***Published on 1st June 2024***

 May “math ”  from the Resort Area Market...

 Total sales during May of 444 were a new monthly high for 2024 which compared to 408 in April and the low of 281 closings in January.  A home that sold during May achieved an average 98.1%  of its listed price which compares to 97.5% in April, whilst the average days that a home was on the market was 82 during the month, compared to a 70 day average recorded over the last 12 months.  The May median price increased 0.3% month on month from $402,949  to $404,000 whilst the average days that a home takes to close was up by 2 days from April at 109 and up 4 days from the 104 day average of the first quarter of 2024.   Overall Inventory levels continued to rise with the May total standing at 2,959 listings which was up from 2,867 the previous month and 6.9% higher than the 2,767 level at the start of the year.  During May 220 homes were withdrawn from the market having failed to sell which was 74 below the 294 withdrawn during April.  The number of available listings when considered against pace of sales indicates a 6.6 month level at the current rate which was down from 7.0 months last month and down from the 9.8 month level we seen in January.

 Orlando..

 The median home price for April was $388,500, up from $386,500 in March being the highest monthly median home price on record in the Orlando area. Overall sales rose 7.8% from March to April with 2,759 closings, up from 2,559 sales in March. April’s interest rate was recorded at 6.9%, up slightly from 6.7% in March. This was the third month in a row that interest rates have risen.  Inventory stood at 9,376, up 4.5% from March when inventory was recorded at 8,971.   Pending sales increased 2.9%, with 4,257 in March and 4,379 in April. New listings increased 2.6% from March to April, with 4,230 new homes entering the market during the month, compared to 4,124 in March.  Homes spent an average of 54 days on the market which was down from 58 in March.  26 distressed homes (bank-owned properties and short sales) accounted for 0.9% of all home sales during April which represents a 13.0% increase from March when 23 distressed homes sold. The overall supply of homes fell to 3.4 month level in April, down 3.1% from the 3.5 months in March.  The number of new listings increased from March to April by 2.6% from 4,124 homes to 4,230 homes.

 Florida...

 Florida’s housing market during April reported more closed sales, increased inventory, more new listings and higher median prices compared to a year ago, according to Florida Realtors®’ latest housing data.  Closed sales of existing single-family homes statewide totaled 24,682, up 5.8% year on year, while existing condo-townhouse sales totaled 10,228, up 1.9% over April 2023.   The statewide median sales price for an existing single-family home in April was $429,900, up 4.9% over April 2023, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations.  Last month’s statewide median price for condo and townhome units was $335,000, up 3.1% over the year-ago figure.  In April, new listings of single-family homes were up 25% compared to a year ago, although this level of new listings, while significantly greater than last year, is more in line with our pre-pandemic levels of activity.   Similarly, new listings of townhouses and condos were up 24.2% year on year during April. On the supply side of the market, inventory of active listings rose year on year with single-family existing homes at a 4.2 months’ supply, while condo and townhome inventory was at a 6.9 month level of supply.

 U.S...

 Sales of previously owned homes fell 1.9% in April from March to 4.14 million units, on a seasonally adjusted annualized basis, according to the National Association of Realtors, the forecast had been for a slight gain. Sales were also down from April 2023 by 1.9% from last year.  Mortgage rates jumped at the start of February and then held at around 7% for the next two months before moving higher in April.  Total housing inventory at the end of April was 1.21 million units, up 9% month to month and up 16% from the year before, but still just a 3.5 month supply at the current sales pace.  The supply of homes priced at more than $1 million, however, was up 34% year over year, which is why that segment of the market is most active while sales of homes priced below $100,000 fell 7.1% year on year, as sales of those priced over $1 million jumped 40%.   The median price of an existing home sold during April was $407,600, an increase of 5.7% year over year.  Cash buyers accounted for 28% of all transactions.  Regionally, sales in the Northeast fell 4% from March and 4% from April 2023. The median price in the Northeast was $458,500, up 8.5% year over year. Sales of new single-family houses were at a seasonally adjusted annual rate of 634,000, according to estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). This is 4.7% below the revised March rate of 665,000 and is 7.7% below the April 2023 estimate of 687,000.  The median sales price of new houses sold during April was $433,500. The average sales price was $505,700, the Census Bureau detailed.

 According to Bankrate's most recent survey of lenders, the average rate on a 30-year fixed-rate loan was 7.8 percent as of May 28th. 

 Closing Numbers ... May 31st 2024…  

1 G.B.P…Buys  1.272 U.S.D                   -              1 U.S.D…Buys  0.785  G.B.P

1 EURO...Buys  1.086 U.S.D                   -              1 U.S.D…Buys  0.920  EURO

 1 CAN $…Buys 0.733 U.S.D                   -              1 U.S.D…Buys  1.364  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.