Orlando Real Estate Market News - August 2022
July 'journal' From The Resort Area.
 
The resort area saw closed sales during July totaling 412  which was  8% down on last months 445 closings and 18.2% down on the one year ago total of 487 .  A home that sold during the month achieved  99.9%  on average of the listed price and took a total of 63 days to close compared to  98.6% and 97 days respectively that was being achieved 12 months ago. The markets median price continued to climb with the July price of $335,875  representing a  27.4%  increase from the one year ago price of $263,438 . Month on month,  Julys median price was up 2.4% from the  $328,000  recorded in June.  Overall inventory levels climbed during the month with the total number of homes listed for sale revised to  871 which was an increase of 25.9% from last months  692 total. Year on year inventory levels were up by 422 homes or 93.9% from the 449 total listings recorded twelve months ago. The pipeline total of homes under offer/contract, offering a forecast of future activity, stood at 589 which was down 24.1% on the 731  pipeline of a year ago.  
 
Orlando...  
 
June saw rising interest rates and increased inventory with the Orlando market offering a one month supply of home availability for the first time since February 2021. June’s median home price reached $387,000, an increase of 1.9% compared to May 2022 which was another record high for the fifth month in a row and represented a 22.9% price increase compared to June 2021, when the median home price stood at $315,000. Overall sales during June were down 3.9%, with a total of 3,793 sales compared to 3,946 sales in May 2022. This is also a 14.1% decrease compared to sales levels seen in June 2021 when overall closings recorded as 4,414. Inventory overall increased 75.5% from June 2021 to June 2022, jumping from 3,098 homes to 5,437. Interest rates continue to increase with the average interest rate in June at 5.5%. This is an 87.5% increase from June 2021 when interest rates stood at 2.9%. During the month 23 distressed homes (bank-owned properties and short sales) accounted for 0.6% of all sales.  This represents a 4.2% decrease from May 2022, when 24 distressed homes sold.  New listings were up 11.3% month on month with a total of 5,367 new homes on the market during the month. 
 
 Florida...
 
The Florida housing market saw an increase in new listings, higher median home prices and signs of easing supply constraints during June compared to a year ago, though higher mortgage rates and inflation are continuing to impact sales, according to Florida Realtors®’ latest housing data. Last month, closed sales of single family homes statewide totaled 28,296, down 17.2% year on year, while existing condo and townhome sales totaled 11,796, down 27% over June 2021, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations.   Nearly 21% fewer existing single family homes went under contract during the month compared to a year ago and in combination with a 13.2% year on year increase in new listings of single family homes, this led to a large increase in overall inventory which is now about twice what it was only four months ago. New listings for existing condo and townhome units were up 4.7% year on year. The statewide median sales price for of an existing single family home was $420,000, up 19.7% from the previous year. Last month’s statewide median price for condo and townhomes  was $324,900, up 26.4% over the year ago figure. The median price for of a single family home sale closing in June was $420,000, up nearly 20% year on year but unchanged compared to May marking the first time that single family median sale prices have failed to increase from May to June since 2008 records revealed.
 
U.S... 
 
Existing home sales fell for the fifth straight month during June, according to the National Association of Realtors. Three out of four major U.S. regions experienced a month on month decline in sales with and one region holding steady while year on year sales were down in all regions.  Total existing home sales for all home styles dipped 5.4% from May to a seasonally adjusted annual rate of 5.12 million. Year on year, sales were down 14.2%  or 5.97 million.  Total housing inventory stood at 1.26 million units, an increase of 9.6% from May and a 2.4% rise from the previous years 1.23 million level. Unsold inventory sits at a three month supply at the current sales pace, up from 2.6 months in May and 2.5 months in June 2021. The median existing home price for all housing types was $416,000, up 13.4% from the one year ago figure of $366,900, as prices increased in all regions. This marks 124th consecutive month of year on year increases, the longest running streak on record.  By type, single family home sales declined to a seasonally adjusted annual rate of 4.57 million, down 4.8% from the 4.8 million in May and down 12.8% from a year ago. The median existing single family home price stood at $423,300, up 13.3% from June 2021.  Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 550,000 units in June, down 9.8% from May and down 24.7% from one year ago. The median existing condo price stood at $354,900 representing an annual increase of 11.5%.  Individual investors or second home buyers, who make up many cash purchases closed on 16% of homes in June, unchanged from May and a slight increase from 14% in June 2021. Distressed sales of foreclosures and short sales still represented less than 1% of total sales, essentially unchanged from May 2022 and June 2021. Properties typically remained on the market for 14 days, down from 16 days in May and 17 days in June 2021. 
July 31st 2022
 
1 G.B.P...Buys 1.215 U.S.D - 1 U.S.D...Buys 0.822 G.B.P
 
1 EURO...Buys 1.021 U.S.D - 1 U.S.D...Buys 0.978 EURO
 
1 CAN $...Buys 0.779  U.S.D - 1 U.S.D...Buys 1.283  CAN $
 
1 BRL $...Buys 0.192 U.S.D - 1 U.S.D...Buys 5.184 BRL $
  
U.S Prime Interest Rate = 5.50%

 
 
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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