July ‘View' From At The Four Corners…
The July four corners area inventory level increased by 76 listings from last month to bring the revised total number of homes listed for sale to 926. This total by type comprises 690 normal owner owned homes, 167 short sales and 69 bank owned properties. The number of homes sold during July was 261 with sales recording an average 96.8% of the asking price after 155 days spent on the market. The pipeline total of homes under offer/contract fell by 85 homes during July to a revised 811 total currently awaiting closure. During the month 124 homes, having failed to attract a buyer were withdrawn from the market. The July overall inventory level remains unchanged from June and continues to equate to a 3.54 supply of available homes listed for sale assuming the continuation of current sales pace.
Orlando…
The median price of an existing Orlando home has risen by over 15% since the start of 2012 to a revised figure of $125,000 with all closing types experiencing some increases in their median prices during June. The median price of a short sale increased 10.61% while the median price of a foreclosure increased 7.38% with normal sales increasing by 2.06%. Orlando realtors participated in a total 2,449 closings during June 2012 which was down 6.20% compared to June 2011 and a decrease of 0.81% from May 2012. Over 46% of all June sales were normal owner sales whilst short sales comprised 28% of closings with foreclosures comprising 24.70% of all sales. Homes of all styles spent an average of 85 days on the market before coming under contract. Pending sales still awaiting closure currently stand at 9,963. This total is 1.23% lower than the June 2011 figure of 10,087 and 3.19% lower than the May 2012 10,291 figure. The number of existing homes available for purchase in Orlando continues to decline and now stands at 8,136. The inventory of single family homes is down by 26.26% from June of 2011, while condo inventory is up by 0.60%. The Orlando months of supply level fell once again in June with the current inventory level when combined with pace of sales equating to a 3.32 month supply of available homes. The total sales of Orlando area condos fell 13.97% in June when compared to June of 2011 with the highest levels of sales once again at the $1 - $50,000 price point accounting for 34.26% of all condo sales. Orlando homebuyers purchased 225 duplexes, town homes and villas in June, which was a 6.64% decrease compared to June 2011.
Florida…
The wider Florida housing market recorded increased pending sales and more closings with higher median prices in June, according to the latest housing data released during the month by Florida Realtors. In June, pending sales increased 31% for existing single family homes and up nearly 23% for townhomes and condo units compared to one year ago. Statewide closed sales of existing single family homes recorded 18800 closings in June, up 5.3% compared to one year ago. The statewide median sales price for an existing single family home last month stood at $151,000 which is up 8.2% from the June 2011 figure. Floridas year on year comparison for townhome and condos sales records a total 9,202 units selling statewide last month, up 1.5% from June 2011. The statewide median for townhome condo properties was $110,000, up 15.8% from last year. Last months inventory for single family homes recorded a 6 month supply with inventory levels of townhome and condominium properties registering a 5.9 month supply.
U.S …
Nationally existing home sale prices showed gains but lower sales in June. Total existing home sales covering all home styles declined 5.4% to a seasonally adjusted annual rate of 4.37 million from an upwardly revised 4.62 million in May but are 4.5% higher than the 4.18 million unit level in June 2011. The national median existing home price for all housing types was $189,400, up 7.9% from one year ago. Distressed sales continue to sell at a discount with 25% of all June sales in this category (13% foreclosures and 12% short sales). Foreclosures nationally are selling at an average 18% discount, while short sales discount by an average 15%. Single family home sales declined 5.1% to a seasonally adjusted annual rate of 3.90 million from 4.11 million in May but are 4.8% above the 3.72 million unit pace of June 2011. The median existing single family home price was $190,100 in June, up 8.0% from one year ago. Existing condominium and co-op sales fell 7.8% to a seasonally adjusted annual rate of 470,000 in June from 510,000 in May, but are 2.2% higher than the 460,000 unit level a year ago. The median existing condo price was $183,200 in June, up 6.9% from one year ago. Total housing inventory at the end of June fell another 3.2% to leave 2.39 million existing homes available for sale representing a 6.6 month supply at the current sales pace. Cash buyers accounted for 29% of all transactions in June which was up from 28% in May. The Commerce Department reported during the month that sales of new homes fell 8.4% in June from May to a seasonally adjusted annual rate of 350,000 which represents the largest fall since February 2011. Regionally, existing home sales in the Northeast fell 11.5% to an annual pace of 540,000 in June but are 1.9% above June 2011. The median price in the Northeast was $253,700, down 1.8% from one year ago. Existing home sales in the Midwest slipped 1.9% in June to a level of 1.02 million but are 14.6% higher than a year ago. The median price in the Midwest was $157,600, up 8.4% from June 2011. In the South, existing home sales declined 4.4% to an annual pace of 1.73 million in June but are 5.5% above June 2011. The median price in the South was $165,000, up 6.6% from a year ago. Existing home sales in the West fell 6.9% to an annual level of 1.08 million in June and are 3.6% below one year ago. The median price in the West recorded as $233,300, up 13.3% from May 2011.
Closing Numbers...
July 31st 2012
1 G.B.P…Buys 1.570 U.S.D - 1 U.S.D…Buys 0.636 G.B.P
1 EURO...Buys 1.224 U.S.D - 1 U.S.D…Buys 0.816 EURO
1 CAN $…Buys 0.995 U.S.D - 1 U.S.D…Buys 1.004 CAN $
U.S Prime Interest Rate = 0.25%
Team Donovan publish an updated monthly report on the 15th 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.
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