ORLANDO REAL ESTATE MARKET NEWS - September 2023 - Published - 1st October 2023
September “summation From The Resort Area.
The September month-on-month median price was little changed at $370,495 from $370,562 in August but was 6.1% higher than the one-year-ago median price of $348,188. The total number of listings stood at 1,318 homes, a rise of 15% from the 1,121 total listings in August and 21.9% higher than the 1,030 recorded in September 2022. Total closings during the month were down 13.1% compared to a year ago, with 307 homes selling against 353 last September. A home selling in the resort area market did so at an average 97.8 % of its listed price, which was unchanged from the previous month but well below the 99.9% level typically achieved a year ago. The average days it now takes for a resort area home to close stands at 96, which is 3 days up from August and 32 days longer than the 64 days it was taking during September 2022. The total number of homes under offer/contract stood at 511, 8% below the 555 pipeline total recorded in August and down 10.5% from the 571 pipeline total of September 2022. During August 126 homes were withdrawn from the market, having failed to sell whilst listed, which was 29.4% up on the 89 homes withdrawn during September 2022. When considered against the sales pace, September's total inventory indicates a 4.3-month supply of home availability, which is a rise on the 3.4-month level seen in August and up on the 2.9-month supply offered across the market twelve months ago.
Orlando..
According to the Orlando Regional Realtor Association, Central Florida housing inventory for August 2023 stood at 6,115 homes, up 6.9% from July when inventory was at 5,720. O.R.R.A. reported that new listings rose 6.1% from July to August 2023, with 3,620 new homes entering the market during August, compared to 3,413 in July. The median home price for August was $375,000, down from $380,000 in July, the second month where median home prices have fallen. The report also concluded that the median home price in Orlando was little changed from August 2023 to August 2022, which was recorded at $377,750. Overall sales fell slightly month on month to be down 2.1% from July to August 2023, with 2,792 closings during August, down from 2,852 sales in July. Total sales in August were down 16% from August 2022, when there were 3,324 sales. Homes spent an average of 41 days on the market during the month, up from 39 days in July. This is 51.9% higher than in August 2022, when homes spent an average of 27 days on the market. August's interest rate stood at 6.6%, down from 6.8% in July. Interest rates in August 2022 stood at 5.3%.
Florida...
Last month, closed sales of existing single-family homes statewide totalled 22,917, down 7.9% from August 2022, while existing condo-townhouse sales totalled 9,279, down 7.2% from the same time a year ago, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The state’s median sale price was $415,000, up 2% from a year ago and slightly above the national median, which as of August was $407,100. During August 2022, buyers typically paid 98.5% of a home’s list price. That figure a year later is down 1% at 97.5%. The average days on the market for a single-family home was 27 days in August, significantly longer than the 16-day timeframe at the same time last year. Of the 22,917 single-family homes sold during August, more than 6,700 were purchased in cash. Overall inventory offered a 3 month supply of housing stock across the state, up from 2.4% one year ago.
U.S...
Existing home sales moved lower in August, according to the National Association of REALTORS®. Among the four major U.S. regions, sales improved in the Midwest, were unchanged in the Northeast, and slipped in the South and West, while all four regions recorded year-on-year sales declines. Total home-style sales were down 0.7% from July to a seasonally adjusted annual rate of 4.04 million in August. Sales fell 15.3% yearly, down from 4.77 million in August 2022. Total housing inventory registered at the end of August was 1.1 million units, down 0.9% from July and 14.1% from the one-year-ago level of 1.28 million. Unsold inventory stands at a 3.3-month supply at the current sales pace, unchanged from July and up from 3.2 months in August 2022. The median existing home price for all housing types was $407,100, an increase of 3.9% from the August 2022 figure of $391,700. First-time buyers were responsible for 29% of all sales during August, down from 30% in July and identical to August 2022. Cash buyers accounted for 27% of transactions in August, up from 26% in July and 24% in August 2022. Distressed sales of foreclosures and short sales represented 1% of all sales in August, unchanged from last month and the previous year. Single-family home sales were down to a seasonally adjusted annual rate of 3.60 million, down 1.4% from 3.65 million in July and 15.3% from the previous year. The median single-family home price was $413,500 in August, up 3.7% from August 2022. Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 440,000 units in August, up 4.8% from July but down 15.4% from one year ago. The median existing condo price was $354,600, up 6.2% from the prior year’s figure of $333,900. According to Freddie Mac, the 30-year fixed rate loan averaged 7.18% as of September 14. That's up from 7.12% the prior week and up from 6.02% a year ago.
September 29th 2023
1 G.B.P...Buys 1.225 U.S.D - 1 U.S.D...Buys 0.815 G.B.P
1 EURO...Buys 1.059 U.S.D - 1 U.S.D...Buys 0.943 EURO.
1 CAN $...Buys 0.744 U.S.D - 1 U.S.D...Buys 1.342 CAN $
1 BRL $...Buys 0.199 U.S.D - 1 U.S.D...Buys 5.004 BRL $5.008
U.S Average 30-Year Fixed Rate Loan Interest Rate = 7.55 %
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.