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April 2013

March ‘murmurings’ From The Four Corners…

The average Four Corners area home in March achieved 97.12% of the listed price at closing having spent 150 days on the market. This days on market figure of an area home was down by 2 from last month whilst actual March sales saw an increase of 46 closings against last month with a total 243 homes changing ownership. The number of homes awaiting closure under contract/offer stood at 773, down 23 from last months total. The same number of homes this month as last (134) were withdrawn from the market having failed to attract a buyer whilst overall inventory levels across the market remained little changed with 1082 homes listed for sale. By type this total figure comprised 139 short sales, compared to 164 last month and 85 bank owned homes compared to 82 in February. Normal owner listings accounted for 858 of the total which was up by 5 homes from last months figure. The March pace of sales measured against current inventory level suggests a March total supply of 4.4 months, which is down by over one month from the February 5.5 month level supply recorded.


Last months Orlando median home price stood at $133,000, according to the latest report from the Orlando Regional Realtor Association. Prices for the core Orlando market peaked at $264,436 back in July 2007. The supply of homes currently available recorded as 3.26 months in February, based on the number of homes for sale and current sales pace, against a 4.7 month figure in February 2012. The average number of days an Orlando sold home has been on the market in February was 84, down from 94 days one year ago. Final sales prices in February achieved on average 96.1% of the asking price, one year ago this figure recorded as 93.4%. An increase in overall sales activity saw Orlando Realtor association members closing a total 2,203 homes during the month representing a 9% increase from January and an 11% increase from February 2012. The association report also concluded that Seminole County has seen by far the biggest upturn in sales over the last year at 24% whilst in Lake County, the number of sales was down 1.8% overall. Osceola County saw a 2.3% increase while Orange County sales overall are up by 3%.


The median days a Florida home spends on the market was down by 15% for single family homes and 10% for townhomes and condos in February. Statewide closed sales of existing single family homes totaled 15,666 in February, up 10.3% compared to one year ago, according to data provided during the month by Florida Realtors. Meanwhile the pending sales of existing single family homes under offer awaiting closure rose 26.7% from the same month last year. The statewide median sales price for a Florida existing single family home last month stood at $150,000, up 12.8% from the previous year. Florida townhome and condo sales recorded 8,028 closings last month, up 7% compared to February 2012. Meanwhile, pending sales for townhouse condos in February increased 14.3% compared to one year ago. The statewide median for townhouse condo properties was $115,000, up 21.1% over the previous year.


Nationally existing home sales covering all home styles increased 0.8% to a seasonally adjusted annual rate of 4.98 million in February from an upwardly revised 4.94 million in January. This figure is 10.2% above the 4.52 million unit level seen in February 2012. Total housing inventory at the end of February rose 9.6%  to 1.94 million existing homes for sale which is a 4.7 month supply at the current sales pace, up from 4.3 months in January, which was the lowest supply level since May 2005. Listed inventory overall is 19.2% down from one year ago when the supply level recorded as 6.4 months. The national median existing home price for all housing types was $173,600 this February, up 11.6% from February 2012. Distressed home sales covering foreclosures and short sales now account for 25% of all transactions, up from 23% in January but down from the 34% level seen one year ago. The median time on market for all homes was 74 days, which is 24% down on the 97 day total of February 2012. Short sales spent an average 101 days on the market while foreclosures typically sold in 52 days with non distressed sales taking an average 77 days. First time buyers accounted for 30% of all purchasers whilst all cash sales were at 32%.  By type single family home sales were down 0.2% to a seasonally adjusted annual rate of 4.36 million with the median existing single family home price now at $173,800. Existing condominium and co-op sales rose 8.8% to an annualised rate of 620,000 in February from 570,000 in January, and are 21.6% above the 510,000 unit level one year ago. The median existing condo price was $172,500 in February, up 13.9% from February 2012.

Closing Numbers…

March 28th 2013

1 G.B.P…Buys 1.516 U.S.D – 1 U.S.D…Buys 0.659 G.B.P

1 EURO…Buys 1.283 U.S.D – 1 U.S.D…Buys 0.779 EURO

1 CAN $…Buys 0.983 U.S.D – 1 U.S.D…Buys 1.016 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.