Orlando Real Estate Market News - April 2023
Orlando Real Estate Market News - March 2023 - Published 1st April 2023
March "math' From The Resort Area.
March total listings of 887 were 9.6% below February's 981 total but still significantly up on the 273 listings in the comparable month a year ago. March total closings of 364 were down 29% on the 512 closings recorded a year ago but did increase 69 sales from the 295 closings last month. A home selling in the Resort area Market achieved an average 99.6% of the listed price, down from 100.1% last month and below the 99.8% level seen a year ago. The average days on the market that a home took to close was 75, compared to 76 days twelve months ago and 70 days last month. The March pipeline number of homes under offer/contract totalled 650 which was 9.3% up on the 590 pipeline in February but still somewhat below the 817 pipeline total in March 2022. The market's median price climbed again during the month, with the revised median setting a new record at $371,252, representing an 18.4% increase on the one-year-ago median price of $303,188. Month on month, the March median price showed a 0.5% increase from February's $369,481. The last month saw 93 homes withdrawn from the market, having failed to sell, which compares to the 43 that were withdrawn twelve months ago. When considered against the sales pace, March's total inventory levels indicate a 2.4-month supply, which is down from the 3.3-month supply last month but much higher than the 0.5-month supply offered in the market twelve months ago.
Overall Orlando sales were up 33.8% from January to February, with 2,240 closings in February compared to 1,674 sales in January, while total sales were 30% lower than during February 2022 when the market recorded 3,198 sales. Total inventory was down from 6,115 homes during January to 5,555 homes in February, with overall inventory up 140.2% compared to February 2022, when levels stood at 2,313 homes. The median home price stood at $358,000, up from $350,000 in January after three straight months of declining median home prices, while February's interest rate stood at 6.4%, up from 6.1% in January. Homes spent an average of 62 days on the market, up from 57 days during January and represented a 106.7% increase compared to February 2022, when homes spent an average of 30 days on the market. New listings decreased slightly from January to February, with 2,820 new homes entering the market which compared to 2,911 in January. Pending sales increased 21.2%, from 3,453 to 4,184 in February. 22 distressed homes (bank-owned properties and short sales) accounted for 1% of total home sales, representing a 57.1% increase from January when 14 distressed homes were sold. Overall Orlando area inventory was down 9.2% month on month from 6,115 homes to 5,555. Inventory in February 2023 was 140.2% higher than in February 2022, when inventory recorded a record low. The overall supply of homes fell to a 2.5-month supply level during February, down from 3.6 months in January.
Florida's housing market continued to record increasing inventory and higher median prices compared to a year ago, according to Florida Realtors®' latest housing data. Still, economic uncertainty, inflation and interest rates fluctuating above 6% impacted the state's housing sector. Closed sales of single-family homes statewide last month totalled 18,627, down 21.3% year on year, while existing condo and townhome sales totalled 7,665, down 30.2% from February 2022, 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 $395,000, up 3.5% from the previous year and for condo and townhome units, it was $315,000, up 8.6% compared to February 2022. Statewide inventory in February was higher than a year ago for both existing single-family homes, increasing by 131.4%, and for condo and townhome units, up 106%. The supply of existing single-family homes was at a 2.7-month level while existing condo and townhome properties offered a 3.2-month supply.
Month-on-month home sales were up 14.5% as buyers locked in lower mortgage rates, but a 0.2% price drop was the first price decline seen in almost 11 years. Existing home sales reversed a 12-month slide during February, registering the largest monthly percentage increase since July 2020, according to the National Association of Realtors® (NAR). Total existing home sales for all styles of homes saw a seasonally adjusted annual rate of 4.58 million during February. Year on year, sales fell 22.6% from 5.92 million in February 2022. Total housing inventory at the end of February stood at 980,000 units, identical to January but up 15.3% from the one-year-ago level of 850,000 with unsold inventory sitting at a 2.6-month supply at the current sales pace, down 10.3% from January but up from 1.7 months in February 2022. The median existing-home price for all housing types was $363,000, a decline of 0.2% from February 2022 as prices climbed in the Midwest and South yet waned in the Northeast and West. Properties typically remained on the market for 34 days during February, up from 33 days in January and 18 days in February 2022. First-time buyers were responsible for 27% of all sales during the month, down from 31% in January and 29% in February 2022. Cash buyers accounted for 28% of transactions, down from 29% in January but up from 25% in February 2022. Distressed sales of foreclosures and short sales represented 2% of all closings in February, nearly identical to last month and one year ago. Single-family home sales soared to a seasonally adjusted annual rate of 4.14 million, up 15.3% from 3.59 million in January but down 21.4% from the previous year. The median existing single-family home price was $367,500 in February, down 0.7% from February 2022. Existing condominium and co-op sales were at a seasonally adjusted annual rate of 440,000 units, up from 410,000 in January but down 32.3% from a year ago. The median existing condo price stood at $321,000, an annual increase of 2.5%.
By region, existing home sales in the Northeast improved 4% from January to an annual rate of 520,000 in February, down 25.7% from February 2022. The median price in the Northeast was $366,100, down 4.5% from the previous year. In the Midwest, existing home sales grew 13.5% from the previous month to an annual rate of 1.09 million, down 18.7% from one year ago. The median price in the Midwest was $261,200, up 5% from February 2022. Existing home sales in the South rebounded 15.9% in February from January to an annual rate of 2.11 million, a 21.3% decrease from the prior year. The median price in the South was $342,000, an increase of 2.7% from one year ago. In the West, existing home sales rocketed 19.4% in February from the prior month to an annual rate of 860,000, down 28.3% from the previous year. The median price in the West was $541,100, down 5.6% from February 2022.
March 31st 2023
1 G.B.P...Buys 1.237 U.S.D - 1 U.S.D...Buys 0.808 G.B.P
1 EURO...Buys 1.087 U.S.D - 1 U.S.D...Buys 0.919 EURO
1 CAN $...Buys 0.737 U.S.D - 1 U.S.D...Buys 1.355 CAN $
1 BRL $...Buys 0.196 U.S.D - 1 U.S.D...Buys 5.094 BRL $
U.S Prime Interest Rate = 8.00%
Team Donovan publishes a monthly report on the 1st of each month to benefit 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.