ORLANDO REAL ESTATE MARKET NEWS - August 2023 - Published - 1st September 2023
August “arithmetics’ From The Resort Area.
August total closings were down 9.7% from a year ago, with 328 homes selling during the month compared to 363 a year ago. Sales were also down 13% from July's total of 377. A resort area home that sold during August did so at an average of 97.85 % of its listed price, which was slightly below last month's 98.0% average and well below the 99.8% level sales achieved one year ago. The average days it now takes for a resort area home to close stands at 93, which is 1 day higher than in July but some 33 days longer than the 60 days it took in August 2022. August's month-on-month median price was little changed at $370,562 but was up 7.9% from the one-year-ago median price of $341,311. The market's total number of listings stood at 1121 homes, which was a rise of 13.3% from the 973 total listings in July and some 18.8% up on the 911 listings recorded in August 2022. During the month, 109 homes were withdrawn from the market, having failed to sell whilst listed, which was 17 up on the 92 homes withdrawn in August 2022. The total pipeline of homes under offer/contract stood at 555 which was 9.9% below the 567 pipeline total in July and down 7.1% from the the 597 total listings recorded in August 2022. The August inventory total, when considered against the pace of sales, suggests a 3.4-month supply of home availability, which is up from 2.6 months in July and also up from the 2.5-month supply level offered in the market a year ago.
The median home price for July was recorded as $380,000 which was down from $385,000 in June and was the first month this year that the median home price has fallen. The median price in July 2023 was little changed from July 2022, when it stood at $380,900. Overall sales were down 8.7% from June to July with 2,852 closings during the month, down from 3,124 sales in June. Total sales in July were also 13.8% lower than in July 2022, when there were 3,309 sales. Inventory stood at 5,720 homes, up 5% from June when total inventory stood at 5,450 homes. The July interest rate stood at 6.8%, up slightly from 6.7% in June, representing the second-highest interest rate seen in Central Florida in over 20 years. October 2022 recorded the highest interest rate in 20 years at 7.0%. During the month 25 distressed homes (bank-owned properties and short sales) accounted for 0.9% of all home sale which represented a 10.7% decrease from June, when 28 distressed homes sold. New listings were down 7.8% from June to July, with 3,413 new homes on the market during July, compared to 3,703 in June.
Florida’s July housing market reported an increase in active listings and statewide median sales prices consistent with values of a year ago, according to Florida Realtors®’ latest housing data. Last month, closed sales of existing single-family homes statewide totaled 22,198, down 6.4% year on year, while existing condo and townhome sales totaled 8,463, down 9.4% from July 2022, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The median sale price for existing single-family homes during July was $415,000, a 0.7% per cent increase over last July’s median price of $412,000. The median sale price for condos and townhouses was up 4.6% to $319,000, which was the largest year-on-year gain since April. Overall housing data details that the supply side of the market shows that existing single-family homes were at a 2.8-month supply during the month, while condo and townhome properties were at a 3.6-month level of supply.
Existing home sales fell again during July, according to the National Association of Realtors® (NAR) latest release. Among the four major U.S. regions NAR includes within the study, sales grew in the West but faded in the Northeast, Midwest and South. In a year-on-year comparison, however, all four regions saw sales declines. Total existing-home sales of completed transactions for all home styles fell 2.2% compared to June to a seasonally adjusted annual rate of 4.07 million in July. Year on year, sales were down 16.6% (down from 4.88 million in July 2022). Total housing inventory at the end of July was at 1.11 million units, up 3.7% month on month but down 14.6% year on year from 1.3 million. Unsold inventory was at a 3.3-month supply at the current sales pace, up from 3.1 months in June and 3.2 months in July 2022. The median existing-home price for all housing types was $406,700, a 1.9% increase since July 2022 when the price stood at $399,000. About a third of July sales went to first-time buyers, an increase from June’s 27% and marginally higher than the 29% in July 2022. Cash buyers accounted for 26% of all transactions during July, unchanged month on month but up from 24% in July 2022. Individual investors or second home buyers, who make up many cash sales, purchased 16% of all homes in July, down from 18% in June but up from 14% one year ago. Distressed sales of foreclosures and short sales represented 1% of all closings in July, virtually unchanged month on month and from a year ago. According to Freddie Mac, the nation's 30-year fixed-rate mortgage averaged 7.09% as of August 17, up from 6.9% the prior week and 5.13% a year ago. By home type, Single-family home sales were down to a seasonally adjusted annual rate of 3.65 million, down 1.9% from 3.72 million in June and 16.3% year on year. The median existing single-family home price was $412,300, up 1.6% from July 2022. Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 420,000 units during July, down 4.5% from June and 19.2% from one year ago. The median existing condo price was $357,600, up 4.5% from the previous year when it stood at $342,200.
August 31st 2023
1 G.B.P...Buys 1.286 U.S.D - 1 U.S.D...Buys 0.777 G.B.P
1 EURO...Buys 1.103 U.S.D - 1 U.S.D...Buys 0.905 EURO
1 CAN $...Buys 0.756 U.S.D - 1 U.S.D...Buys 1.322 CAN $
1 BRL $...Buys 0.211 U.S.D - 1 U.S.D...Buys 4.734 BRL $
U.S Prime Interest Rate = 8.50%
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.