ORLANDO REAL ESTATE MARKET NEWS - June 2023 - Published - 1st July 2023
June “journal’ From The Resort Area.
The June listings stood at 972 homes, which was 9.8% up on the May total of 875 listings and also 283 homes higher than the 692 one year ago. Junes pipeline of homes under offer/contract stood at 422, which was 4.3% up on the 404 pipeline total in April but 19.4% down from the 523 total recorded in May 2022. June's listings total is 972, an increase of 4.3% from May's 875 listings and still much higher than the one-year-ago level of 692 homes. Closed sales during the month of 373 was a fall of 49 on the May total of 422 and a fall of 72 closings on the 445 closings a year ago. A home selling during June 2023 sold at an average of 98.1% of the listed price, down from an average 98.5 % last month and below the 99.9% level achieved twelve months ago. Junes, the month-on-month median price was up slightly from $369,987 to $370,189 and was up 11.4% from the one-year-ago median of $328,000. The average days it now takes for a resort area home to close stood at 89, which was 4 up from May and 13 days up on the 76 days it took twelve months ago. 110 homes were withdrawn from the market in June, having failed to sell whilst listed, compared to 55 homes withdrawn in June 2022. When reviewed against the monthly pace of sales, June's total inventory suggests a 2.6-month supply of home availability, which is up on the 2.1-month level in May and is also up on the 1.5-month supply offered by the market a year ago.
Orlando..
Orlando area inventory was unchanged from April to May, but overall levels were some 33.7% higher than in May 2022. The supply of homes decreased to a 1.6-month level, down from 1.9 months in April. The number of new listings increased from April to May by 7.4%, from 3,220 homes to 3,459. Interest rates increased from 6.4% in April to 6.6% in May, which was 25.4% higher than during May 2022 when interest rates stood at 5.3%. Pending sales were down, with 4,485 recorded in April compared to 4,304 in May. During the month, 21 distressed homes (bank-owned properties and short sales) accounted for 0.7% of all closings, representing a 16.7% increase from April, when 18 distressed homes were sold. Overall sales were up 13.9% from April to May, with 3,150 sales during May, up from 2,766 in April. Overall sales were 20.2% lower than in May 2022, with 3,946 closings. The median home price for May stood at $378,000, up from $370,000 in April, which represents a $28,000 increase since January 2023 with median home prices have increased every month this year. The median home price in May was roughly the same as May 2022, when it stood at $379,950. May’s interest rate stood at at 6.6%, up from 6.4% in April. Homes spent an average of 45 days on the market (DOM), down from 52 days in April, which was 114.3% higher than May 2022, when homes spent an average of 21 days on the market. New listings increased 7.4% from April to May, with 3,459 new homes on the market, compared to 3,220 in April. Overall inventory was broadly unchanged at 5,148 homes in April and 5,149 in May. Inventory in May was 33.7% higher than in May 2022, when it recorded 3,851 homes listed for sale.
Florida...
Florida’s housing market saw more active listings than a year ago, while statewide median sales prices remained relatively flat year on year, according to Florida Realtors' latest housing data. Last month, closed sales of existing single-family homes statewide totalled 26,396, down 8.5% year on year, while existing condo and townhome sales totalled 11,392, down 14.1% from May 2022. The statewide median sales price for single-family existing homes in May was $419,900, remaining about the same as in May 2022 when it was $420,000 while last month’s statewide median price for condo and townhome units was $325,000, up 0.9% over the year-ago figure of $322,000. On the market's supply side, inventory (active listings) rose year on year, with existing single-family homes at a 2.7-month supply in May, while condo and townhome inventory was at a 3.6-month supply.
U.S...
Existing home sales marginally increased during May, according to the National Association of REALTORS®. Sales were mixed among the four major U.S. regions, with the South and West posting improvements and the Northeast and Midwest experiencing pullbacks, with all four regions experiencing year-on-year sales declines. Total sales for all home styles were up 0.2% from April to a seasonally adjusted annual rate of 4.30 million during May. Sales were down 20.4% yearly from 5.40 million in May 2022. Total housing inventory registered at the end of May was 1.08 million units, up 3.8% from April but down 6.1% from levels of a year ago. Unsold inventory sits at a 3-month supply at the current sales pace, up from 2.9 months in April and 2.6 months in May 2022. The median existing-home prices for all housing types in May was $396,100, a decline of 3.1% from the May 2022 level of $408,600. Properties typically remained on the market for 18 days in May, down from 22 days in April but up from 16 days in May 2022. Seventy-four per cent of homes sold in May were on the market for less than a month. First-time buyers were responsible for 28% of sales in May, down from 29% in April but up from 27% in May 2022. Cash buyers accounted for 25% of transactions during May, down from 28% in April and identical to one year ago. Individual investors or second home buyers, who make up many cash sales, purchased 15% of homes in May, down from 17% in April to 16% the previous year. Distressed sales of foreclosures and short sales represented 2% of total sales in May, virtually unchanged from last month and the prior year. Single-family home sales dipped to a seasonally adjusted annual rate of 3.85 million, down 0.3% from 3.86 million in April and 20% from the previous year. The median single-family home price was $401,100 in May, down 3.4% from May 2022. Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 450,000 units during May, up 4.7% from April but down 23.7% from a year ago. The median existing condo price was $353,000, nearly identical to the prior year's price of $353,100.
June 30th 2023
1 G.B.P...Buys 1.269...U.S.D - 1 U.S.D...Buys 0.787 G.B.P
1 EURO...Buys 1.091 U.S.D - 1 U.S.D...Buys 0.916 EURO
1 CAN $...Buys 0.775 U.S.D - 1 U.S.D...Buys 1.324 CAN $
1 BRL $...Buys 0.208 U.S.D - 1 U.S.D...Buys 4.788 BRL $
U.S Prime Interest Rate = 7.50%
Team Donovan publishes a monthly report on the 1st of each month to benefit 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.