ORLANDO REAL ESTATE MARKET NEWS - May 2023 - Published 1st June 2023
May “math’ From The Resort Area.
The May pipeline of homes under offer/contract stood at 422 which was 4.3% up on the 404 pipeline total in April but 19.4% down from the the 523 total recorded in May 2022. The May listed total of 875 homes was 2% up on Aprils 858 listings and was still much higher than the 451 listings in the comparable month a year ago. Mays month on month median price was up 1.7% from $367,300 to $369,987 and also rose 13.6% from the one year ago median price of $319,850. Total listings of 875 were 2% up Aprils 858 total and remain significantly higher than the 451 listings recorded in May 2022. Closed sales during the month of 422 was an increase of 18 on the April total of 404 but 119 down on the 523 total recorded in May 2022. A home selling during the month sold at an average 98.5% of the listed price, which was down from 99.2% last month and down on the 99.8% level that was achieved twelve months ago. The average days to close for a resort area home stood at 85 which was 6 higher than in April and also 9 days up on the 76 days it was taking twelve months ago. During May 104 homes were withdrawn from the market having failed to sell whilst listed which compares to the 50 total withdrawn twelve months ago. Mays total listed inventory when reviewed against current pace of sales, indicates a 2.1 month supply of home availability, which is unchanged from the previous month but up on the 0.9 month supply offered to the market a year ago.
The greater Orlando area overall saw sales in April 2023 down 27.2% from April 2022 when the market saw 3,800 closings while month on month sales were down 5.8% from March to April. There were 2,766 sales during April compared to 2,936 in March. There were 18 distressed homes (bank-owned properties and short sales) during the month which accounted for 0.7% of all home closings during April. That represented a 35.7% decrease from March, when 28 distressed homes sold. Pending sales rose, with 4,220 recorded in March compared to 4,485 in April. Inventory was up during the month by 1.9% from 5,052 homes in March to 5,148 homes in April 2023. Housing inventory in April 2023 was 92.8% higher than in April 2022, when the market recorded 2,670 homes listed. O.R.R.A also reported that the median home price for April 2023 stood at $370,000, up from $365,000 in March as median home prices have increased every month this year. The Median home price in April 2023 stood at the same as recorded in April 2022. April's interest rate recorded as 6.4%, down from 6.7% in March coming after three straight months of rising rates. New listings were down 6.4% from March to April, with 3,220 new homes entered the market during April, compared to 3,442 in March. Additionally, homes spent an average of 52 days on the market in April, down from 57 days in March. This is 116.7% higher than in April 2022 when homes spent an average of 24 days on the market.
The Florida housing market continued its trend from the past few months, with more available inventory (active listings) and higher median sales prices for condo and townhome units compared to a year ago, according to Florida Realtors®’ latest housing data. Across the state, economic factors like mortgage rates above 6%, and still rising but easing inflation impacted closed home sales. Closed sales of existing single family homes statewide totaled 23,334, down 17.2% year on year, while existing condo and townhome sales totaled 10,040, down 26.8% over April 2022. The statewide median sales price for of an existing single family home in April was $410,000, the same as in April 2022, 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 was $325,000, up 4.8% from the one year ago figure. On the supply side of market inventory (active listings) rose year on year with existing single family homes at a 2.6 month supply in April, while condo and townhome inventory offered a 3.5 month level of supply.
Existing home sales decreased during April, according to the National Association of Realtors® (NAR) with all four major U.S. regions included in the report registering month on month and year on year sales declines. Total existing home sales for all home styles fell 3.4% month on month for a seasonally adjusted annual rate of 4.28 million in April while year on year, sales fell by 23.2%. Total housing inventory at the end of April stood at 1.04 million units, up 7.2% from March and 1% year on year. Unsold inventory sat at a 2.9 month supply at the current sales pace, up from 2.6 months in March and 2.2 months in April 2022. The median existing home price for all housing types during April was $388,800, a 1.7% decline from the April 2022 figure of $395,500. Properties typically remained on the market for 22 days in April, down from 29 days in March but up from 17 days in April 2022. Three out of four homes sold during April were on the market for less than a month. Single family home sales waned to a seasonally adjusted annual rate of 3.85 million in April, down 3.5% from 3.99 million in March and 22.4% year on year. The median existing single family home price stood at $393,300, down 2.1% from April 2022. Existing condominium and co-op sales were at a seasonally adjusted annual rate of 430,000 units during April, down 2.3% from March and 29.5% lower year on year. The median existing condo price was $348,000 which was an annual increase of 0.7%.
May 31st 2023
1 G.B.P...Buys 1.236 U.S.D - 1 U.S.D...Buys 0.809 G.B.P
1 EURO...Buys 1.0672 U.S.D - 1 U.S.D...Buys 9.369 EURO
1 CAN $...Buys 0.732 U.S.D - 1 U.S.D...Buys 1.364 CAN $
1 BRL $...Buys 0.198 U.S.D - 1 U.S.D...Buys 5.036 BRL $
U.S Prime Interest Rate = 8.00%
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.