May 'memorandum' From The Resort Area.
Inventory levels across the resort area have increased 38.7% from last month with 451 homes listed for sale in May compared to the 325 of last month. Year on year listings also rose to be up 24.3% from the 404 homes available during May 2021. The average days on market that a home now takes to sell increased by 5 days from the previous month at 76 but remained 24 days below the 100 day period it took for a home to close a year ago. A home that did sell achieved on average 99.8% of its listed price which was just sightly down on the 99.9% level of April 2022. The markets median price continued to increase and stood at $319,950 which was a 2.9% increase from April and represented a rise of 24.4% from the $257,113 median price of one year ago. Total sales during May of 523 were 82 up on the 441 of April and 3 closings higher than the 520 sales in May 2021. The pipeline number of homes under offer/contract and awaiting closure stood at 792 which was down from a 807 pipeline in April and down 9.8% on the 870 pipeline total in May 2021. During the month 50 homes were withdrawn from the market having failed to locate a buyer whilst listed. The May inventory total when reviewed against pace of sales continues to reveal overall low levels of home availability across our market with current levels suggesting a 0.9 month supply of available listings which is a slight rise on the 0.7 month supply in April and the 0.8 month level recorded twelve months ago.
Orlando...
The April median home price for an Orlando home stood $370,000, an increase of 2.5% from the $361,000 price in March 2022 setting a new record high for the third month in a row. Interest rates increased by 17.6% from 4.2% in March 2022 to 4.9% in April 2022. This rate level is a 66% increase when compared to April 2021 when interest rates stood at 3%. Overall sales during the month were down 7.3%, with a total of 3,800 closings compared to the 4,100 sales recorded in March 2022. This represents a 7% decrease when compared to April 2021 when overall sales totaled 4,081. Homes spent an average of 24 days on the market during April, down 11.1% from March 2022 when the average days was 27. Inventory was up 7.7% from March as a total of 2,670 homes entered the market during April. Total pending sales waiting to close increased 1.7% from March to April giving a total of 5,041 home pipeline. During the month 23 distressed homes (bank-owned properties and short sales) accounted for 0.6% of all home closings which represented a 14.8% decrease over March 2022, when 27 distressed homes closed. The overall supply of homes remained at just below the one month level with a balanced market still generally regarded as offering a six month supply. The number of new listings decreased by 0.5% to 4,354 homes in April compared to March.
Florida...
The wider Florida housing market may be showing some early signs of cooling based on April figures as mortgage rates and median home prices continued to rise amid a continuing constrained supply of listed homes, resulting in fewer closed sales compared to a year ago, according to Florida Realtors®’ latest housing data. Last month, closed sales of single family homes statewide totaled 28,171, down 15.3% year on year, while existing condo and townhome closings totaled 13,711, down 20.9% from April 2021. The statewide median sales price for an existing single family home stood at $410,000 during April, up 21.8% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo and townhome units reported as $310,000, up 24% from twelve months ago. The supply side of the market, inventory remained tightly constrained during the month with existing single family at a 1.1 month level of supply while condo and townhome inventory recorded a 1.3 month level. According to Freddie Mac, the interest rate for a 30 year fixed rate mortgage averaged 4.98% during the month which was significantly higher than the 3.06% averaged during the same month a year ago.
U.S...
Sales of previously owned homes in April fell to the lowest pace since the Covid pandemic started, according to the National Association of Realtors. Existing home sales declined 2.4% across the Nation compared with March to a seasonally adjusted annualized rate of 5.61 million units, the group said with sales 5.9% lower than during April 2021. This sales rate is the slowest level since June 2020, which was artificially slow as the economy struggled with sweeping shutdowns caused by the coronavirus. Inventory at the end of April stood at 1.03 million homes for sale, which is down 10.4% from April 2021. At the current sales pace inventory levels represent a 2.2 month supply. The median price of an existing home sold during April was $391,200, the highest on record and an increase of 14.8% from a year ago. That median is skewed somewhat higher because sales continue to be more robust on the higher end of the market, where the supply is stronger. Sales of homes priced between $100,000 and $250,000 fell 29% year on year, while sales of homes priced between $500,000 and $750,000 were up 19%. Closings for properties priced over $1 million increased 16% compared to a year ago. Sales pace continued to be fast with the average home sitting on the market just 17 days before going under contract. Cash buyers remained at a high level comprising 25% of all sales. Investors contributed to 17% of sales nationally, while first time buyers made up 28% of the market. Historically, first time buyers comprise approximately 40% of market share.
May 31st 2022
1 G.B.P...Buys 1.260 U.S.D - 1 U.S.D...Buys 0.793 G.B.P
1 EURO...Buys 1.074 U.S.D - 1 U.S.D...Buys 0.930 EURO
1 CAN $...Buys 0.789 U.S.D - 1 U.S.D...Buys 1.266 CAN $
1 BRL $...Buys 0.210 U.S.D - 1 U.S.D...Buys 4.753 BRL $
U.S Prime Interest Rate = 3.50%
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.