***Published on 1st April 2025***

March  “moments”  from the Resort Area Market...   

The March median price was up at $399,000 from the February figure of $397,900,  but was down 1% from the March 2024 median price of $404,000. A closed home during March achieved an average of 97.3%  of its final listed price, up from 97.1% in February and down from the 98.0% level achieved one year ago.  During March, the average days a home took to close was 123, whilst the average days on market was 91, compared to 85 days in February and a 78-day average recorded over the last 12 months.   Total closings of 311 were 63 up on the 248 February total, but below the 396 sales recorded in March 2024.   The number of homes Pending- under offer/contract across the market stood at 349, up from 327 in February.   During the month, 312 homes were withdrawn from the market, failing to sell.  Overall, resort area inventory levels stood at 3,480 homes, compared to the 2,800 listings offered in March 2024.   When reviewed against the actual current sales pace, the markets' overall inventory indicates an 11.1-month inventory supply is down from a 13.7-month level the previous month but considerably up from the 7.1-month level recorded in March 2024.  

Orlando..

 The median home price for February was $385,000, up from $375,000 in January. Overall sales were up 21.3% from January to February. There were 1,514 closings in January and 1,837 sales in February. Inventory for February was 12,411 homes, up 6.1% from January when inventory was recorded at 11,697. This is the highest inventory since October 2014. February’s interest rate was 6.7%, down from 6.8% in January.    In February, 23 distressed homes (bank-owned properties and short sales) accounted for 1.5% of all home closings. This is a 1.2% increase from January, when 18 distressed homes sold. New listings fell 1.9% month on month, with 4,140 new homes on the market in February, compared to 4,220 in January. 

Florida...

 Florida’s housing market reported more inventory and moderating median sales prices than a year ago, according to Florida Realtors®’ latest housing data.  Closed sales of single-family homes statewide last month totaled 17,698, down 7% from the February 2024 level, while existing condo-townhouse sales totaled 6,503, down 13% year-over-year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median sales price for single-family existing homes in February was $415,000, the same level as the previous year; for condo-townhouse units, it was $315,000, down 3.1% compared to February 2024. The median is the midpoint; half the homes sold for more, half for less.  Statewide inventory last month was higher than a year ago for both existing single-family homes, increasing by 31.6%, and for condo-townhouse units, up 36%. Meanwhile, the supply of single-family existing homes was at a 5.3-month level, while existing condo-townhouse properties were at a 9.7 supply last month. 

U.S...

 Nationally, existing-home sales increased in February, according to the National Association of Realtors®. For monthly and year-over-year sales, two major U.S. regions experienced growth, one region remained stable, and the other registered a decline. Total existing-home sales for all home styles were up 4.2% from January to a seasonally adjusted annual rate of 4.26 million in February.  Year on year, sales slid 1.2% (down from 4.31 million in February 2024). Total housing inventory registered at the end of February was 1.24 million units, up 5.1% from January and 17% from one year ago (1.06 million). Unsold inventory sits at a 3.5-month supply at the current sales pace, identical to January and up from 3.0 months in February 2024. The median existing-home price for all housing types in February was $398,400, up 3.8% from one year ago.  First-time buyers were responsible for 31% of sales in February, up from 28% in January 2025 and 26% in February 2024. Cash sales accounted for 32% of transactions in February, up from 29% in January but down from 33% in February 2024. Cash sales accounted for 32% of transactions in February, up from 29% in January but down from 33% in February 2024.  The median single-family home price was $402,500 in February, up 3.7% from February 2024. Existing condominium and co-op sales waned 9.8% in February to a seasonally adjusted annual rate of 370,000 units, also down 9.8% from a year ago.  The median existing condo price was $355,100 in February, up 3.5% from the previous year's level of $343,000.  Individual investors or second-home buyers, who make up many cash sales, purchased 16% of all homes in February, down from 17% in January and 21% in February 2024.  Distressed sales of foreclosures and short sales represented 3% of sales in February, unchanged from January and the previous year.

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.65% as of March 13. That's up from 6.63% a week earlier but down from 6.74% one year ago. 

Closing Numbers ... March 31st 2025… 

1 G.B.P…Buys  1.289 U.S.D                  -              1 U.S.D…Buys  0.775  G.B.P

1 EURO...Buys  1.079 U.S.D                   -              1 U.S.D…Buys  0.926 EURO

 1 CAN $…Buys 0.695 U.S.D                  -              1 U.S.D…Buys  1.437  CAN $   

U.S Federal 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.