ORLANDO REAL ESTATE MARKET NEWS - April 2023 - Published 1st May 2023
April “answers’ From The Resort Area.
The resort area markets month on month median price fell during April for the first time in over 5 years, with the revised median price down from $371,252 last month to $367,300 in April, which represents a 1.1% decrease month on month but still a 16.3% increase on the one year ago median price of $310,900. April's listed 858 was 3.3% below the March total of 887 but still significantly higher than the 325 listings in the comparable month a year ago. The April pipeline total number of homes under offer/contract was 686, which was 5.3% up on the 650 pipeline total in March but & down on the 807 pipeline total of April 2022. Total closings during the month of 404 was 40 above the March total but 37 below the 441 closed total recorded n April 2022. A home that closed during April achieved an average of 99.2% of the listed price, down from 99.6% last month and below the 99.9% level achieved a year ago. The average days on the market that a home took to close was 79, compared to 71 days twelve months ago and 75 days last month. April saw 114 homes withdrawn from the market, having failed to sell, compared to the 54 withdrawn twelve months ago. When reviewed against the current sales pace, April's inventory level suggests a 2.1-month supply of home availability, which is down from the 2.4-month supply last month but significantly up on the 0.7-month supply offered to prospective buyers in the market twelve months ago.
Orlando..
The latest data from the Orlando Regional Realtor Association ( O.R.R.A.) reveals that Central Florida sales rose 31.1% from February to March, with 2,936 closings during the month, an increase of 696 from the 2,240 sales recorded in February 2023. Conversely, overall sales during the month were 28.4% lower than in March 2022, when there were 4,100 closings. O.R.R.A also reported that month-on-month total inventory was down 9.1% from 5,555 listings in February to 5,052 homes in March but was still 103.9% higher than a year ago when the market recorded 2,478 homes. New listings were up 22.1% month on month, with 3,442 new homes arriving on the market, compared to 2,820 in February. Pending sales held steady at 4,184 compared to 4,220 in March, with 28 distressed homes (bank-owned properties and short sales) accounting for 1% of all home sales during the month, representing a 27.3% increase from February, when 22 distressed homes were sold. The median home price stood at $365,000, up from $358,000 in February. Homes spent an average of 57 days on the market, down from 62 days in February but were 111.1% higher than in March 2022 when homes spent an average of 27 days on the market. O.R.R.A also reported that the average March interest rate stood at 6.7%, up from 6.4% in February, the fourth month of increasing rates. The overall supply of homes in the market decreased to a 1.7-month supply, down from 2.5 months in February.
Florida...
The broader Florida housing market saw an increase in inventory and higher median sales prices compared to a year ago, according to Florida Realtors®' latest housing data. That Is also the case when looking at the smaller drop in condo and townhome sales during March compared to the prior two months. For 1Q 2023, statewide existing single-family home sales totalled 59,554, down 22% from 1Q 2022, while statewide existing condo and townhome sales totalled 24,931, down 30.5% from the same quarter a year ago. The statewide median sales price for an existing single-family home in March was $405,000, up 2.1% 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 $320,000, up 3.9% over the one-year-ago figure. For 1Q 2023, the statewide median price for of a single-family home was $399,900, up 3.9% year on year. The statewide median price for condo and townhome properties was $316,500, up 7.3% year on year. On the market's supply side, the total inventory of active listings increased in March as well as for 1Q 2023: Single-family existing homes were at a 2.7-month supply, while condo and townhome inventory was at a 3-month supply for both timeframes.
U.S...
The nation's existing home sales dropped 2.4% to a seasonally adjusted annual rate of 4.44 million units last month, the National Association of Realtors reported. They had increased in February for the first time in a year. Sales fell in the West, Midwest, and the densely populated South but were unchanged in the Northeast. The median existing house price fell 0.9% from a year earlier to $375,700 during March, the largest decline since January 2012. There were 980,000 previously owned homes on the market, up 5.4% from a year ago. At March's sales pace, it would take 2.6 months to exhaust the current inventory of existing homes, up from 2 months a year ago. Properties typically remained on the market for 29 days, down from 34 days in February. Sixty-five per cent of homes sold during March were on the market for less than a month, whilst first-time buyers accounted for 28% of sales, down from 30% a year ago. AlCash buyers comprised 27% of total transactions compared to 28% a year ago. Distressed sales, including foreclosures, represented 1% of transactions, essentially unchanged from a year ago.
April 28th 2023
1 G.B.P...Buys 1.235 U.S.D - 1 U.S.D...Buys 0.809 G.B.P
1 EURO...Buys 0.922 U.S.D - 1 U.S.D...Buys 1.084 EURO
1 CAN $...Buys 0.745 U.S.D - 1 U.S.D...Buys 1.341 CAN $
1 BRL $...Buys 0.195 U.S.D - 1 U.S.D...Buys 5.116 BRL $
U.S Prime Interest Rate = 7.50%
Team Donovan's monthly report on the Florida real estate market is published on the 1st of each month for absentee owners in the United States and worldwide. If you are considering selling your property now or in the future, please do feel free to contact us; we would be delighted to discuss the marketing of your property in more detail.