November “numbers” From The Resort Area.
The average days it now takes for a home in our market to close stands at 100 days, which is 3 days up on the October figure of 97 and 34 days higher than the 66 days it took in November 2022. Total sales during the month of 263 were 35 below the 298 a year ago and 43 below the 306 closings recorded last month. A home selling in the resort area during November achieved an average of 97.7% of its listed price, which was unchanged from October but down from the 100.03% level achieved twelve months ago. November month-on-month median price saw a marginal increase from $372,320 to $372,862, but from a year ago, prices were up 5% from the one-year median of $358,875. Total listings across the market saw an increase of 484 homes compared to a year ago, rising from 1128 to 1612 in November 2022. Listings also increased by 150 homes from last month's total of 1462. The pipeline number of homes under offer/contract during the month stood at 453, just 23 homes below the 476 total of a year ago and just 3 homes below the October pipeline total of 479. During November, some 148 homes were withdrawn from the market, having failed to sell whilst listed, 39 more than the corresponding month one year ago. When considered against the pace of current sales, the November inventory total indicates a 6.1-month supply of home availability, up from the 4.7-month level recorded in October and higher than the 3.8-month supply offered in the market during November 2022.
Orlando..
October’s interest rate was 7.8%, up from 7.3% in September. This is the highest interest rate in the Orlando area since April 2001. Inventory for October stood at 7,813 homes, up 15.6% from September, when inventory was recorded as 6,758. This is the seventh month in a row inventory has risen and the largest monthly percentage increase in 2023 so far. Overall sales fell 5.0% from September to October, with 2,429 sales in October, down from 2,558 in September. This is the fifth month in a row that home sales have fallen. The median home price stood at $377,000, up from $370,000 in September, breaking a three-month streak of falling median home prices. New listings decreased 2.5% from September to October, with 3,456 new homes entering the market during October, compared to 3,545 in September. Homes spent an average of 44 days on the market (DOM) in October, up from 41 days in September. This is 15.8% higher than in October 2022 when homes spent an average of 38 days on the market. Pending sales fell 12.7%, with 3,322 in September and 2,900 in October. The 25 distressed homes (bank-owned properties and short sales) accounted for 1.0% of all closings in October. Orlando area inventory increased 15.6% from September to October, rising from 6,758, to 7,813 listings in October. The supply of homes increased to a 3.2-month level in October, up 21.8% from the 2.6 months recorded in September. The number of new listings decreased from September to October by 2.5%, from 3,545 homes to 3,456.
Florida...
Florida’s housing market continued to show improving inventory levels (active listings) statewide in October, along with stabilizing median prices compared to a year ago, according to Florida Realtors®’ latest housing data. Last month, closed sales of existing single-family homes statewide totalled 19,729, down 5.3% year on year. Sales of existing condo and townhomes totalled 8,115, down 2.9% from October 2022. New contracts for condo and townhouse units in October rose 1.4% year on year, a more limited gain than the pending sales for the single-family sector. Florida offered a 3.5 month supply of existing single-family homes in October, up 29.6% year on year. Meanwhile, condo and townhome units reported a 4.6-month supply last month, up 84% from the October 2022 level. The statewide median sales price for an existing single-family home was $410,000, up 2% from a year ago. The median price for condo and townhome units was $321,990, up 3.9% from twelve months earlier. The typical 30-year fixed mortgage rate climbed to almost 8% during the month, yet new pending sales of existing single-family homes were up by 8.4%.
U.S...
The nation's Existing home sales fell in October, according to the National Association of REALTORS®. Among the four major U.S. regions, sales slid in the Northeast, South and West but were unchanged in the Midwest. All four regions experienced year-on-year sales declines. Total existing home sales for all home types were down 4.1% from September to a seasonally adjusted annual rate of 3.79 million in October. Year on year, sales tumbled 14.6%, down from 4.44 million in October 2022. Total housing inventory recorded at the end of October was 1.15 million units, up 1.8% from September but down 5.7% from the one-year-ago figure of 1.22 million. Unsold inventory sits at a 3.6-month supply at the current sales pace, up from 3.4 months in September and 3.3 months in October 2022. Single-family home sales declined to a seasonally adjusted annual rate of 3.38 million in October, down 4.2% from 3.53 million in September and 14.6% from the previous year. The median existing single-family home price stood at $396,100 which was up 3.0% from October 2022. Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 410,000 units, down 2.4% from September and 14.6% from one year ago. The median existing condo price was $356,000 in October, up 7.6% from the prior year's figure of $331,000. The median current home price for all housing types during October was $391,800, an increase of 3.4% from the October 2022 figure of $378,800, while all four U.S. regions' registered prices increased. First-time buyers were responsible for 28% of all sales during October, up from 27% in September and identical to October 2022. Cash buyers accounted for 29% of all transactions in October, unchanged from September but up from 26% in October 2022. Individual investors or second home buyers, who initiate many cash sales, purchased 15% of homes in October, down from 18% in September to 16% one year ago. Distressed sales of foreclosures and short sales represented 2% of all closings in October, virtually unchanged from last month and the previous year. According to Freddie Mac, the 30-year fixed rate mortgage averaged 7.44% as of November 16. That's down from 7.50% the last week but up 6.61% a year ago.
December 1st 2023
1 G.B.P...Buys 1.219 U.S.D - 1 U.S.D...Buys 0.819 G.B.P
1 EURO...Buys 1.066 U.S.D - 1 U.S.D...Buys 0.937 EURO
1 CAN $...Buys 0.723 U.S.D - 1 U.S.D...Buys 1.382 CAN $
1 BRL $...Buys 0.198 U.S.D - 1 U.S.D...Buys 5.049 BRL $
U.S Prime Interest Rate = 8.50%
Team Donovan's monthly report on the Florida real estate market is published on the 1st of each month for absentee owners in the United States and worldwide. If you are considering selling your property now or in the future, please do feel free to contact us; we would be delighted to discuss the marketing of your property in more detail.