Market News

ORLANDO REAL ESTATE MARKET NEWS - February 2024 - Published - 1st March 2024

Published on 1st March 2024  

March “math”  from the Resort Area Market...

The February resort area median price was down 0.5% month on month from $404,419 to $402,500, whilst the average days a home takes to close was unchanged from January at 105 days. The total inventory was up by just 7 homes compared to January's at 2,775 listings and 2% up from December's inventory of 2,719.   A home that did sell during the month closed at an average of 97.8% of its listed price, which compares to 97.6% in the previous month. During February, 314 homes were withdrawn from the market, having failed to sell, which was below the January withdrawn total of 319 but up on the  260 withdrawn during December 2023.  The total pipeline number of homes under offer/pending closure in February stood at 690, up 12.9% from  611 in January.  Total sales during the month of 359 were up from 281 closings last month, whilst the total number of listings available compared to speed of sales indicates a 7.7-month level of home supply during February, which is down from the 9.8 month total recorded in January.   

Orlando..

 New listings increased 46.3% from December to January, with 3,524 new homes entering the market during January, compared to 2,409 in December. The total inventory for January was 8,217, up 4.8% from December, when inventory totaled 7,838. The supply of homes increased to 4.8 months in January, up 20.9% from 3.9 months in December. The Orlando median home price was $360,000, down from $367,250 in December, the third month in which the median price has fallen with the Median price now having fallen $17,000 since October 2023.  January’s interest rate was 6.5%, down slightly from 6.6% in December and was the third month in which rates have fallen.  Overall sales fell 13.3% month on month, with 1,719 closings in January, down from 1,982 sales in December, the eighth month in which home sales have fallen.  Pending sales increased by 32.4%, with 2,495 in December and 3,303 in January. Homes spent an average of 57 days on the market (DOM) during the month, up from 49 days in December.  22 distressed homes (bank-owned properties and short sales) accounted for 1.3% of all home sales in January, representing a 69.2% increase from December when 13 distressed homes were sold.   

Florida...   

 Florida’s housing market started 2024 with higher median prices, new listings, and inventory. Median prices in January were higher than a year ago, according to Florida Realtors®’ latest housing data. However, mortgage interest rates above 6% continued to impact potential homebuyers’ purchasing power while also contributing to a lock-in effect among would-be home sellers who bought their homes some years ago with a 3% to 4.5% mortgage rate.  Closed sales of single-family homes statewide totaled 14,851, up 0.6% from the January 2023 level, while existing condo and townhome sales totaled 6,008, down 1.2% year on year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations.  The statewide median sales price for existing single-family homes was $405,000, up 3.8% from the previous year; for condo and townhome units, it was $320,000, up 3.2% over January 2023. New listings of single-family homes were up 16.7% year on year, while new listings of townhouses and condos were up by 31.4%.  Statewide inventory in January was higher than a year ago for both existing single-family homes, increasing by 24.8%, and for condo-townhouse units, up 62.9%. The supply of existing single-family homes was at a 3.8-month level, while existing condo-townhouse properties were at a 5.8-month supply last month.   

U.S...  

Existing home sales grew in January, according to the National Association of REALTORS®. Among the four major U.S. regions, sales accelerated in the Midwest, South and West and remained steady in the Northeast.   Total completed transactions for all home styles were up 3.1% from December to a seasonally adjusted annual rate of 4 million in January.  Year on year, sales were down 1.7% from 4.07 million in January 2023.  Total housing inventory registered at the end of January was 1.01 million units, up 2.0% from December and 3.1% from one year ago (980,000). Unsold inventory sits at a 3.0 month supply at the current sales pace, down from 3.1 months in December but up from 2.9 months in January 2023.  The median existing-home price for all housing styles was $379,100, an increase of 5.1% from one year ago level of $360,800.  Properties typically remained on the market for 36 days during January, up from 29 days in December and 33 days in January 2023.  First-time buyers accounted for 28% of sales in January, down from 29% in December and 31% in January 2023.  Cash buyers accounted for 32% of all transactions during the month, up from 29% in December and one year ago.  Distressed sales represented 2% of closings in January, virtually unchanged from last month and the previous year. Single-family home sales increased to a seasonally adjusted annual rate of 3.6 million, up 3.4% from 3.48 million in December but down 1.4% from the prior year. The median single-family home price was $383,500 in January, up 5% from January 2023.  At a seasonally adjusted annual rate of 400,000 units in January, existing condominium and co-op sales were unchanged from last month but down 4.8% from the one-year-ago figure of 420,000 units. The median existing condo price was $339,400 in January, up 5.7% from the previous year's price of $321,100.  

Closing Numbers ... February 29th 2024…  

1 G.B.P…Buys  1.266 U.S.D                   -              1 U.S.D…Buys  0.789  G.B.P

1 EURO...Buys  1.083 U.S.D                   -              1 U.S.D…Buys  0.923  EURO

1 CAD...Buys  0.736 U.S.D                   -              1 U.S.D…Buys  1.357  CAD

***

U.S Federal Prime Interest Rate = 5.5%

 

Team Donovan publishes this updated market news on the 1st of each month to benefit Orlando Resort Area property owners. Our community reports are published on the 15th of each month. If you are considering selling your property, don't hesitate to contact us; we would be delighted to discuss the process in more detail.