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December 2013

November ‘numericals’ From The Four Corners…

A total 1370 homes recorded as listed for sale across the Four Corners area this month end which was a home difference from October. By type Short sale listings fell by 14 to 91 whilst bank owned listings increased by 11 to stand at 154. Normal owner closings changed by just from last month at 1125 sales. Month on month area sales fell for the fourth consecutive month as closings totaled 142 during November, down by 65 from last months 207 closed total.  Homes that sold achieved this in an average 141 days whilst achieving 97.12% of the listed price. During November 110 homes were withdrawn from the market by owners who were not able to locate a buyer during their listing term. Homes remaining under offer/contract awaiting closure totaled 563 in November which was down by just 9 from the October 572 total. The monthly sales pace calculation would suggest that at the November rate of closings current inventory stands at a 9.64 month supply which is up by over months from the October 6.64 month total and 5.03 month supply recorded in September.


Month on month figures show that Novembers $156,000 Orlando median price is down 0.96% from the October $154,500 figure. Members of ORRA participated in the closing of 2,312 homes (all types combined) in October 2013, a decrease of 10.46% compared to October 2012 and a fall of 5.40% compared to September 2013. Single family home sales fell 11.17% compared to October 2012, while condo sales decreased 10.54%. Compared to October of 2012, the 349 short sales closings decreased by 54.6% and the 479 foreclosures were down by 19.9%. The 1484 completed traditional sales was a 22.1% increase compared to last year. Homes of all types spent an average 64 days on the market before coming under contract with the average Orlando home selling for 96.1% of its listed price. In October 2012 those numbers were 79 days and 96.3% respectively. Pending sales awaiting closure currently total 7,099. This figure is 23.2% reduction down from the October 2012 9,252 total and 1.73% lower than September 2013. The sale of Orlando area condos fell 10.5% in October, with 331 sales recorded compared to 370 in October 2012. Orlando homebuyers purchased 208 duplexes, town homes, and villas during October 2013, which is a 3.7% decrease compared to October 2012. The number of existing homes of all types available for purchase in Orlando is 17.0% above that of October 2012 to stand at 9,470. Inventory overall increased by 343 properties last month. The inventory of single-family homes is up by up by 15.9%, while condo inventory is up by 15.5%. The inventory for duplexes, townhomes, and villas is up by 31.0%. Current inventory combined with the current pace of sales created a 4.1 month supply of homes in Orlando for October against a 3.13 month supply in October 2012 and a 3.73 month supply last month.


Statewide closed sales of existing single family homes totaled 18,728 in October which was up 6.5% from one year ago, according to data provided from Florida Realtors Industry Data and Analysis department. Meanwhile, existing single family home pending sales awaiting closure rose 3.4% from the previous October with new listings increasing by 16.4%. The statewide median sales price for an existing single family home last month was $169,000, up 16.6% from the previous year. Florida’s year on year comparison for the sale of townhomes and condos reveals a total of 8,598 units selling statewide last month, up 3.1% from October 2012. Meanwhile, last months pending sales of townhomes and condos fell by 3.6% compared to one year ago with new listings rising 9.8%. Inventory was at a 5.5 month supply in October for single family homes and 5.6 months for townhome and condo properties, according to Florida Realtors. In another development Florida had previously ranked second to Nevada in foreclosures, but in an unwelcome change the Sunshine State pulled ahead of Nevada during October, according to RealtyTrac, which lists foreclosed homes for sale. One in every 332 homes in Florida last month received some type of foreclosure filing while Nevada foreclosure rate fell to 1 in 407 homes.


Existing home sales declined nationally for the second consecutive month in October, according to the National Association of Realtors® (NAR). Total existing home sales covering single family homes, townhomes, condominiums and co-ops, fell 3.2% to a seasonally adjusted annual rate of 5.12 million from 5.29 million in September. The national median existing home price for all housing types was $199,500, up 12.8% from October 2012. Distressed sales of foreclosures and short sales accounted for 14% of all October sales, unchanged from September with 9% of October sales being foreclosures and 5% short sales. Overall inventory at the end of October declined 1.8% to 2.13 million existing homes available for sale, which represents a 5.0 month supply at the current sales pace. The median time on market for all homes across the U.S was 54 days in October, up from 50 days in September, but down from the 71 days seen in October 2012. Short sales were on the market for a median 93 days, while foreclosures typically sold in 46 days with non distressed homes taking 53 days. First time buyers accounted for 28% of all purchases during October, unchanged from September, but down from 31% in October 2012. Cash buyers comprised 31% of all October transactions, down from 33% in September. Single family home sales fell 4.1% to a seasonally adjusted annual rate of 4.49 million in October from 4.68 million in September, but are 5.2% above the 4.27 million unit pace seen in October 2012. The median existing single family home price was $199,500 in October, up 12.7% from one year ago. Existing condominium and co-op sales rose 3.3% to an annual rate of 630,000 from 610,000 in September, and are 12.5% above the 560,000 unit level seen one year ago. The median existing condo price was $199,200 which is 13.1% above October 2012.

Regionally, existing home sales in the Northeast declined 2.9% to an annual rate of 670,000 in October, but are 11.7% higher than October 2012. The median price in the Northeast was $247,300, up 7.4% from one year ago. Existing home sales in the Midwest slipped 1.6% to a pace of 1.22 million, but are 8.0% up from one year ago. The median price in the Midwest was $154,700, which is 9.3% higher than October 2012. In the South, existing home sales declined 1.9% to an annual level of 2.06 million in October, but are 7.3% above October 2012. The median price in the South was $171,500, up 12.9% from a year ago. With restricted inventory, existing home sales in the West fell 7.1% to a pace of 1.17 million in October, and are 0.8% below a year ago. The median price in the West was $284,800, up 17.2% from October 2012.

November 29th 2013

1 G.B.P…Buys 1.635 U.S.D – 1 U.S.D…Buys 0.611 G.B.P

1 EURO…Buys 1.361 U.S.D – 1 U.S.D…Buys 0.734 EURO

1 CAN $…Buys 0.945 U.S.D – 1 U.S.D…Buys 1.058 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 home in more detail.