August ‘answers’ From The Four Corners…
Total listings of all types increased in the Four Corners area during August with overall net inventory up by 63 homes from July to stand at 1104. Reviewed by listing type the total comprised 910 normal owner listings, 106 Bank owned homes and 88 short sales. Actual closings during August rose by 32 homes from July to record 279 sales at with an average home selling for 97.25% of the listed price. The average number of days on market was down by 3 from last month to a revised 144 day average. During the past 30 days 119 homes were withdrawn from the market having failed to locate a buyer during the listing period term. The total pipeline of homes under contract and awaiting closure stands at 659 which is a 50 home reduction from the 709 total recorded at the end of July. The August sales pace when reviewed against current total inventory suggests a 3.95 month supply of available homes which is down from the July 4.21 month inventory total.
The July 2013 median price of $157,000 is 24.6% higher than the July 2012 4.4% figure. In addition to the overall median increase, each individual sales type recorded year on year price increases in July, with foreclosures leading the way at a 16.9% increase. The median price of short sales increased 13.6% whilst the median price of normal sales increased 10.4%. Orlando Realtors participated in a total of 2,836 closings, an increase of 15.2% compared to July 2012. Single family home sales increased 17.8% compared to July 2012, while condo sales decreased 1.14%. Compared to the same time last year the number of short sales (490) decreased 29.3% with foreclosures (491) falling by 14.7%. The number of completed traditional sales (1,855) is 55.8% up on July 2012. Orlando homes of all types spent an average 62 days on the market before coming under contract, and the average home sold for 96.6% of its listed price. In July 2012 those numbers were 82 days and 96.2%, respectively. The number of homes under contract awaiting closure currently stands at 7,990 which is 17.6% down from July 2012 and 5.3% lower than the June 2013 total of 8,441. July saw an 18% increase in new listings to revise the total number of existing homes available for purchase to 8,099 with overall inventory up by 483 homes from the previous month. The inventory of single family homes is down by 2.1% compared to July of 2012, while condo inventory is up by 2.5%. The inventory of duplexes, townhomes and villas is up by 17.4%. Current inventory combined with sales pace created a 2.86 month supply of Orlando area homes for July compared to a 3.30 month supply in July 2012 and a 2.86 month supply last month. The sale of condos were down by 1.1% with 348 sales recorded compared to 352 in July 2012. The highest volume of July condo sales in any single price category were once again in the $1 – $50,000 price range and accounted for 17.24% of all condominium sales. Orlando homebuyers purchased 261 duplexes and town homes during the month which is a 19.18% increase compared to July 2012.
The Florida housing market saw an increase in closed and pending sales in July with higher median prices and lower inventory of homes listed for sale, according to the latest housing data released by Florida Realtors®. Statewide closings for existing single family homes totaled 21,238, up 20.9% compared to one year ago’s figure’ , according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Meanwhile, pending sales awaiting closure last month were up 25.9% over the previous July. The statewide median sales price for an existing single family home last month was $177,500 up 18.7% from the previous year. Floridas year on year comparison of townhome and condos closings recorded 9,430 units selling statewide last month, up 16.8% from July 2012. Meanwhile, pending sales for townhouse and condos increased 20.7% compared to one year ago. The statewide median price for townhouse and condo properties was $128,000, up 21.9% from the previous year. The inventory for single family homes offered a 5 month supply in July whilst inventory for townhomes and condos was at a 5.2 month supply, according to Florida Realtors.
Nationally existing home sales rose in July according to the National Association of Realtors® (NAR). Total existing home sales covering all home styles increased 6.5% to a seasonally adjusted annual rate of 5.39 million from a downwardly revised 5.06 million in June, and are 17.2% above the 4.60 million unit pace seen in July 2012. Total housing inventory at the end of July rose 5.6% to 2.28 million existing homes available for sale, representing a 5.1 month supply at the current sales pace. The national median existing home price for all housing types was $213,500 in July, which is up 13.7% from July 2012. Distressed home sales covering both foreclosures and short sales accounted for 15% of all July sales. Foreclosures sold at an average discount of 16% below market value, while short sales were discounted on average by 12%. The median time on market for all homes was 42 days, up from 37 days in June but 39% faster than the 69 days on market seen in July 2012. Short sales were on the market for a median 72 days, while foreclosures typically sold in 50 days with non distressed homes taking 40 days. First time purchasers accounted for 29% of all July sales, unchanged from June but down from the 34% level seen in July 2012. Cash buyers were responsible for 31% of all transactions in July. By type single family home sales rose 6.3% to a seasonally adjusted annual rate of 4.76 million from 4.48 million in June and are 16.4% higher than the 4.09 million unit level seen in July 2012. The median existing single family home price was $214,000 in July, up 13.5% from a year ago. Existing condominium and co-op sales increased 8.6% to an annual rate of 630,000 units in July from 580,000 in June and are 23.5% above the 510,000 unit pace a year ago. The median existing condo price was $209,600 in July, which is 15.5% higher than the recorded figure of July 2012.
August 30th 2013
1 G.B.P…Buys 1.549 U.S.D – 1 U.S.D…Buys 0.645 G.B.P
1 EURO…Buys 1.321 U.S.D – 1 U.S.D…Buys 0.756 EURO
1 CAN $…Buys 0.949 U.S.D – 1 U.S.D…Buys 1.053 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.