Orlando Real Estate Market News - October 2022
September 'summary' From The Resort Area - Published 1st October 2022
 
The resort area median price in September rose again with the revised market price once again setting a new record of $348,188  which represents a 27.6% gain on the one year ago price of $272,763. Month over month the September median price represented a 2.1% increase on the $341,311 price in August.  Total September sales of 353 were down 30.5% on the 461 closings recorded a year ago.  A home that closed during the month achieved on average 99.9% of the listed price which was up on the 99.1% level of a year ago. The average days on market that a home is taking to close stood at 64 days which compares to 91 days a year ago but 4 days higher than the 60 days it took in July.  Overall inventory levels climbed again during the month with the total number of homes now listed for sale standing at 1030  which was an increase of 13.6% from the 911 listings of last month. Year on year inventory levels climbed 75% from the 586 listings total recorded twelve months ago.  The months pipeline of homes under offer/contract awaiting closure stood at 571 which was down 43.6% below the 820 total level of a year ago.  During the month 89 homes were withdrawn from the market having failed to sell which compares to 68 last September.  Total overall inventory levels considered against current sales pace reveals another increase in overall home availability across the market with total current levels suggesting a 2.9 month supply which is up on the  2.5 month supply in July and over double the 1.3 month level recorded n September 2021. 
 
Orlando...  
 
The median home price for August 2022 stood at $377,750, a slight decrease of 0.8% when compared to July’s median price of $380,900. This was the second month in a row that the market's median price has fallen. Inventory levels were up 3.7% during August, from 6,518 to 6,762 which represented the fourth consecutive month of inventory level increases. Homes spent an average 27 days on the market during the month, rising 28.6% from July when the average stood at 21 days.  Overall sales remained flat, with a 0.5% increase for a total of 3,324 sales compared to 3,309 sales during July with total sales down 16.9% compared to August 2021. New listings fell 4.1% from July to August, with 4,550 new homes entering the market.  Interest rates fell slightly with the average rate at 5.3% which compares to 2.8%  one year ago. Pending sales increased 3.5% month on month for a total of 4,171 pending sales. Six distressed homes (bank-owned properties and short sales) accounted for 0.2% of all homes sold during August which represented a 66.7% decrease from July, when 18 distressed homes sold.  Overall Orlando area inventory increased 3.7% from July to August from 6,518 homes to 6,762 with inventory 85.9% higher than in August 2021, when it recorded 3,638 homes. The total supply of homes increased to a 2.1 month supply during the month which was the first month since June 2020 when over a two month of level has been recorded.  
 
Florida...
 
The Florida housing market reported an increase in active listings and higher median prices during August compared to a year ago, according to Florida Realtors®’ latest housing data. Rising mortgage interest rates, inflation and other economic factors continue to impact sales. Last month, closed sales of single family homes statewide totaled 24,877, down 15.8% year on year, while existing condo and townhome sales totaled 10,000, down 20.3% over August 2021, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations.  At the end of August, there were nearly 64,000 single family homes actively listed in Florida’s multiple listing services (MLS), which is 70.4% more than were listed a year ago and 137% more than were listed six months ago but the number of active listings is still 26% lower than at this time three years ago, prior to the pandemic. The rate of growth in single family inventory slowed considerably during August, rising just 4% compared to the prior month. By contrast, month on month inventory levels have seen increases of 33% in June and 17% in July.  The statewide median sales price of an existing single family homes last month stood at $407,000, up 15% from the previous year. Last month’s statewide median price for condo and townhome units was $305,000, up 20.8% from a year ago.  On the supply side of the market, the trend of more inventory continued, rising year on year during August. The supply of existing single family homes increased to a 2.4 month level overall while existing condo and townhome properties were offering a 2.2 month supply. According to Freddie Mac, the interest rate for a 30 year fixed-rate mortgage averaged 5.22% during August 2022, significantly higher than the 2.84% average offered in August 2021. 
 
U.S... 
 
Existing home sales experienced a slight dip during August, marking the seventh consecutive month of declines, according to the National Association of REALTORS®. Month on month sales varied across the four major U.S. regions as two regions recorded increases, one was unchanged and the other recorded a fall. On a year on year basis, however, sales were down  in all regions. Total existing home sales of completed transactions that include existing single family homes, townhomes, condominiums and co-ops, saw a minor contraction of 0.4% from July to a seasonally adjusted annual rate of 4.8 million during August while year on year sales were down 19.9% at 5.99 million.  Existing single family home sales decreased to a seasonally adjusted annual rate of 4.28 million during August, down 0.9% from 4.32 million in July and down 19.2% from the previous year. The median existing single family home price stood at $396,300, up 7.6% from August 2021. Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 520,000 units, up 4% from July and down 24.6% from a year ago. The median existing condo price was $333,700, an annual increase of 7.8%. Total housing inventory as at the end of the month was 1,280,000 units, a decrease of 1.5% from July and unchanged from the previous year. Unsold inventory sits at a 3.2 month supply at the current sales pace which was identical to July and up from the 2.6 month level in August 2021.  The median existing home price for all housing types was $389,500, a 7.7% jump from the August 2021 price of $361,500, as prices ascended in all regions. This marks 126 consecutive months of year on year increases, the longest running streak on record. However, it was the second month in a row that the median sales price retracted after reaching a record high of $413,800 in June, the usual seasonal trend of prices declining after peaking in the early summer.   Properties typically remained on the market for 16 days, up from 14 days in July and down from 17 days in August 2021. Eighty one percent of homes sold during the month were on the market for less than a month. First time buyers were responsible for 29% of all sales, consistent with July 2022 and August 2021. Cash buyers accounted for 24% of all transactions during August, the same share as in July, but up from 22% in August 2021. Individual investors or second home buyers, who make up many cash sales, purchased 16% of all homes during the month, up from 14% in July and 15% in August 2021. Distressed sales of foreclosures and short sales represented approximately 1% of all sales which was essentially unchanged from July 2022 and August 2021.
 
 September 30th 2022
 
1 G.B.P...Buys 1.106 U.S.D - 1 U.S.D...Buys 0.903 G.B.P
 
1 EURO...Buys 0.976 U.S.D - 1 U.S.D...Buys 1.024 EURO
 
1 CAN $...Buys 0.729  U.S.D - 1 U.S.D...Buys 1.371  CAN $
 
1 BRL $...Buys 0.185 U.S.D - 1 U.S.D...Buys 5.399 BRL $
 
U.S Prime Interest Rate = 6.25%
 
Team Donovan publish a monthly report on the 1st of each month for the benefit of Worldwide Florida absentee owners. If you are considering selling your own 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.
 
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