ORLANDO REAL ESTATE MARKET NEWS - October 2023 - Published - 1st November 2023
October “oracle” From The Resort Area.
October's total listings were 1,462 homes, a rise of 10.9% from the 1,318 total recorded in September and some 31% higher than the 1,113 listings recorded in October 2022. Total sales during the month were identical to both a year ago and last month at 306 closings. A home selling in the resort area closed at an average 97.7% of its listed price, down from 97.8% last month and well below the 100.01% level achieved twelve months ago. The average days it now takes for a home in our market to close stands at 97 days, 1 day higher than in September but 32 days up on the 65 days it took during October 2022. The October month-on-month median price saw a rise of 0.5% from $370,495 to $372,320 and was also up 5.2% from the one-year-ago median of $353,063. The total number of homes under offer/contract during the month stood at 479, just 2 homes below the 481 total of a year ago and 22 homes below the September pipeline total of 511. During October 123 homes were withdrawn from the market, having failed to sell whilst listed, which was just 3 less than the corresponding month a year ago. October total inventory, when reviewed against the pace of current sales, suggests a 4.7-month supply of home availability, which is up on the 4.3-month level in September and also higher than the 3.6-month supply offered across the market during October 2022.
According to the latest data from the Orlando Regional Realtor Association, inventory for September 2023 was recorded at 6,758, up 10.5% from August when inventory stood at 6,115 homes, the sixth consecutive month that inventory has risen. Overall sales were down 8.4% from August to September with 2,558 closings during September, down from 2,792 sales in August, which was the fourth consecutive month that home sales have fallen. The median home price for September was $370,000, down from $375,000 in August, which was the third month in a row that median home prices have fallen. New listings fell 2.1% from August to September, with 3,545 new homes entering the market during the month, compared to 3,620 in August. Homes spent an average of 41 days on the market, which was the same as in August but 32.3% higher than September 2022 when homes spent an average of 31 days on the market. Inventory for September stood at 6,758, up 10.5% from August, when inventory stood at 6,115. This was also the sixth month in a row that inventory has risen. 16 distressed homes (bank-owned properties and short sales) accounted for 0.6% of all home sales during September, representing a 23.8% decrease from August, when 21 distressed homes were sold. September’s interest rate stood at 7.3%, up from 6.6% in August, the highest interest rate recorded since March 2002.
Closed sales of existing single-family homes statewide totaled 21,335, up 6.1% year on year, while existing condo and townhome sales totaled 8,387, down 0.2% over September 2022, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Closed sales of single-family homes were up for the first time compared to a year ago, rising by over 6%. Year-on-year sales were still down in September, but minimally by a fraction of 1%. The statewide median sales price of an existing single-family home was $409,243, up 1.3% from $403,880 one year earlier. For condo and townhome units, the median price was $324,990, up 5.8% from the $307,250 level recorded in September 2022. On the supply side of the market, Florida offered a 3.2-month supply of existing single-family homes during September, which was a 28% year-on-year increase. For condo and townhome units, the state had a 4.1-month supply, which represented a 78.3% year-on-year inventory increase.
The nation's existing home sales faded in September, according to the National Association of REALTORS®. Among the four major U.S. regions, sales rose in the Northeast but receded in the Midwest, South, and West. All four areas registered year-on-year sales declines. Total transactions for all home styles fell 2.0% from August to a seasonally adjusted annual rate of 3.96 million in September. Year on year, sales dropped 15.4%, down from 4.68 million in September 2022. Total housing inventory at the end of September stood at 1.13 million units, up 2.7% from August but down 8.1% from the one-year-ago level of 1.23 million. Unsold inventory sits at a 3.4-month supply at the current sales pace, up from 3.3 months in August and 3.2 months in September 2022. The median existing-home price for all housing types in September was $394,300, an increase of 2.8% from the September 2022 price of $383,500. Single-family home sales slipped to a seasonally adjusted annual rate of 3.53 million, down 1.9% from 3.6 million in August and 15.8% from the prior year. The median single-family home price was $399,200, up 2.5% from September 2022. Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 430,000 units during September, down 2.3% from August and 12.2% from a year ago. The median existing condo price was $353,800 in September, up 6.8% from the prior year's figure of $331,300. According to Freddie Mac, the 30-year fixed rate mortgage averaged 7.57% as of October 12. That's up from 7.49% the previous week and 6.92% one year ago.
October 31st 2023
1 G.B.P...Buys 1.219 U.S.D - 1 U.S.D...Buys 0.819 G.B.P
1 EURO...Buys 1.066 U.S.D - 1 U.S.D...Buys 0.937 EURO
1 CAN $...Buys 0.723 U.S.D - 1 U.S.D...Buys 1.382 CAN $
1 BRL $...Buys 0.198 U.S.D - 1 U.S.D...Buys 5.049 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.