February saw 259 homes sell across the short term rental communities with the majority of these sales comprising bank owned and short sale related closings. Inventory of listed homes fell during the month to record 1858 at the month end compared to 1948 in January. The average days that a home now takes to sell increased by 1 from last month to stand at 146 with the average home now achieving 95.5% of the listed price. Awaiting closing 986 homes now record as pending/under offer which reflects an increase of 90 homes from last months total. During February 119 homes withdrew from the market having been unable to attract a buyer during the listed period. The February sales pace of 259 homes projected forward would suggest that current overall inventory levels now reflect a 7.17 month supply of available homes.
Orlando…
Members of the Orlando Regional Realtor Association reported a 7.14% year on year increase in sold homes in January 2011 with a record level of transactions comprising bank owned and short sold homes. The lower median prices achieved of bank owned and short sales accounted for 75.03% of all Orlando sales in January. The median sales price of all homes sold in the Orlando area fell 6.91% to $94,950 in January when compared against the January 2010 median figure of $102,000. The median sold price for 'normal' existing homes (neither a short sale or foreclosure related) in January was $145,000 with the median price for bank owned sales recording as $75,000 and short sales $94,500. In addition to the increase in closed sales January saw a 4.69% rise in new contracts over January 2010. The areas overall pending sales statistic increased by 2.18% with 8,777 homes currently under contract awaiting closure. Homes of all styles spent an average of 96 days on the market with the average home now selling for 94.46% of its listed price. One year ago these figures recorded as 89 days and 93.73% respectively. Total inventory levels show 14,398 Orlando homes available for purchase through the MLS which is down 3.97% from December and 9.5% lower than January 2010. The current pace of sales translates into a 7.38 month supply and by style comprises 11,616 single family homes, 1,629 condominiums and 1153 duplexes/town homes/villas. Orlando area condominium sales increased by increased by 26.43% in January when compared to January of 2010. The highest sales volume (278) fell in the under $50,000 price range and accounted for 54.83% of all condo sales. The second highest volume range with 11.24% of total sales was in the $50,000 - $60,000 category.
Florida…
Floridas existing home and condo sales rose in January according to the latest housing data released by Florida Realtors®. Existing home sales increased 14% last month with a total of 12,151 homes selling statewide compared to 10,702 in January 2010. Januarys statewide sales of existing condos rose by 36% compared to the previous years sales figure with seventeen of Floridas metropolitan statistical areas (MSAs) reporting increased existing home sales in January with 16 MSAs reporting higher condo sales. Floridas median sales price for existing homes now stands at $122,200 which is down 7% from a year ago. Analysts with the National Association of Realtors (NAR) continue to point to the sales of foreclosures and other distressed properties as a major factor continuing to distort overall median sales prices achieved given that they generally sell at a discount relative to traditional home sales. In Floridas year on year comparison for condos 6,681 units sold statewide last month compared to 4,916 units in January 2010 representing a 36% increase. The statewide median existing condo sales price last month stood at $79,400 down 18% from the January 2010 figure of $97,000.
U.S …
Existing home sales across the US rose 2.7% in January but prices fell to their lowest level in nine years according to the National Association of Realtors (NAR). The sales increase came despite severe winter storm conditions affecting many parts of the country during the month. Of those January sales over one third related to foreclosed properties with cash purchasers also accounting for a third of all sales nationally. The NAR said that Januarys sales rose to a seasonally adjusted annual rate of 5.36 million from a downwardly revised 5.22 million in December. It also noted that the pace of existing home sales over the past three months was above levels seen a year ago and Januarys sales were also up by 5.3% on the same month a year ago. The average price of a house in the nation stood at $158,800 which is down 3.7% from a year ago and was the lowest average price point since April 2002. The sale of newly built, single family homes declined 12.6% to a seasonally adjusted annual rate of 284,000 units in January according to other figures released from the U.S. Commerce Department. Regionally, new home sales declined 12.8% in the South and 36.5% in the West but gained 54.5% from a very low number in the Northeast and rose 17.1% in the Midwest January. Meanwhile the inventory of new homes for sale continued to edge downward by 0.5% to 188,000 units in January amounting to a 7.9 month supply of available homes at the current sales pace.
Closing Numbers ...
Monday February 28th 2011
1 G.B.P…Buys 1.609 U.S.D - 1 U.S.D…Buys 0.621 G.B.P
1 EURO...Buys 1.376 U.S.D - 1 U.S.D…Buys 0.726 EURO
1 CAN $…Buys 1.020 U.S.D - 1 U.S.D…Buys 0.980 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 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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