January 'numbers" From The Resort Area...
The January resort area median price stood at $292,300 representing an increase of 2.2% from the December 2021 median of $286,000 and up 16.5% from the January 2021 median price of $250,800. Total sales during the month of 418 were 65 lower than the December total of 483 but 49.5% up on the 323 sales recorded in January 2021. The average days on market that a home now takes to sell is down 2 days from the previous month at 84 and 8 days below the 96 day average recorded a year go. A January sold home achieved an average of 99.5% of its listed price which compared to the 97.9% level that was being achieved twelve months ago. Inventory levels overall continued to fall to record low levels month on month with January inventory down 41% from the 385 homes listed in December to 273 in January while year on year inventory levels are down by over 400% from the 1,187 active listings recorded in January 2021. During the month 55 homes were withdrawn from the market having failed to attract a buyer whilst listed. Homes pending or under under offer/contract awaiting closure totaled 751 which compared to a 684 pipeline total in the final month of 2021 and a 672 total in January 2021. Total inventory levels when considered against current pace of sales indicate a 0.7 month supply of home availability during January which was down from the 0.8 month supply in December and considerably below the 3.6 month level seen a year ago.
Orlando...
December’s median home price of $340,000 saw 2021 close the year with the highest ever median price recorded. Overall sales during December were up 4.3% at 3,820 closings. Homes spent an average 31 days on the market during the month, up slightly from November's 28 day average. Inventory again noticeably dropped during December, falling by 15.1% from November leaving a revised total of 2,586 homes available on the market. This level of inventory reflects an historic low in Orlando. New listings continued to fall with just 2,797 added during the month. Interest rates recorded a slight increase with the average interest rate during December at 3.07% which compares to 2.95% in November. At the start of the year, inventory recorded a 4,875 level and on the last day of the year recorded an inventory level of 2,586 which was a decrease of 47% and a level not seen since 1995, or as far back as O.R.R.A data records go. Previously during 2021, inventory hit a record low in April 2021 followed by several months of increased levels.
Florida...
Closed sales of single family homes statewide totaled 29,988, down 1.6% from December 2020, while existing condo and townhome sales totaled 12,789, a slight uptick of 0.3% year on year, according to Florida Realtors’ data. The statewide median sales prices for both existing single family homes and condo and townhome properties rose year on year during December. The statewide median sales price of an existing single family home was $373,990, up 21% from the previous year. Meanwhile, the statewide median price of condo and townhome units was $285,000, up 23.9% over the same period. Statewide, cash sales increased year on year in both property categories during December, up 27.5% for existing single family homes and 13.8% for condo and townhome units.
U.S...
U.S. existing home sales declined during December, ending a streak of three straight month gains, according to the National Association of Realtors® (NAR). Each of the four major U.S. regions included in the report saw sales fall in December both month on month and year on year. Despite the drop, however, overall sales for 2021 were up 8.5% compared to 2020. Existing home closed sales for the month of December covering all home styles were down 4.6% compared to November at a seasonally adjusted annual rate of 6.18 million. Year on year, sales were down 7.1% (6.65 million in December 2020). Total housing inventory at the end of December amounted to 910,000 units, down 18.0% from November and a fall of 14.2% from a year ago (1.06 million). Unsold inventory sits at a 1.8 month supply at the current sales pace, down from 2.1 months in November and also down from the from the 1.9 month level in December 2020. Economists generally consider a 6 month inventory supply to reflect a balanced market between buyers and sellers. The median existing home price for all housing types during December was $358,000, up 15.8% from December 2020 ($309,200), as prices rose in each region with the South, which includes Florida, seeing the highest pace of appreciation. The median existing single family home price was $364,300, up 16.1% from December 2020. Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 660,000 units during December, down 7.0% from the 710,000 in November and down 9.6% from a year ago. The median existing condo price stood at $305,100, an annual increase of 11.9%. December marked the 118th straight month of year on year increases, the longest running period on record. Properties typically remained on the market for 19 days during December, one day more than the 18 day level seen in November and down from 21 days in December 2020 with Four out of five homes sold during the month on the market for less than 30 days. First time buyers accounted for 30% of all sales during December, up from 26% in November and down from 31% in December 2020. Distressed sales of foreclosures and short sales represented less than 1% of all sales, equal to the percentage seen in both November 2021 and December 2020. According to Freddie Mac, the average commitment rate for a 30 year, conventional, fixed-rate mortgage stood at 3.10% in December, up from 3.07% in November with the average commitment rate across all of 2021 at 2.96%. Single family home sales dropped to a seasonally adjusted annual rate of 5.52 million during December, down 4.3% from 5.77 million in November and down 6.8% from a year ago.
January 31st 2022
1 G.B.P...Buys 1.345 U.S.D - 1 U.S.D...Buys 0.743 G.B.P
1 EURO...Buys 1.123 U.S.D - 1 U.S.D...Buys 0.890 EURO
1 CAN $...Buys 0.787 U.S.D - 1 U.S.D...Buys 1.269 CAN $
1 BRL $...Buys 0.188 U.S.D - 1 U.S.D...Buys 5.305 BRL $
U.S Prime Interest Rate = 3.25%
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.