February “figures” from the Resort Area Market...
In our inaugural 2024 Team Donovan review, we are excited to announce a significant enhancement to our community data as we incorporate the most recent new build developments completed over the past two years into our database. By including these newly constructed homes in our monthly calculations, we aim to provide existing property owners with a more comprehensive and insightful analysis of the ongoing resale activity within the Resort area market. Total resort area inventory was up by homes in January compared to December at 2,767 listings. The market's median price was down on month from$406,495to$404,419, whilst the average days a home takes to close was unchanged from a month ago at 105 days. A home selling during January closed at an average of 97.6% of its listed price, compared to 98.0% last month. During the month, 319 homes were withdrawn from the market, having failed to sell, up 20.3% from the 260 withdrawn in the final month of 2023. The total pipeline number of homes under offer/pending closure stood at 611, up from 530 in December. January's Total sales of 281 were down from 376 last month, with the total number of available listings being considered against the current speed of sales, indicating a 9.8-month home supply in January, which is up from 7.2 months in the final month of 2023.
Orlando..
The overall median home price in 2023 was $370,500, an all-time high and a 1.5% increase compared to 2022, when the overall median home price stood at $365,000. Total sales during December were down 0.7% from November, with 1,982 closings recorded. Overall sales in 2023 were down by 20.1%, totalling 30,499 closings compared to 38,162 in 2022. Single-family home sales during 2023 were down by 19.6%, with 22,530 closings compared to 28,022 during 2022. Condo sales decreased 22.5% over the same period, recording 4,007 closings and 5,168 during 2022. Townhome sales fell 19.7% 2023 for 2,853 closings compared to 3,551 in 2022. In November 2023, inventory stood at 8,202 offering homes, a 4.1-month supply level representing the highest inventory in the Orlando area since January 2019. At the year's close, inventory stood at 7,838 in December, or 3.9 months' supply level. Interest rates rose nearly every month during 2023, reaching a peak of 7.8% in October 2023, their highest point in more than 22 years. Rates have since fallen in the following months to close the year at 6.6%. New listings fell during December, with 2,409 new listings entering the market compared to 3,188 new listings during November.
Florida...
In December, the closed sales of single-family homes statewide totalled 18,423, down 3.8% from December 2022, while existing condo and townhome sales totalled 7,202, down 6.2% year on year, according to Florida Realtors data. The statewide median sales prices for existing single-family homes and condo and townhome properties rose yearly during December 2023. The statewide median sales price for an existing single-family home was $410,000, up 3.8% from the previous year. Meanwhile, the statewide median price for condo and townhome units stood at $330,000, up 6.5% over one year ago. The statewide median sales price for an existing single-family home at the year's end was $410,000, up 1.9% from the previous year. The statewide median price for condo and townhome properties was $322,500, up 5.2% from the prior year. Florida Realtors' data showed that at the end of 2023 and 4Q 2023, inventory of active listings of single-family homes stood at a 3.6-month supply, while inventory for condo and townhome properties saw a 5.1-month supply.
U.S...
Existing home sales fell in December, according to the National Association of Realtors®. Among the four major U.S. regions, sales slipped in the Midwest and South, rose in the West and were unchanged in the Northeast. All four regions experienced year-on-year sales decreases. On an annual basis, with existing home sales of 4.09 million at the lowest level since seen since 1995, the median price reached a record high of $389,800 during 2023. Total existing closings for all home styles decreased 1.0% from November to a seasonally adjusted annual rate of 3.78 million, with year-on-year sales down 6.2% and closings down from 4.03 million in December 2022. Unsold inventory was at a 3.2-month supply at the December sales pace, down from 3.5 months in November but up from 2.9 months in December 2022. The median existing home price for all housing types stood at $382,600, an increase from the December 2022 figure of $366,500, with all four U.S. regions posting price increases. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.6% as of January 18., down from 6.7% the prior week but up from 6.2% one year ago. First-time buyers represented 32% of all sales, while cash sales accounted for 29% of all transactions, up from 27% in November 2023 and 28% in December 2022. Individual investors or second home buyers, who make up many cash sales, purchased 16% of homes during December, down from 18% in November and identical to a year ago. Distressed sales of foreclosures and short sales represented 2% of closings in December, virtually unchanged from last month and the previous year. Single-family home sales edged lower to a seasonally adjusted annual rate of 3.4 million, down 0.3% from 3.41 million in November and 6.1% from the previous year. The median single-family home price was $387,000, up 4.0% from December 2022. Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 380,000 units in December, down 7.3% from November and one year ago (both 410,000 units). The median existing condo price was $343,800 in December, up 8.2% from the previous year's price of $317,700.
Closing Numbers ... January 31st 2024…
1 G.B.P…Buys 1.267 U.S.D - 1 U.S.D…Buys 0.788 G.B.P
1 EURO...Buys 1.081 U.S.D - 1 U.S.D…Buys 0.924 EURO
1 CAN $…Buys 0.745 U.S.D - 1 U.S.D…Buys 1.342 CAN $
U.S Federal Prime Interest Rate = 8.5%
Team Donovan publishes this updated market news on the 1st of each month to benefit Orlando Resort Area property owners. Our community reports are published on the 15th of each month. If you are considering selling your property, don't hesitate to contact us; we would be delighted to discuss the process in more detail.