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May 2013

April ‘arithmetic’ From The Four Corners…

Homes changing ownership during the past 30 days in the Four Corners area totaled 268 which was an increase of 25 closings compared to last month. The number of homes under offer/contract and awaiting completion at the month end stood at 782 which was up homes from the previous month. The last 30 days have seen 154 homes withdrawn from the market whilst the average home that closed and sold achieved 97.37% of its listed price after a period of 151 days on the market. Both of these figures were higher than the 97.12% and 150 day totals reported at the end of March. Inventory levels overall also increased by a net 39 homes last month bringing the revised total of homes listed for sale to 1090. By type this total comprises 858 normal owner listed homes, 96 bank owned properties and 136 short sales.  The April pace of sales against overall current inventory would suggest a current supply equal to 4.06 months which is down from last months recorded 4.41 month inventory level.


The median price of an existing sold home in Orlando during March was up 20% from March last year reported the Orlando Regional REALTOR® Association. The March 2013 overall median price of $140,000 is 21.7% up on March 2012. Median year on year price increases were recorded in each sales class with foreclosures leading the way with a 15.7% price increase while short sale prices increased 7.8%. Normal owner sales prices were up by 11.9%. Orlando realtors participated in 2,605 closings during March, an increase of 6.9% compared to March 2012 and up by 12.4% compared to February 2013. By type single family home sales were up 9.2% while condo sales increased 4.2%. Homes of all styles spent an average of 80 days on the market before coming under contract with an average Orlando home selling at 95.9% of its listed price. In March 2012 these figures recorded as 97 days and 94.9% respectively. The number of homes under contract and awaiting closure stands at 8,799, down 9.7% from this time last year. The total number of existing homes available for purchase in Orlando continued to decline to stand at 6,937, down 19.3% from the same time last year. By type single family inventory is down by 22.5% from one year ago while condo inventory has decreased by 7.2%. Condo sales in the Orlando market were up 4.2% in March, with 413 sales recorded compared to 396 in March 2012. Current inventory combined with the current pace of sales created a 2.66 month supply of Orlando home availability in March.


Floridas March housing activity report concluded increased sales, higher median prices and a reduction in inventory, according to the latest housing data released by Florida Realtors®. Statewide existing single family homes closed sales totaled 19,631 in March, up 9% compared to one year ago. Floridas pending sales of existing single family homes last month was up 23.4% from last March. The statewide median sales price for a single family existing home last month was $160,000, up 15.2% from the previous year. Townhome and condo sales recorded 9,957 closings statewide, up 1.1% compared to March 2012. Pending sales of both townhomes and condos also increased by 10.6% compared to sales activity records of one year ago. The statewide median price for townhome and condo property was $120,000, up 15.9%. Floridas overall inventory for single family homes recorded a 5.3 month supply whilst inventory for townhomes and condos was at a 5.8 month supply level.


The nations existing home sales slowed during March according to the National Association of Realtors® (NAR). Total existing home sales covering all home styles fell 0.6% to a seasonally adjusted annual rate of 4.92 million from a downwardly revised 4.95 million in February, but still remain 10.3% up on the 4.46 million unit pace set in March 2012. Total housing inventory at the end of March increased 1.6% to 1.93 million existing homes available for sale representing a 4.7 month supply at the current sales pace, up from 4.6 months in February. Overall inventory remains 16.8% below levels one year ago when the supply side stood at 6.2 months. The national median existing home price for all housing types was $184,300 in March, which is 11.8% higher than March 2012. The March increase is the strongest since November 2005 when it rose 12.9% from one year earlier. Distressed sales covering foreclosures and short sales accounted for 21% of all March closings, down from 25% in February and 29% in March 2012. By type 13% of the March national sales were foreclosures, and 8% short sales. Foreclosures sold at an average 15% discount below market value, while short sales were discounted on average by 13%. The median time on market for all homes was 62 days, down from 74 days in February and 32% below the 91 days recorded back in March 2012. Short sales were on the market for a median 81 days, while foreclosures typically sold in 46 days with non distressed sales taking an average 66 days to sell.  By type single family home sales slipped 0.2% to a seasonally adjusted annual rate of 4.32 million in March from 4.33 million in February, but are 9.1% above the 3.96 million unit level seen in March 2012. The median existing single family home price was $185,100 in March, up 12.1% from one year ago. Existing condominium and co-op sales fell 3.2% to an annualised rate of 600,000 units from 620,000 in February but are 20% higher than the 500,000 unit pace of one year ago. The median existing condo price across the nation was $178,900 in March, which is 10.4% higher than one year ago.

Closing Numbers…

April 30th 2013

1 G.B.P…Buys 1.554 U.S.D – 1 U.S.D…Buys 0.643 G.B.P

1 EURO…Buys 1.316 U.S.D – 1 U.S.D…Buys 0.759 EURO

1 CAN $…Buys 0.992 U.S.D – 1 U.S.D…Buys 1.007 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.