Main Content

July 2013

June ‘judgements’ from the Four Corners…

The overall inventory level was unchanged from May with 1042 homes listed for sale across the Four Corners area as at the end of June. By listing type the figures reveal that the number of normal owner listed homes was up 13 at 878 whilst bank owned listings fell by 15 to 93. Owners listing homes on a short sale basis increased by 1 to a revised 71. Homes that did close and sell in June equaled 257 with the average Four Corners home achieving 97.12% of the listed price after an average of 147 days on the market. Over the past 30 days 126 homes were withdrawn from the market by owners unable to agree terms for a sale. The total month end number of homes under offer/contract awaiting closure stood at 759 which was little changed from the 770 month end figure reported in May. During June 257 homes changed hands which reflects a decrease of 16 closings compared to the May 273 sold total. Junes sales pace when factored against current inventory level suggest the current month of supply total to be 4.05 months which is an increase on the May figure recorded of 3.82 months.


The wider Orlando market median price for a sold existing home in May rose 23.3% to $148,000, when compared to May 2012 and was up 2.9% against April 2013 according to figures reported by the Orlando Realtor Association during the month. Members of the Association participated in 2,855 sales, an increase of 15.6% compared to May 2012 and up by 3.1% over April 2013. By type the report records single family home sales increasing 16.6% from one year ago, while condo sales increased 7.8%. Over the same period short sales are down 8.9% and the number of foreclosures fell by 12.78%. Homes of all styles spent on average 68 days on the market before entering a contract, with the average home selling for 96.7% of its listed price. In May 2012 these figures recorded as 85 days and 95.7%, respectively. Orlando pending sales under offer/contract but awaiting closure stands at 8,631. Normal owner listings accounted for 29.5% of all pending contracts, while bank owned properties accounted for 13.1% of the total. The number of existing homes available for purchase overall is down 11.7% from May 2012 to stand at 7,272 with overall inventory levels up by 70 homes from last month. Single family home inventory is down by 14.9% from May 2012, while condo inventory is down by 1.42%. Current Orlando inventory combined with pace of sales created a 2.55 month supply of homes in May compared to the 3.34 month supply recorded in May 2012 and a 2.60 month supply last month. Condo sales overall are up 7.85% recording 426 sales last month compared to 395 in May 2012. The highest volume of sales was seen in the $1 – $50,000 price range with this group accounting for 19.9% of the overall total. Orlando homebuyers purchased 270 duplexes, town homes and villas during May 2013, which is a 21.0% increase over May 2012.


The Statewide sales of existing single family homes totaled 22,375 during May, up 18.7% from the one year ago figure, according to data from Florida Realtors Industry Data released during the month. Pending sales of existing single family homes were up by 30.8% from last May. The statewide median sales price for an existing single family home was $171,000, up 15.9% from one year ago. Florida’s year on year comparison for townhome and condos sales shows a total of 11,201 units changing hands last month, up 11.5% compared to May 2012. Meanwhile, pending sales of townhomes and condos increased 18.3% compared to one year ago. The statewide median price of townhome and condo properties was $128,000, up 13% from last year. The states inventory for single family homes stood at months supply in May whilst inventory levels for townhome and condos was at a 5.4 month supply level, according to Florida Realtors.


The nations existing home sales improved in May, while the median price was up by double digit rates from one year earlier, according to the National Association of Realtors®(NAR). Total existing home sales that include single family homes, townhomes, condominiums and co-ops rose 4.2% to a seasonally adjusted annual rate of 5.18 million from 4.97 million in April and are 12.9% above the 4.59 million unit pace of May 2012. Existing home sales are now at the highest level seen since November 2009, while the national median price recorded 15 consecutive months of year on year gains. Total housing inventory levels at the end of May rose 3.3% to 2.2 million existing homes available for sale, which represents a 5.1 month supply at the current sales pace, down from 5.2 months in April. Listed inventory is now lower by 10.1% from one year ago, when records detailed a 6.50 month supply. The national median existing home price for all housing styles was $208,000 in May, up 15.4% from May 2012. Distressed sales covering foreclosures and short sales accounted for 18.0% of the May total which was unchanged from April, but matching the lowest share since monthly tracking began back in October 2008. May sales records detail that 11.0% of all sales relate to foreclosures whilst 7.0% are short sales. Foreclosures sold at an average 15.0% discount below market value in May, while short sales discounted on average at 12.0%. The median time on market for all homes was 41 days, down from 46 days in April and 43% quicker than the 72 days on market seen in May 2012. Short sales are now on the market for a median of 79 days, while foreclosures typically sell in 43 days. Non distressed related closings on average now take 39 days. First time buyers accounted for 28.0% of the months closings, whilst cash buyers represented 33.0% of all transactions, up from 32% in April and 28% in May 2012. Single family home sales rose 5% to a seasonally adjusted annual rate of 4.6 million from 4.38 million in April and are 12.7% up on the 4.08 million unit pace seen in May 2012. The median existing single family home price now stands at $208,700, up 15.8% from one year ago. Existing condominium and co op sales fell 1.7% to an annualized rate of 580,000 units from 590,000 in April, but are 13.7% above the 510,000 unit level seen one year ago. The national median price for an existing condo stands at $202,100, which is 11.8% up from May 2012.

June 28th 2013

1 G.B.P…Buys 1.518 U.S.D – 1 U.S.D…Buys 0.658 G.B.P

1 EURO…Buys 1.300 U.S.D – 1 U.S.D…Buys 0.769 EURO

1 CAN $…Buys 0.950 U.S.D – 1 U.S.D…Buys 1.052 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.