***Published on 1st November 2024***  

October “oracle ”  from the Resort Area Market...  

The October median price was unchanged from September at $400,000  but remains down 1.1% from the January median price of 404,418. An October closed home achieved an average of 98.3% of its official listed price, up from the September total of 98.00% and higher than the 97.6% level achieved back in January 2024.  The average days a home spent on the market was 73, compared to 81 days in September and the 69-day average seen over the past 12 months.  Total sales during October 305 were down 35 from the previous month and also down by 21 on the 326  closings recorded in August. Overall inventory levels in October changed little from the previous month at 3,213 homes, but this compares to 2,767 listings at the start of the year.   The average number of days a home took to close was 115, 1 day higher than in September.  The number of homes pending / under offer / contract across the market stood at 497, down from 340 in September.  During the month 386 homes were withdrawn from the marketplace.  When reviewed against the actual pace of sales, the market's total inventory indicates a 10.5-month inventory supply available in October, up from a 9.4-month supply in September and up on the 9.8-month inventory level we saw at the start of 2024.   

Orlando..  

Inventory for September stood at 11,560, up 0.4% from August, when inventory levels were at 11,511. This is the ninth consecutive month that inventory totals have risen. The last time inventory was this high was September 2015, when inventory for September 2024 was 71.1% higher than September 2023. September’s interest rate was 5.9%, down from 6.1% in August and is the lowest interest rate since August 2022.  Orlando homes spent an average of 58 days on the market, which was up slightly from 57 in August but is a 41.5% increase when compared to September 2023, when homes spent an average of 41 days on the market.  The median home price for September was $380,000, down from $384,500 in August.  Overall sales decreased by 15.3% from August to September, with 2,655 sales in August compared to 2,249 in September. Pending sales were down 1.9%, with 3,556 in August and 3,490 in September. The number of new listings decreased 8.5% from August to September, with 3,530 new homes on the market during the month, compared to 3,856 in August.  17 distressed homes (bank-owned properties and short sales) accounted for 0.8% of all home closings during the month, a 54.5% increase from August when 11 distressed homes were sold.  Orlando area inventory was up 0.4% from August to September, from 11,511 to 11,560.  The supply of homes rose to a 5.1 month level of supply, up 18.6% from the 4.3 month level in August.  

Florida  

Closed sales of existing single-family homes statewide totaled 18,721, down 12.3% year on year while existing condo-townhouse sales totaled 6,655, down 20.7% from September 2023, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations.  The statewide median sales price for single-family existing homes was $410,000, about the same (up 0.2%) from $409,243 a year earlier. For condo-townhouse units, the median price was $314,000, down 3.4% from the $324,990 recorded in September 2023.   New pending sales of single-family homes were up year on year by 1.9%, While townhouse and condo sales reported pending sales down by 16.3%.  On the supply side of the market, Florida had a 4.6 month supply of existing single-family homes in September,  which was up 43.8% year on year. For condo-townhouse units, the state had a 7.4 month supply for September, which was up 80.5% year on year.  

U.S...  

Existing-home sales fell back in September, according to the National Association of Realtors®. Three of four major U.S. regions registered sales declines, while the West experienced increased sales. Completed transactions that include single-family homes, townhomes, condominiums and co-ops receded 1.0% from August to a seasonally adjusted annual rate of 3.84 million in September.  Year-over-year, sales were down 3.5% from 3.98 million in September 2023. Total housing inventory registered at the end of September was 1.39 million units, up 1.5% from August and 23.0% from the one year ago level of 1.13 million. Unsold inventory sits at a 4.3-month supply at the current sales pace, up from 4.2 months in August and 3.4 months in September 2023.    Distressed property sales accounted for only 2% of all transactions during September. The median existing home price for all housing types in September was $404,500, up 3.0% from one year ago. First-time buyers were responsible for 26% of closings during September which matched the all time low from August 2024 and November 2021 and was down from 27% in September 2023.  All-cash sales accounted for 30% of transactions, up from 26% in August and 29% in September 2023.  Single-family home sales edged lower by 0.6% to a seasonally adjusted annual rate of 3.47 million in September, down 2.3% from the previous year. The median single-family home price was $409,000 in September, up 2.9% from September 2023. Existing condominium and co-op sales dropped 5.1% in September to a seasonally adjusted annual rate of 370,000 units, down 14.0% from one year ago. The median existing condo price was $361,600 in September, up 2.2% from the previous year. 

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.44% as of October 17. That’s up from 6.32% the previous week but down from 7.63% one year ago.  

Closing Numbers ... October 31st 2024…

1 G.B.P…Buys  1.298 U.S.D                   -              1 U.S.D…Buys  0.770  G.B.P

1 EURO...Buys  1.087 U.S.D                   -              1 U.S.D…Buys  0.919  EURO

 1 CAN $…Buys 0.719 U.S.D                   -              1 U.S.D…Buys  1.390  CAN $

***

U.S Federal Prime Interest Rate = 8.0% 

 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.