Market News

April 'Answers" From The Resort Area..

The resort area saw 441 homes change hands during April which was 71 lower than the 512 sales in March and 123 adrift of the 564 sales recorded in April 2021.  Total net inventory was up by 19% as the number of homes listed increased from 273 last month to 325 in April but was still 42% below the 461 listings of exactly a year ago. The markets median price continued to rise and closed the month at $310,900 recording a 2.5% increase from last month and a 17.9% rise on the $255,306 price recorded a year ago. Total sales during April of 441 represented a decrease of 13.9% from the 512 sales during March and also a 21.9% decrease on the 564 closings in April 2021.  A home that closed during April achieved on average 99.9% of its listed price which compares to a level of 98.1% that was being attained in April 2021. The average days that a home now takes to change hands was down 5 days from from last month at 71 and is down some 28 days from the 99 day average of a year ago.  The pipeline number of homes pending or under offer/contract and awaiting closure stood at 807 which was lower than the 883 pipeline of closings awaiting completion in April 2021 and also down by 22 homes compared to March 2022.  The month of April saw 54 homes withdraw from the market having not attracted a sale whilst listed.  The total April inventory  when reviewed against pace of sales continues to reveal record low levels of home availability across the market with the April total indicating a 0.7 month supply of listings which is up slightly on the March 0.5 month level but still below the 1 month level recorded twelve months ago.   

The March median home price in Orlando was recorded at $361,000, an increase of 4.6% compared to $345,000 in February 2022 which set a new record high for the second month in a row. Overall sales during March increased by 28.2%, with a total of 4,100 closings compared to the 3,198 sales in February 2022.  Homes spent an average of 27 days on the market in March, down 10% from February 2022 when the average recorded as 30 days. Inventory increased during March by 7.1% compared to February to a revised total of 2,478 homes available for purchase. New listings were up by 18.7% compared to February with a total of 4,375 new homes on the market during the month. Interest rates continue to increase with the average rate for March recorded as 4.2% compared to February which was stood at 3.9%. O.R.R.A. members sold 4,100 homes during the month, an increase of 28.2% from the 3,198 sales in February 2022.  During the month 24 distressed homes (bank-owned properties and short sales) accounted for 0.6% of all closings during March which represents a 17.2% decrease over February when 29 distressed homes sold.  Orlando area inventory increased 7.1% month on month from 2,313 listings to 2,478 with overall inventory during March some 14% lower than during March 2021. The overall supply of homes remained at just under a one month supply whilst the number of new listings entering the Orlando market increasing during the month by 18.7% to 4,375 homes. 


Closed sales of single family homes statewide totaled 30,793, down 6.2% year on year, while existing condo and townhouse sales totaled 14,631, a decrease of 11.4% over March 2021. Higher mortgage rates and less pandemic driven buyer demand helped contribute to a fall in closed sales, according to Florida Realtors.  The statewide median sales price for a single family home during March was $396,558, up 21.3% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo and townhome units was $308,000, up 27.3% year on year. On the supply side of the market, inventory of active listings remained tightly constrained during March as well as for all of the first quarter with existing single family homes offering a restricted 1 month supply while condo and townhome  inventory revealed a 1.2 month supply. According to Freddie Mac, the interest rate for a 30 year fixed rate mortgage averaged 4.17% in March 2021, significantly higher than the 3.08% averaged during the same month a year earlier.


Existing home sales decreased during March, marking two consecutive months of declines, according to the National Association of Realtors®. Month on month, sales in March waned in three of the four major U.S. regions while holding steady in the West while sales  were down across all regions year on year.   Total existing home sales for all home styles were down 2.7% from February to a seasonally adjusted annual rate of 5.77 million in March. Year on year sales fell 4.5%  from 6.04 million in March 2021.  Housing inventory at the end of March totaled 950,000 units, up 11.8% from February and down 9.5% from one year ago  level of 1.05 million. Unsold inventory sits at a 2 month supply nationally at the current sales pace, up from 1.7 months in February but down from 2.1 months in March 2021. The median existing home price for all housing types during March was $375,300, up 15% from March 2021 at $326,300, as prices rose in each region marking the 121st consecutive months of year on year increases, the longest-running streak on record. Properties typically remained on the market for 17 days, down from 18 days in both February and March 2021 while 87% of homes that sold in March were on the market for less than a month. First time buyers accounted for 30% of the nations sales, up from 29% in February and down from 32% in March 2021.  Individual investors or second home buyers, who make up many cash sales, purchased 18% of all homes during March, down from 19% in February and up from 15% in March 2021. Cash buyers accounted for 28% of all transactions, up from both the 25% level recorded in February and from 23% total in March 2021. Distressed sales of foreclosures and short sales represented less than 1% of sales, equal to the percentage seen in both February 2022 and March 2021. By type, single family home sales decreased to a seasonally adjusted annual rate of 5.13 million, down 2.7% from the 5.27 million in February and down 3.8% from one year ago. The median existing single family home price stood at $382,000, up 15.2% from March 2021. Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 640,000 units during March, down 3% from the 660,000 in February and also down 9.9% from a year ago. The median existing condo price stood at $322,000 representing an annual increase of 11.9% 

April 30th 2022

1 G.B.P...Buys 1.257 U.S.D - 1 U.S.D...Buys 0.795 G.B.P

1 EURO...Buys 1.056 U.S.D - 1 U.S.D...Buys 0.946 EURO
1 CAN $...Buys 0.785  U.S.D - 1 U.S.D...Buys 1.273  CAN $
1 BRL $...Buys 0.202 U.S.D - 1 U.S.D...Buys 4.938 BRL $
U.S Prime Interest Rate = 3.50%
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.