest was $122,000 which is down 5.4% from one year ago. In the South, existing home sales fell 10.2% to an annual pace of 1.84 million in February which was unchanged from last February. The median price in the South stood at $134,600, down 3.9% from a year ago. Existing home sales in the West declined 8.0% to 1.26 million annual level which was 2.4% below a year ago. The median price in the West recorded as $190,000, which is down 5.2% from one year ago. Buyers of new homes fell in February to the lowest on records dating back nearly half a century. The Commerce Department reported that new home sales fell 16.9% last month to a seasonally adjusted annual rate of 250,000 homes. It’s the third straight monthly decline and a long way below the 700,000 a year pace that many economists consider healthy. The median price of a new home dropped nearly 14% to $202,100 which was the lowest since December 2003.

Closing Numbers …

Thursday March 31st 2011

1 G.B.P…Buys  1.603 U.S.D                   –                1 U.S.D…Buys  0.623  G.B.P

1 EURO…Buys  1.409 U.S.D                    –              1 U.S.D…Buys  0.709  EURO

1 CAN $…Buys 1.030 U.S.D                   –               1 U.S.D…Buys 0.970  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 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.