May ‘maths’ From The Four Corners…
May closings in the Four Corners area were up 5 homes compared to April with 273 homes changing hands. The areas total overall inventory total fell by 47 homes to reduce the total number of homes listed for sale to 1043. By type this inventory total details 70 short sales, 108 bank owned listings and 865 normal owner owned homes. Closed sales during May on average achieved 97.12% of the asking price which was down from 97.37% in April. The average days that a Four Corners home now takes to sell stands at 148 recording a 3 day fall from the April reported 151 day total. During May 111 homes were removed from the market having failed to attract a buyer. The May sales pace when compared against overall current inventory levels suggests a 3.82 month supply in the area which is down again from last months 4.06 months and the 4.41 month recorded level in March.
The April 2013 median price of $145,000 is up 23.9% from the April 2012 total of $117,000. Orlandos median price has now risen over 34% in the past 16 months. In addition to the overall median increase, each individual sales type has experienced a year on year median price increase based on April figures, with short sales leading the way recording a 20.5% increase. The median price of foreclosures increased 12.2% and the median price of normal sales was up 10.5%. Orlando Realtors participated in the sale of 2,689 homes during April 2013, an increase of 10.3% over April 2012 but a decrease of 0.77% compared to March 2013. Single family home sales increased 15.0% in April 2013 compared to April 2012, while condo sales fell 10.49%. Compared to April 2012, the number of short sales decreased 20.1% and the number of foreclosures fell by 10.37%. Short sales and foreclosures comprised 41.76% of all total sales, while normal sales comprised 58.24%. Homes of all styles spent an average of 76 days on the market before coming under contract with the average Orlando home selling at 96.85% of its listed price. Pending sales under contract and awaiting closing currently stand at 8,785. This pending sales total is 12.83% lower than April 2012. The number of existing homes (all types combined) available for purchase in Orlando is 16.6% below levels in April 2012 and now stands at 7,202. Orlandos current inventory combined with sales pace suggests a 2.68 month supply of homes in April down from a 3.55 month supply in April 2012 and a 2.56 month supply level in March 2013. The areas condo sales were down 10.4% with 401 sales recorded during April 2013 compared to 448 in April 2012. The most (90) condos in a single price category that changed hands during April were yet again in the $1 – $50,000 price range and accounted for 22.4% of total condo sales. Orlando homebuyers purchased 272 duplexes, town homes and villas during this April, which is a 15.7% increase compared to April 2012. The highest amount of sales (33) fell within the $100,000 – $120,000 price range bracket.
Statewide sales of existing single family homes totaled 20,662 in April, up 17.4% compared to one year ago, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Meanwhile pending sales of existing single family homes last month rose 31.9% from the previous April. The statewide median sales price for an existing single family was $165,000, up 14.2% from the previous year. Floridas year on year comparison for townhouse and condo closings records a total of 11,183 units selling statewide last month, up 13.6% compared to April 2012. Pending sales of townhome and condos increased 22.7% compared to one year ago. The statewide median price for townhomes and condos was $128,000, up 16.4% from last year. The inventory for single family homes recorded a 5.2 month supply in April whilst inventory levels for townhomes and condos stood at 5.6 months. A home selling in Florida during April achieved on average 93.2% of its listed price.
The nations existing home sales rose in April but remain constrained because of limited inventory and tight credit, according to the National Association of Realtors® (NAR). All regions of the U.S. showed price gains from one year ago. Total existing home sales covering all home styles increased 0.6% to a seasonally adjusted annual rate of 4.97 million from an upwardly revised 4.94 million in March. Resale activity is now 9.7% above the 4.53 million unit level of April 2012. Total housing inventory at the end of April rose 11.9% which represents a 5.2 month supply at the current sales pace, compared with 4.7 months back in March. The national median existing home price for all housing types was $192,800 in April, up 11.0% from April 2012. Distressed sales covering foreclosures and short sales accounted for 18% of all April sales, down from 21% in March and 28% in April 2012. The median time on market for all homes nationally is now 46 days, down from 62 days in March and 45% down on the 83 days on market of April 2012. Short sales were on the market for a median of 73 days, while foreclosures typically sold in 43 days and non distressed homes took 44 days to sell. Cash sales represented 32% of all April transactions, up from 30% in March and 29% in April 2012. Single family home sales rose 1.2% to a seasonally adjusted annual rate of 4.38 million in April from 4.33 million in March, and are 9.0% above the 4.02 million-unit level in April 2012. The median existing single family home price was $193,300 in April, which is 11% higher than one year ago. Existing condominium and co-op sales fell 3.3% to an annualized rate of 590,000 units in April, down from 610,000 in March, but sales totals still remain 15.7% above the 510,000 unit pace seen one year ago. The condo median existing price in April was $189,500, up 11.3% from April of 2012.
May 31st 2013
1 G.B.P…Buys 1.514 U.S.D – 1 U.S.D…Buys 0.660 G.B.P
1 EURO…Buys 1.295 U.S.D – 1 U.S.D…Buys 0.771 EURO
1 CAN $…Buys 0.966 U.S.D – 1 U.S.D…Buys 1.034 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.