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August 2011

July Figures From The Four Corners…

July saw overall inventory levels continue their well established downward trend and to revise the total number of homes listed for sale to 1121 across the communities which was down a further 70 from the 1191 June total. Month on month closings last month fell with 255 homes selling during July, down 15 from the 270 June sales total. The average days that a home is taking to sell increased by 3 in July to stand at 156 with the average home selling for 96.2% of its final listed price. Homes recorded as under offer/contract fell by 68 over the past 30 days to leave 983 homes currently awaiting closure as at the month end. The number of homes withdrawn from the market without achieving a sale during the past  month was 115. Given the current monthly sales pace the July overall inventory level reflects a 4.3 month supply of available homes which was up on the June 3.7 month supply figure.


Orlando existing home sale transactions fell year on year last month but the the median home price remained level at $110,000, the Orlando Regional Realtor Association reported. Association members closed and sold 2,418 existing homes in June which was 21% less than one year ago. Overall inventory levels from the same period are considerably down driven in part by a nearly 40% decline in bank owned sales and a 14% drop in short sales. The areas total inventory sits at 10,559 which represents a 4.4 month supply at the current sales pace. This level of inventory is the lowest witnessed since December 2005 and is 35% lower than the June 2010 inventory total. Home sales last month in the wider Orlando metropolitan statistical area which covers Lake, Orange, Osceola and Seminole counties totaled 2,990 which was down 20% from the 3,746 sold in June 2010. The number of homes available for purchase in the Orlando area declined in June by 410 homes to stand at 10,559 which is 35.24% below June last year. By product, single family home inventory is down 29.9% and condo inventory down 54.5%. Orlando pending sales awaiting closure stands at 10,087 which is little changed from last month’s pending total of 10,210. An Orlando home spent on average 103 days on the market before going under offer last month with the average home selling for 95.1% of its listed price. In June 2010 the same calculations recorded as 85 days and 95.3% respectively.


In Florida’s year on year existing home sale comparison a total of 17,597 homes sold last month compared to the 18,402 homes that sold in June 2010 representing a 4% decrease. The statewide median sales price for existing homes last month stood at $138,000 which is down 2% from last years figure of $141,200. The  June Statewide existing home median price was up 1.8% from May but the sale of foreclosures and other distressed properties continue to downwardly distort the median price given that they generally sell at a discount relative to traditional homes. Florida’s existing condo sales rose 8% in June with a total of 7,922 units selling statewide compared to the 7,330 in June 2010, according to the latest housing data released by Florida Realtors®. The statewide existing condo median sales price last month stood at $94,100 which was up 2% from the a year ago when this figure was $92,300.

U.S …

Existing home sales slowed in June, although prices were up slightly, according to the National Association of Realtors®. Sales gains in the Midwest and South offset declines in the Northeast and West.  In general single family home sales were stable while condo sales weakened. Total existing home sales covering single family homes, townhomes, condominiums and co-ops declined 0.8% to a seasonally adjusted annual rate of 4.77 million in June from 4.81 million in May, and remain 8.8% below the 5.23 million unit level in June 2010. The national median existing home price for all housing types in June stood at $184,300, up 0.8% from June 2010. The national median existing condo sales price stood at $165,400 according to the National Association of Realtors. First-time buyers purchased 31% of homes in June, down from 36% in May and 43% in June 2010. Investors accounted for 19% of all purchase activity in June, unchanged from May and down from 13%  in June 2010. The median existing single family home price was $184,600 in June was up 0.6% from a year ago. Existing condominium and co-op sales fell 7.0% to a seasonally adjusted annual rate of 530,000 in June from 570,000 which is 18.0% below the 646,000 unit level of one year ago. The median existing condo price closed at $182,300 in June, up 1.8% from June 2010. In a separate report from the U.S Commerce Department in the month recorded that fewer people purchased new homes last month with overall sales down 1% to a seasonally adjusted annual rate of 312,000 which is less than half the 700,000 that many economists would expect to see in a healthy market.

By region last month existing home sales in the Northeast fell 5.2% to an annual pace of 730,000 which was 17.0% below June 2010. The median price in the Northeast was $261,000, up 3.1% from a year ago. Existing home sales in the Midwest rose 1.0% to a pace of 1.04 million but are 14.0% below a year ago. The median price in the Midwest stood at $147,700, down 5.3% from June 2010. In the South, existing home sales increased 0.5% to an annual level of 1.86 million but are 5.6% down from the same time last year. The median price in the South was $159,100, down 0.1% from a year ago. Existing home sales in the West declined 1.7% to an annual pace of 1.14 million in June and are 2.6% below a year ago. The median price in the West was $240,400 which is up 9.5% from June 2010.

Closing Numbers…

July 29th 2011

1 G.B.P…Buys  1.631 U.S.D                   –              1 U.S.D…Buys  0.612  G.B.P

1 EURO…Buys  1.426 U.S.D                   –              1 U.S.D…Buys  0.701  EURO

1 CAN $…Buys 1.054 U.S.D                   –               1 U.S.D…Buys  0.948  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.