Orlando Real Estate Market News - March 2022

February 'facts" From The Resort Area...
 
The February resort area sales total of 448 closings was up on the 418 sales of last month and an increase of 11.7% against the 401 closings of February 2021.  The markets median price climbed to $298,900 and represented an increase of 2.2% from the January median price of $292,300 and 18.4% up from the February 2021 median price of $252,362. The average days that a home now takes to close was down 3 days from last month at 79 days and down 15 from the 97 day level seen a year ago. A home that closed during February achieved on average 99.9% of its listed price compared to the 97.8% level being achieved twelve months ago. During the month 40 homes were withdrawn from the market having failed to sell whilst listed. Homes pending or under offer/contract and awaiting closure totaled 817 which down on the the 868 home pipeline of closings in February 2021 but up on the 751 total recorded last month.  Total inventory levels when reviewed against current pace of sales continues to show record low levels of home availability in the market with the February total indicating a 0.5 month supply of inventory  which was down from the 0.7 month supply in January and very much lower than the 2 month level a year ago.  

Orlando...
 
The Orlando market median home price stood at $335,000 in January which was a decrease of 1.47% from the December 2021 record high of $340,000.  Overall sales during January were down 20.6%, with a total of 3,033 closings compared to the 3,820 sales recorded in December.  Orlando area homes spent an average of 32 days on the market, up slightly from December 2021 when the average recorded as 31.  Overall inventory continued to fall during January, decreasing 8% when compared to December 2021 with a total of 2,379 homes on the market during the month.  New listings increased by 27.7% compared to January 2021, with a total of 3,574 new homes entering the market.  Orlando area inventory  overall decreased 8% from December 2021 to January 2022 from  2,586 homes. With inventory  levels during January 2022 some 44% lower than a year ago the supply of homes  remaining in the market at the current sales pace stands at just under 1 month whilst a balanced market is generally considered to offer a six month level of supply.   

 Florida...

The Florida housing market reported more closed sales and rising median prices compared to a year ago, according to Florida Realtors®' latest housing data. Existing single family home sales were up 1.4% last month compared to January 2022.  Closed sales of single family homes statewide totaled 21,885, up 1.4% year on year, while existing condo and townhome sales totaled 10,252, up 6.7% from a year ago.  The statewide median sales price for an existing single family home was $375,000, up 23% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last months statewide median price for condo and townhome units stood at $285,000, up 23.9% from a year ago.  The median time to contract statewide for single family homes was 14 days compared to the 21 days it took twelve months ago. The median time for an existing condo or townhome to contract was 16 days which compares to 39 days in January 2021. According to Freddie Mac, the interest rate for a 30 year fixed rate mortgage averaged 3.45% during the month, significantly higher than the 2.74% averaged during the corresponding month a year earlier. On the supply side of the market, inventory of active listings continued to be limited during the month with existing single family homes at a restricted 1.0 month supply while condo and townhome inventory offered a 1.2 month supply.

U.S... 

The Nations total existing home sales for all home styles, climbed 6.7% from December to a seasonally adjusted rate of 6.50 million in January with year on year sales down 2.3% from 6.65 million.   The median existing home price for all home styles was $350,300, up 15.4% from January 2021 when $303,600 was recorded, as prices rose in all regions. This marked the 119th consecutive month of year on year increases, the longest running streak on record. Properties typically remained on the market for 19 days, equal to the days on market in  December, but down from 21 days in January 2021. During the month 79% of homes sold were on the market for less than 30 days. First time buyers accounted for 27% of total sales, down from 30% in December and lower than the 33% recorded in January 2021. Individual investors or second home buyers, who make up many cash sales, purchased 22% of all homes during the month, up from 17% in December and 15% in January 2021. Cash buyers comprised 27% of all transactions, up from 23% in December and 19% during January 2021. Distressed sales of foreclosures and short sales represented less than 1% of all closings which was equal to the percentage seen in both December and January 2021.  Single family home sales jumped to a seasonally adjusted annual rate of 5.76 million units, up 6.5% from 5.41 million in December and down 2.4% from a year ago. The median existing single family home price stood at $357,100 which was up 15.9% from one year ago. Existing condominium and co-op sales  recorded a seasonally adjusted annual rate of 740,000 units, up 8.8% from 680,000 in December but down 1.3% from a year ago. The median existing condo price stood at $297,800 in January representing an annual increase of 10.8%.  Total housing inventory amounted to 860,000 units, down 2.3% from December and down 16.5% from inventory levels of 1.03 million a year ago. Unsold inventory sits at a 1.6 month supply across the nation at the current sales pace, down from 1.7 months in December and from a 1.9 month level in January 2021.

February 28th 2022

1 G.B.P...Buys 1.337 U.S.D - 1 U.S.D...Buys 0.747 G.B.P
 
1 EURO...Buys 1.117 U.S.D - 1 U.S.D...Buys 0.894 EURO
 
1 CAN $...Buys 0.783 U.S.D - 1 U.S.D...Buys 1.276 CAN $
 
1 BRL $...Buys 0.193 U.S.D - 1 U.S.D...Buys 5.164 BRL $
 
U.S Prime Interest Rate = 3.25%
 
Team Donovan publish a 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 home in more detail.

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