ORLANDO REAL ESTATE MARKET NEWS - February 2023 - Published 1st March 2023
February “figures' From The Resort Area.
The February total number of closings across the resort area market was 295, which was 34.2% down on the 448 closings recorded a year ago. On average, a home in our market closed at 100.01% of the listed price, down slightly from 100.2% last month but still higher than the 99.9% level achieved a year ago. The average days on the market that a home took to close was 70, which compares to 79 days a year ago but 1 day upon the 69 days it took in January. The market's median price climbed again during the month, with the revised median setting a new record once again at $369,481, which represents a 19.3% increase on the gain on the one-year-ago median price of $298,800. Month on month, the February median price represented a 1.1% increase from the January price $365,387. February total listings of 981 were 7.2% below January's 1056 listings but still recording far higher than the 250 total market listings twelve months ago. The February pipeline of homes under offer/contract closure totalled 590 which was 18% up on the 484 pipeline in January but much below the 817 pipeline total in February 2022. The past month saw some 126 homes withdrawn from the market having failed to sell, which compares to the 40 withdrawn twelve months ago. February inventory levels, when reviewed against the current pace of sales, suggest a 3.3-month supply during February, which is a fall from the 4.6-month supply level in January and once again very different from the 0.5. month supply level offered by the market in February 2022.
Orlando..
Overall market sales were down 24.9% from December to January with 1,674 closings during January compared to 2,230 in December with this being the lowest number of monthly home sales recorded since February 2009. Overall sales during January were also down some 44.8% compared to a year ago when the market recorded 3,033 sales. The median home price was $350,000, down from $353,200 in December and was the third straight month median home prices has fallen. Orlando listings spent an average of 57 days on the market, up from 49 days in December, representing a 78.1% increase from a year ago when homes spent on average of 32 days on the market. Inventory fell slightly from 6,351 homes in December to 6,115 homes, while inventory overall in January 2023 was up 157.0% compared to January 2022, when it recorded 2,379 listed homes. January’s interest rate stood at 6.1%, which was unchanged from December. New listings increased 33.2% month on month, with 2,911 new homes listed on the market in January. Pending sales increased 43.8%, from 2,402 in December to 3,453 in January. 14 distressed homes, Bank owned and short sales, accounted for 0.8% of all home closings during the month, which represents 17.6% decrease from December when 17 distressed homes were sold.
Florida...
Continuing the trend from the final few months of last year, Florida’s housing market started 2023 with higher median prices and more inventory in January compared to a year ago, according to Florida Realtors®’ latest housing data revealed. However, inflation and rising interest rates above 6% eroded buyer demand. Closed sales of single-family homes statewide last month totalled 14,766, down 32.5% year on year, while existing condo and townhouse sales totaled 6,078, down 40.7% from January 2022, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. New listings of existing single-family homes were down 4.8% compared to a year ago whilst in the townhouse and condo category, the year-on-year decline in new listings was more modest at 2.4%. The statewide median sales price for an existing single-family home was $389,990, up 4% from the previous year and for condo and townhouse units, it was $310,000, up 8.8% over January 2022. Statewide inventory in January was up from a year ago for both existing single-family homes, increasing by 134.2%, and for condo and townhome units, up 90%. The supply of existing single-family homes was at a 2.8 month level while existing condo-townhouse properties were at a 3.1-month supply last month.
U.S...
U.S home sales declined during January for the 12th consecutive month as mortgage rates remained elevated and continued high prices kept many homebuyers out of the market. It was the weakest home sales activity since 2010. The continuation of a slowing trend that began in February 2022 is the longest streak of month to month declining home sales on records, going back to 1999 for all homes and 1968 for single family homes. Sales of existing homes covering all home types fell 36.9% in January from a year ago and were down 0.7% from December, according to a National Association of Realtors report released during the month. The seasonally adjusted annualized sales pace dropped from a pace of over 6 million units a year ago to 4 million last month. The steep decline in sales activity is also driven by the large increase of mortgage rates nationally over the past year. Last year, the average rate for a fixed-rate mortgage ranged from 3.2.% to 3.5% in January, according to Freddie Mac. This year, rates in the corresponding month ranged from 6.1% to 6.5%. The median home price was $359,000, up 1.3% from one year ago, according to the report but that is down from the record high of $413,800 in June. The inventory of homes to buy remains historically low. However, the number of homes increased slightly in January, according to N.A.R, rising 2.1% from December and 15.3% from a year ago. Cash buyers accounted for 29% of the nations transactions during January, an increase of 27% from a year ago. Notably, individual investors or second home buyers, who often buy in cash, purchased just 16% of homes in January, indicating that many people buying with cash are purchasing so as a primary home for themselves.
February 28th 2023
1 G.B.P...Buys 1.203 U.S.D - 1 U.S.D...Buys 0.830 G.B.P
1 EURO...Buys 1.059 U.S.D - 1 U.S.D...Buys 0.943 EURO
1 CAN $...Buys 0.735 U.S.D - 1 U.S.D...Buys 1.359 CAN $
1 BRL $...Buys 0.192 U.S.D - 1 U.S.D...Buys 5.198 BRL $
U.S. Prime Interest Rate = 7.50%
Team Donovan publishes a monthly report on the 1st of each month for the benefit of Worldwide Florida absentee owners. If you are considering selling your 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.