ORLANDO REAL ESTATE MARKET NEWS - July 2023 - Published - 1st August 2023
July “journal’ From The Resort Area.
Julys month on month median price was broadly unchanged at $370,131 but has gained 10.1% from the one year ago median price of $335,875. July's total of listings stood at 973 homes which was little changed from the 972 listings in June but was 102 homes up on the 871 recorded in July 2022. Closed sales during July totaled 377 which was slightly up on the 373 in June but was a fall of 35 sales on the 412 closings of a year ago. A home selling during July 2023 in our market closed at an average 98.0% of its listed price, which was slightly from an average 98.1% last month and well below the 99.9% level achieved twelve months ago. The average days it now takes for a resort area home to close stands at 92 which is 3 days higher than in June and 29 days up on the 63 days it was taking just twelve months ago. The pipeline of homes under offer/contract stood at 567 which was 9.9% below the 623 pipeline total in June and down 3.8% from the 589 total recorded in July 2022. During July 92 homes were withdrawn from the market having failed to sell whilst listed which was little changed from the 91 homes withdrawn in July 2022. July's inventory total when considered against the monthly pace of sales, indicates a 2.6 month supply of home availability, which is unchanged from the previous month but up on the ls up on the 2.1 month supply offered to the market a year ago.
Orlando..
The overall supply of Orlando homes increased to a 1.7 month level in June, up 6.7% from 1.6 months in May. Inventory for June stood at 5,450 homes, up 5.8% from May when inventory totals stood at 5,149. Total Inventory was 0.2% higher compared to June 2022, when it was recorded at 5,437 homes. The median home price was $385,000, up from $378,000 in May as median home prices have increased every month this year. The Median home price in June 2023 was close to June 2022, when it stood at $387,000. New listings rose 7.1% from May to June, with 3,703 new homes entering the market in June, compared to 3,459 in May. Homes spent an average of 41 days on the market, down from 45 days in May. This is 105.0% higher than in June 2022 when homes spent an average of 20 days on the market. Overall sales fell 0.8% from May to June as the 3,124 closings in June compared to 3,150 in May. Interest rates increased from 6.6% in May to 6.7% in June which is 20.6% higher than June 2022 when interest rates were 5.5%. Pending sales fell, with 4,304 recorded in May compared to 3,964 in June. Some 28 distressed homes (bank-owned properties and short sales) accounted for 0.9% of all home sales during June which represented a 33.3% increase from May, when 21 distressed homes closed.
Florida...
Last month, closed sales of existing single family homes statewide totaled 26,071, down 7.9% year on year, while existing condo and Townhome sales totaled 10,494, down 11% compared to June 2022, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. For 2Q 2023, statewide existing single family home sales totaled 75,801, down 11.2% from 2Q 2022, while statewide existing condo and townhouse sales over the same period totaled 31,926, down 17.7% year on year. The typical rate of a 30 year fixed rate loan was between 6.5% to 7%. The statewide median sales price for existing single family homes in June was $420,000, the same as the previous year, while the statewide median price for condo and townhome units stood at $325,000, relatively the same as in June 2022. On the supply side of the market, existing single family homes offered a 2.8 month level of supply in June, while condo and townhome properties offered a 3.6 month level.
U.S...
Existing home sales fell 3.3% month on month to 4.16 million units in June, coming in slightly below market expectations with a decline to 4.20 million. Activity overall was down 18.9% compared to a year ago. Single family home sales were down 3.4% to 3.72 million units in June, while sales in the smaller condo/co-op market fell 2.2% to 440k units. Activity was mixed on a regional basis, with sales falling sharply in the South, down -5.4% and West, -5.1%, but rising in the Northeast by 2.0% whilst holding flat in the Midwest. There were 1.08 million homes available for sale during June, the same as in May but down 13.6% from one year ago. Measured at the current sales rate and seasonally adjusted, unsold inventory was at 2.8 month supply, unchanged since March but up from the 2.7 month level in June last year. The median existing home price was 0.9% lower than a year ago, marking the fifth negative month price on a year on year basis. This result though when seasonally adjusted indicates a median home price up moderately on a month on month basis for the second month in a row. Properties typically remained on the market for 18 days during June, identical to May but up from 14 days in June 2022 while 76% of homes sold during June were on the market for less than a month. First time buyers were responsible for 27% of all sales, down from 28% in May and 30% in June 2022. Cash buyers accounted for 26% of all transactions, up from 25% in both May 2023 and June 2022. Individual investors or second home buyers, who make up many cash sales, purchased 18% of homes during the month, up from 15% in May and 16% the previous year. Distressed sales of foreclosures and short sales represented 2% of total sales in June which was virtually unchanged from last month and the prior year.
July 31st 2023
1 G.B.P...Buys 1.286 U.S.D - 1 U.S.D...Buys 0.777 G.B.P
1 EURO...Buys 1.103 U.S.D - 1 U.S.D...Buys 0.905 EURO
1 CAN $...Buys 0.756 U.S.D - 1 U.S.D...Buys 1.322 CAN $
1 BRL $...Buys 0.211 U.S.D - 1 U.S.D...Buys 4.734 BRL $
U.S Prime Interest Rate = 8.50%
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.
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