Team Donovan Blog

 October sales of 306  were down 39.1% on the 501 closings recorded in October 2021  and also down 13.4% on the 353 sales in September.  A home that sold during October closed after an average 65 days on the market, down 1 day from the 64 days of last month and down some 24 days from the average 89 days of one year ago. A closing achieved an average 100.01% of the listed price which was up on both the 99.9% level from last month and the 99.2% being achieved twelve months ago.  The resort area median price increased during October with the revised market price once again setting a new record at $353,063 representing a 27.9% gain $275,875 median price of a year ago.  Month on month October's median price represented a 1.4% gain on the $348,188 September median price.  Overall inventory levels continued an upward trend during the month with the total number of homes listed for sale standing at 1,113 which was an increase of 7.5% from the 1,030 listings of last month. Year on year inventory has climbed over 100% from the 534 listings total of October 2021.  The number of homes under offer/contract awaiting closure stands at 481 which was down 39.8% on the 799 pipeline total of a year ago. During October 124 homes were withdrawn from the market having failed to sell which was up on the 64 total withdrawn twelve months ago.  The markets total inventory when considered against corresponding pace of sales reveals increasing home availability across the market with current levels indicating a 3.6 month supply, up from a 2.9 month supply level in September and considerably higher than the 1 month level of supply the market was recording back in October 2021. 

 

Overall sales in September were down 18.3% with a total of 2,717 closings which compares to 3,324 sales during August whilst total sales were down 28.3% when compared to September last year. The median home price was $365,000, a decrease of 3.4% compared to the August median of $377,750 which was the third month in a row that the Orlando median home price has fallen. Total inventory was up 1.8% during the month, from 6,762 homes to 6,884 which was the the fifth straight month of inventory increases. Homes spent an average 31 days on the market, increasing 14.8% from August when the average was 27 days. New listings were down by 27.1% from August to September, with 3,318 new homes entering the market during the month. Pending sales fell 8% month on month with a total of 3,838 pending sales. Twelve distressed homes (bank-owned properties and short sales) accounted for 0.4% of all home closings during the month which represented a 100% increase from August, when 6 distressed homes sold.  Orlando area inventory increased 1.8% from August from 6,762 homes to 6,884 homes. Inventory overall during September was 87.9% higher than in September 2021, when a total of 3,664 listings were recorded. The supply of homes increased to a 2.5 month level during September which was the second month since June 2020 were the market has seen an excess of over a two month level of supply.  The number of new listings was down from August by 27.1% to 3,318 homes whilst the September interest rate stood at 6.3%, a 19.5% increase from the August rate of 5.3% and a 120.9% increase over September 2021 when interest rates stood at 2.9%.

 

 

The wider Florida housing market reported increased inventory and higher median prices during September compared to a year ago, despite impacts from Hurricane Ian, which struck southwest Florida on Sept. 28, according to Florida Realtors®’ latest housing data. Closed sales of single family homes statewide totaled 20,099, down 29% year on year, while existing condo and townhome sales totaled 8,406, also down 29% from September 2021, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Statewide inventory was higher last month than a year ago for both existing single family homes, up 74.9%, and for condo and townhome units, up 18%, even though some active listings were removed from the market temporarily due to the impact of hurricane Ian.  The statewide median sales price for an existing single family home was $403,880, up 13.8% from the previous year whilst last month’s statewide median price for condo and townhome units was $307,250, up 20.5% year on year. The supply of existing single family homes increased to a 2.5 month level while existing condo and townhome properties were at a 2.3 month level of supply.  

 

 

 The nations existing home sales fell during September, the eighth month in a row of declines, according to the National Association of REALTORS®. Total existing home sales for all home styles, retracted 1.5% from August to a seasonally adjusted annual rate of 4.71 million in September.  Year on year, sales fell by 23.8% (down from 6.18 million in September 2021).  Total housing inventory at the end of September stood at 1.25 million units, which was down 2.3% from August and also down 0.8% from the previous year. Unsold inventory stands at a 3.2 month supply at the current sales pace which was unchanged from August and up from 2.4 months in September 2021.  The median existing home price for all housing types during September stood at $384,800 which represents an increase of 8.4% from the September 2021 median price of $355,100, as prices climbed in all regions.  This marks 127 consecutive months of year on year increases, the longest running streak on record. It was the third month in a row, however, that the median sales price faded after reaching a record high of $413,800 in June. Properties typically remained on the market for 19 days, up from 16 days in August and 17 days in September 2021 while 70% of homes sold during the month were on the market for less than a month.  First time buyers were responsible for 29% of all closings in September, unchanged from August 2022 and slightly higher than 28% level in September 2021.  Cash buyers accounted for 22% of transactions, down from 24% in August and 23% in September 2021.  Individual investors or second home buyers, who make up many cash sales, purchased 15% of all homes during September, down from 16% in August, but up from 13% in September 2021.  Distressed sales of foreclosures and short sales represented 2% of sales, a marginal increase from 1% in August 2022 and September 2021 whilst according to Freddie Mac, a  30-year, conventional, fixed-rate mortgage was 6.11% in September, up from 5.2% in August.  Single family home sales declined to a seasonally adjusted annual rate of 4.22 million, down 0.9% from 4.26 million in August and down 23.0% from the previous year. The median existing single family home price stood at $391,000 which was up 8.1% from September 2021. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 490,000 units, down 5.8% from August and down 30% from a year ago. The median existing condo price was $331,700 which represented an annual increase of 9.8%.  

 

By region existing home sales in the Northeast fell 1.6% from August to an annual rate of 610,000 in September, retreating 18.7% from September 2021. The median price in the Northeast was $418,500, an increase of 8.3% from a year ago. Existing home sales in the Midwest slid 1.7% from the previous month to an annual rate of 1,140,000 falling 19.7% from September 2021. The median price in the Midwest was $281,500, up 6.9% from the prior year. In the South, existing home sales retreated 1.9% in September from August to an annual rate of 2,080,000, a decline of 23.8% from this time last year. The median price in the South was $351,700, an increase of 11.8% from September 2021. Existing home sales in the West were identical to last month at an annual rate of 880,000 but down 31.3% from a year ago. The median price in the West was $595,400 which was represents a 7.1% increase from September 2021.