***Published on 1st December 2024*** 

November “numbers ”  from the Resort Area Market... 

Total resort area sales during November of 283 were down 22 from the previous month and also down by 57 on the 412 closings recorded during September. The average days a home took to close during October was 116, up 1 day from October and was 2 days higher than the 114-day average recorded in September. A home closing in November achieved an average of 97.6% of its listed price, down from 98.3% the previous month. The average days a home spent on the market was 83, compared to 73 days in October and a 71-day average over the past 12 months. The November median price changed little, to $399,990, compared to $400,000 in October, but it was down 1.1% from the January recorded median price of 404,418. The market's total inventory was up by 22 homes from the previous month at 3,235 listings and was 14.5% up on the 2,767 total listings recorded at the start of 2024. The number of homes under offer/contract across the market was 295, a significant fall on the 497 total pending listings recorded in October.  In November, 381 homes were withdrawn from the market compared to the 386 removed in October.  The current number of available listings, when revised against the existing speed of sales, suggests an 11.4-month inventory supply, which is p from the 10.5-month level in October and up on the 9.8-month level recorded in January 2024. 

Orlando..

Latest data from the Orlando Regional Realtor Association (O.R.R.A), revealed that October 2024 inventory totaled 11,357 listings, marking a 1.8% decline from September's 11,560 total. This fall ends a nine-month run of increasing inventory levels. Despite the monthly decrease, October 2024 inventory remained 45.4% up from  October 2023. The median home price increased to $388,990 during October, up from $380,000 the previous month. O.R.R.A. also reported that a Central Florida home spent an average of 60 days on the market (DOM) during October 2024, slightly longer than September's 58 days. Overall sales were down 7.3% month on month, with 2,085 homes sold during October compared to 2,249 in September. Pending sales saw a sharp decline of 20.7%, falling from a 3,490 total in September to 2,767. New listings were also down, with a 7.6% fall from September's 3,530 to October’s 3,260.

Florida 

Florida’s housing market reported higher inventory levels of active listings and an easing of statewide median prices compared to a year ago, according to Florida Realtors®’ latest housing data. Closed sales of existing single-family homes statewide totalled 18,671, down 5.6% year on year, whilst existing condo and townhome sales totalled 6,499, down 19.9% from October 2023, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations.  The statewide median sales price for an existing single-family home was $415,000, up 1.2% from the $410,000 level of a year ago. For condo-townhouse units, the median price was $315,000, down 2.2% from $321,990 in October 2023. New listings of single-family homes fell by 10.3% year on year but were still up 9.5% for the year to date. Meanwhile, new listings of townhouses and condos were down 9.5% compared to a year ago but were up 12% overall. On the market's supply side, Florida had a 4.7-month supply of existing single-family homes last month, up 34.3% year on year. For condo and townhome units, the state saw a 7.7-month supply in October, up 67.4% year on year. 

U.S... 

Existing home sales rose in October, according to the National Association of Realtors, with sales improving in all four major U.S. regions. Year on year, sales were elevated in three areas but were unchanged in the Northeast.  Total existing-home sales for all home styles increased by 3.4% from September to a seasonally adjusted annual rate of 3.96 million in October. year on year, sales progressed 2.9%,  rising from 3.85 million in October 2023.  Total housing inventory at the end of October was 1.37 million units, up 0.7% from September and 19.1% higher than a year ago. Unsold inventory stands at a 4.2-month supply at the current sales pace, down from 4.3 months in September but up from the 3.6 months recorded in October 2023. The median existing-home price for all housing types in October was $407,200, up 4.0% from one year ago, which was $391,600. First-time buyers were responsible for 27% of sales in October, up from 26% in September but down from 28% in October 2023. NAR's 2024 Profile of Home Buyers and Sellers, released during the month, found that the annual share of first-time buyers was 24%, the lowest ever recorded. Single-family home sales accelerated 3.5% to a seasonally adjusted annual rate of 3.58 million, up 4.1% from the prior year. The median single-family home price was $412,200 in October, up 4.1% from October 2023. Existing condominium and co-op sales increased 2.7% in October to a seasonally adjusted annual rate of 380,000 units, down 7.3% from the one-year-ago figure of 410,000. The median existing condo price was $360,300, up 1.6% from the previous year of $354,800. Cash sales accounted for 27% of transactions in October, down from 30% in September and 29% in October 2023. Individual investors or second-home buyers, who make up many cash sales, purchased 17% of homes during the month, up from 16% in September and 15% in October 2023. Distressed sales of foreclosures and short sales represented 2% of all sales in October, unchanged from last month and the previous year. 

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.78% as of November 14. That's down from 6.79% one week ago and 7.44% one year ago.  

Closing Numbers ... November 29th 2024… 

1 G.B.P…Buys  1.268 U.S.D                  -              1 U.S.D…Buys  0.788  G.B.P

1 EURO...Buys  1.055 U.S.D                   -              1 U.S.D…Buys  0.947  EURO

 1 CAN $…Buys 0.712 U.S.D                  -              1 U.S.D…Buys  1.403  CAN $

  

U.S Federal Prime Interest Rate = 7.75%

 

 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.