***Published on 1st February 2025*** 

January “Journo”  from the Resort Area Market...  

The January median price was down slightly from December at 399,000 from $399,900  but remains down 1.3% from the January 2024 median price of $404,418. A  home that closed during the month achieved an average 97.3%  of its final listed price, down from the 97.9%  in December and lower than the 97.6% level achieved at the start of the year.  During the month, the average days a home spent on the market was 90, compared to 92 days in December and the 75-day average recorded over the last 12 months.    Total closings during January were 227, 65 below the December total of 292 and also down on the 281 sales recorded in January 2024.  The average days a home took to close during the month was unchanged from last month's 120, compared to a 68-day average achieved at the start of the year. The number of homes Pending- under offer/contract across the market stood at 243, down from 409 total in December.  During the month, the market witnessed 275 homes being withdrawn, which had failed to sell.  Overall, the resort area inventory stands at 3,306 homes, compared to the 2,767 listings offered at the start of the year.   The market's total inventory, when reviewed against the existing actual pace of sales, indicates a record 14.5-month inventory supply in January, up from the 11.0-month level in December and considerably up on the 9.8-month level recorded back in January 2024.  

Orlando.. 

The Orlando median home price stood at $380,000 in December, unchanged from November. Homes spent an average 68 days on the market in December, up one day from November when the average was 67.  Inventory dropped during December, decreasing by 13.4% from November, with 10,049 homes offered on the market.  Overall sales during December increased 19.3% from November, with 2,154 closures recorded.  New listings were down, with 2,510 new listings entering the market during December, compared to 3,185 in November.  Interest rates decreased from 6.7% to 6.5% in December.  The supply of homes increased to 4.8 months, up 20.9% from the 3.9-month level in December.  

Florida

Florida's December closed sales of single-family homes statewide totalled 20,784, up 12.8% from December 2023, while existing condo-townhouse sales totalled 7,169, down  0.5% year on year, according to Florida Realtors data. The statewide median sales price for an existing single-family home was $415,000, up 1.2% from the previous year. Meanwhile, the statewide median price for condo and townhome units stood at $315,000, down 4.5% from a year ago. 

U.S

Existing home sales climbed in December, according to the National Association of Realtors®. Total existing home sales of completed transactions for all home styles increased 2.2% from November to a seasonally adjusted annual rate of 4.24 million in December. Year on year, sales were up 9.3%.  Total housing inventory registered at the end of December was 1.15 million units, down 13.5% from November but up 16.2% from the one-year-ago figure of 990,000.  Unsold inventory sits at a 3.3-month supply at the current sales pace, down from 3.8 months in November but up from 3.1 months in December 2023.  The median existing home price for all housing types in December was $404,400, up 6.0% from the one-year-ago figure of $381,400.  First-time buyers were responsible for 31% of sales in December, up from 30% in November 2024 and 29% in December 2023. Cash sales accounted for 28% of transactions in December, up from 25% in November but down from 29% in December 2023. Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in December, up from 13% in November and identical to December 2023. Distressed sales – foreclosures and short sales – represented 2% of sales in December, unchanged from November and the previous year.  According to Freddie Mac, the 30-year fixed rate mortgage averaged 6.96% as of January 23. That’s down from 7.04% one week ago but up from 6.69% one year ago.

Closing Numbers ... January 31st 2025… 

1 G.B.P…Buys  1.242 U.S.D                  -              1 U.S.D…Buys  0.804  G.B.P

1 EURO...Buys  1.039 U.S.D                   -              1 U.S.D…Buys  0.962 EURO

 1 CAN $…Buys 0.690 U.S.D                  -              1 U.S.D…Buys  1.447  CAN $   

U.S Federal Prime Interest Rate = 7.75%  

 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.