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February 2011

January Update From Short Term Rental Land…

The opening month of 2011 saw 194 homes sell across the short term rental communities tracked by Team Donovan. 896 homes remain under offer/contract and 189 homes withdrew from the market having failed to achieve a sale. The average days that a home now takes to sell records as 145 with the average price being achieved standing at 96.62% of the listed price. Total inventory levels fell slightly during the month to 1948 homes from the December figure of 2065. At the current sales pace January overall listed inventory totals would suggest a 10.04 month supply of available homes listed for sale.


The Orlando median price of an existing home finished last year up from $105,000 in November to $106,000 in December according to the monthly report collated by the Orlando Regional Realtor Association. In total, local Realtors sold 2,368 existing homes in December compared with 1,936 in November the report also stated. Overall  2010 home sales were assisted during the earlier spring months by the Federal Tax Credit which increased demand and helped lift the median price to a years high of $115,000 in April through to June. Orlando home prices reached a median low point of $99,900 in August but have edged up since then. December mirrored most of 2010 in that distress related sales continued to influence and define the overall Orlando market which has been one of the hardest hit in the country by foreclosures with more than 68% of all homes sold in the area last month being of a distressed nature. The median price achieved for a ‘normal’ existing home sale recorded as $160,000. For bank owned homes this was $75,000 and for short sales the figure recorded as $100,000.  The short sale process is used if the current owner and lender can reach agreement to sell the home for less than the current capital loan balance.  The average days on market that a home takes to sell increased in the latter stages of the year to 96 days which was a week longer than figures achieved earlier on in the year. The average price achieved of a sold home recorded as 94% of the listed price. The Orlando total inventory figure for December shows 14,993 homes as listed which was down 1.3% from November and 3.6% lower than the corresponding figure for December 2009.


Sales of existing homes and condominiums in Florida rose in December with a total of 15,550 existing single family homes selling statewide which was up 4% from the 14,923 homes that sold in December 2009 according to the latest housing data released by Florida Realtors®.  The statewide existing home median sales price last month stood at $133,100 against the December 2009 figure of $139,800 representing  an overall 5% percent price decrease. Decembers report also recorded that 12 of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales and 14 MSAs reported higher existing condos sales. In the year on year comparison for statewide existing condo sales a total of 6,673 units closed last month which was 12% up on the 5,955 that sold in December 2009. The statewide existing condo median sales price in December stood at $88,100 compared to the December 2009 price of  $106,700  representing a 17% decrease. The national median existing condo price stood at $165,300 in November according to N.A.R. Looking back on 2010 Floridas overall existing home sales rose 5% for the year with a total of 170,848 homes sold compared to 162,873 sales during 2009. Statewide existing home sales activity in 2010 also was 37.5% higher than 2008 past records show. The statewide existing home median price for 2010 stood at $136,500 against the $142,500 recorded for 2009 representing an overall decrease of 4%.

U.S …

The sale of existing homes rose in December with overall sales increasing for the fifth time in the past six months according to the National Association of Realtors®. Existing home sales which include single family homes, townhomes, condominiums and co-ops rose 12.3% to a seasonally adjusted annual rate of 5.28 million in December from an upwardly revised 4.70 million in November, though this figure remains 2.9% below the 5.44 million sales pace in December 2009. The national median existing home price for all housing types stood at $168,800 in December which is 1.0% down on December 2009. Distressed homes rose to a 36% market share in December from 33% in November and 32% in December 2009. Total housing inventory at the end of December fell 4.2% to 3.56 million existing homes available for sale which represents an 8.1 month supply at the current sales pace, down from a 9.5 month supply in November. Existing condominium and co-op sales increased 16.4% to a seasonally adjusted annual rate of 640,000 in December from 550,000 in November, but remain 5.2% below the 675,000 unit pace a year ago. The median existing condo price nationally was $165,000 in December, which is 7.4% below December 2009. Regionally existing home sales in the Northeast increased by 13.0% to an annual pace of 870,000 in December but are 5.4% below December 2009. The median price in the Northeast was $237,300, which is 1.4% below a year ago. Existing home sales in the Midwest rose 11.0% in December to a level of 1.11 million but are 4.3% below a year ago. The median price recorded in the Midwest was $139,700 which is up 3.3% from December 2009. In the South existing home sales increased 10.1% to an annual pace of 1.97 million but are 2.5% below December 2009. The median price in the South is $148,400 which was unchanged from a year ago. Existing home sales in the West increased by 16.7% to an annual level of 1.33 million in December but remain 1.5% below December 2009. The median price in the West was $204,000 which was down 5.6% from one year ago.

Closing Numbers …

January 31st 2011

1 G.B.P…Buys  1.583 U.S.D                   –                1 U.S.D…Buys  0.631  G.B.P

1 EURO…Buys  1.360 U.S.D                    –              1 U.S.D…Buys  0.734  EURO

1 CAN $…Buys 1.000 U.S.D                   –               1 U.S.D…Buys  1.000  CAN $

U.S Prime Interest Rate = 0.25%

Team Donovan publish an updated community report on the 1st of each month for the benefit of all Worldwide Central 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. More general information about the overall selling process can be found at on our sellers library