ORLANDO REAL ESTATE MARKET NEWS - JANUARY 2023 - Published 1st February 2023
JANUARY "summary' From The Resort Area.
The January resort area climbed again during the month, with the revised median setting another new record of $365,387, representing a 25% gain on the one-year-ago median price of $292,300. Month on month, the January median price represented a 0.6% increase from the $363,100 price in December. The total number of January closings was 228 which was 55% below the 418 closings recorded a year ago. On average, a January closed home achieved 100.02% of the listed price, up to the 99.17% level achieved a year ago. The average days on the market that a home took to close was 69 which compares to 82 days a year ago but 2 days higher than the 67 days it took during December. January total listings of 1056 were up 41 from December but are still far higher than the 273 total listings back in January 2022. January's pipeline of homes under offer/contract closure stood at 484 which was 12.8% up on the 429 pipeline in December but well below the 751 pipeline total in January 2022. During the month, 147 homes were withdrawn from the market that failed to sell, compared to 55 twelve months ago. Total inventory levels, when considered against the current pace of sales, reveal another increase in overall home availability across the market, with total current levels indicating a 4.6-month supply during January, which is up on the 3.8-month supply in December and very different from the 0.7-month supply level of a year ago.
Orlando...
The December median home price stood at $353,200, down from the November median price of $360,000. The overall median home price during 2022 was $365,000, an all-time high and a 17.7% increase compared to 2021, when the median home price was $310,000. Overall sales during December increased 11.7% from November, with 2,230 closings recorded. Overall sales in 2022 were down 16.3% compared to 2021with a total of 38,162 sales. Inventory dropped 11.8% from November in December, for a total of 6,351 homes on the market. At the start of the year, inventory stood at 2,379 homes which represented a 0.78-month supply, compared to December 2022, when inventory reached 6,351 homes which represented a 2.85-month level of supply. Interest rates decreased for the second month in December to 6.1% compared to 6.6% in November. During 2022, interest rates increased every month until October, when interest rates peaked at 6.95%, their highest point in more than 20 years. Interest rates have begun to fall in the two most recent months, closing the year at 6.12%. In December, 17 distressed homes (bank-owned properties and short sales) accounted for 0.8% of all homes sold, representing an 88.9% increase from November, when 9 distressed homes were sold. New listings dropped during the month, with 2,186 new homes entering the market compared to 2,597 new listings during November.
Florida...
In December, closed sales of single-family homes statewide totalled 19,158, down 36.1% from December 2021, while existing condo and townhome sales totalled 7,677, down 40% year on year, according to Florida Realtors data. The statewide median sales prices for existing single-family homes and condo and townhome properties were up yearly during December 2022. The statewide median sales price for an existing single-family home was $395,000, up 5.6% from the previous year. Meanwhile, the statewide median price for condos and townhomes was $310,000, up 8.8% over the one-year-ago figure. At the end of 2022, statewide closed sales of existing single-family homes totalled 287,352, down 18% compared to the 2021 year-end level, according to data from the Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median sales price for existing single-family homes was $402,500 at the year's end up 15.7% from the previous year. Florida's year-on-year comparison for the sales of condos and townhomes detailed a total of 125,494 units sold statewide during 2022, down 21.7% compared to 2021. The statewide median price for condo and townhome properties at the end of the year was $306,500, up 21.6% from the previous year. Statewide, the median percentage of the original listing price received by sellers at the end of 2022 continued at about the same level year on year in both property type categories at 100% for existing single-family homes and 99.9% for condo and townhome units.
U.S...
The nation's existing home sales retreated for the eleventh consecutive month during December, according to the National Association of Realtors® (N.A.R.). Three of the four major U.S. regions tracked by N.A.R. recorded month-on-month falls, while sales in the West were unchanged. All regions experienced year-on-year declines. Total existing-home sales of completed transactions for all home styles decreased 1.5% from November to a seasonally adjusted annual rate of 4.02 million in December. Year on year, sales were down 34.0% (down from 6.09 million in December 2021). The total housing inventory registered at the end of December was 970,000 units, down 13.4% from November but up 10.2% year on year (880,000). Unsold inventory sat at a 2.9-month supply at the current sales pace, down from 3.3 months in November but up from 1.7 months during December 2021. The median existing-home price for all housing types in December was $366,900, a 2.3% increase from the December 2021 figure of $358,800, with prices higher in all four regions. It's now 130 consecutive months of the year on year increases, the longest-running streak on record. Properties typically remained on the market 26 days, up from 24 days in November and 19 days in December 2021. Of the homes sold during December 2022, 57% were on the market for less than a month, with one out of three December sales going to first-time buyers, up from 28% in November and 30% one year earlier. Cash buyers accounted for 28% of all December transactions, up from 26% in November and 23% in December 2021. Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes, up from 14% in November but down from 17% in December 2021. Distressed sales of foreclosures and short sales represented 1% of all sales in December, virtually unchanged from last month and a year ago. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.15% as of January 19, which is down from 6.33% the previous week but up from 3.56% just a year ago. By type, Single-family home sales declined to a seasonally adjusted annual rate of 3.60 million in December, down 1.1% from the 3.64 million level in November and down 33.5% from the previous year. The median existing single-family home price was $372,700, up 2.0% from December 2021. Existing condominium and co-op sales were at a seasonally adjusted annual rate of 420,000 units, down 4.5% from November and 38.2% from a year ago. The median existing condo price was $317,200 during December, an annual increase of 3.3%.
January 31st 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 publishes a monthly report on the 1st of each month for the benefit of Worldwide Florida absentee owners. If you are considering selling your 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.