***Published on 1st March 2025*** 

February “findings”  from the Resort Area Market...  

A  resort area home that closed during the month achieved an average of 97.1%  of its final listed price, down from 97.3% in January and down on the 97.6% level achieved twelve months ago.  During February, the average days that a home spent on the market was 85, compared to 90 days in January and the 75-day average recorded over the last 12 months.  The February median price was down from January at 397,700 from $399,900 but remains down 1.0% from the February 2024 median price of $402,500.  The average days a home took to close during the month was 122, a rise of 2 days from January and compared to a 105-day average achieved in February 2024. Total closings during February were 248, up on the January closed total, but 111 were below the 359 sales recorded in February 2024.  The number of homes Pending- under offer/contract across the market stood at 342, below the 314 total in January.  During the month, some 342 homes were withdrawn from the market, failing to sell.  Overall, the resort area inventory stood at 3,397 homes, compared to the 2,775 listings a year ago. When reviewed against the actual sales pace, the market's overall inventory total indicates a 13.7-month inventory supply in February, down from a 14.5-month level in January but was still considerably higher than the 7.7-month supply recorded back in February 2024.   

Orlando... 

New listings increased by 68.1% from December to January, with 4,220 entering the market in January, compared to the 2,510 total in December. The median home price in January was $375,000, down from $380,000 in December. Overall sales decreased 29.7% month on month, with 2,154 closings during December compared to 1,514 sales in January. Inventory for January was recorded at 11,697, up 16.4% from December, when inventory was recorded at 10,049. This is the highest inventory level seen since July 2015. January’s local interest rate was 6.8%, up from 6.5% in December. 18 distressed homes (bank-owned properties and short sales) accounted for 1.2% of all home closings during the month, a slight increase from December when 17 distressed homes were sold.  

Florida...

Florida’s housing market started 2025 with more new listings and increased inventory (active listings) in January compared to a year ago, according to Florida Realtors®’ latest housing data. Closed sales of single-family homes statewide totaled 15,384, up 3.6% from the January 2024 level, while existing condo-townhouse sales totaled 5,787, down 3.7% year on year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations.  The January statewide median sales price for single-family existing homes was $410,000, up 1.2% from the previous year and for condo and townhome units, it was $312,500, down 2.3% compared to January 2024.  Over 35,500 single-family homes were listed for sale in Florida in January, which is the most the market has seen in any month since July 2022.  New listings of single-family homes were up 15.4% on a year-over-year basis.  Year-over-year growth in new listings of condos and townhouses was a little more muted in January, reaching 6.7%.  Overall statewide inventory in January was higher than a year ago for both existing single-family homes, increasing by 31.3%, and for condo-townhouse units, up 39.3%.  The total supply of single-family homes was at a 5.1-month level, while existing condo-townhouse properties were at a 9.1-month supply last month. 

U.S... 

Existing-home sales retreated during January, according to the National Association of Realtors®, with total existing-home sales for all home styles down 4.9% from December to a seasonally adjusted annual rate of 4.08 million in January. Year on year, sales improved by 2.0%, rising from 4 million in January 2024.   Total housing inventory stood at 1.18 million units, up 3.5% from December and 16.8% from one year ago (1.01 million). Unsold inventory sits at a 3.5-month supply at the current sales pace, up from 3.2 months in December and 3.0 months in January 2024.  The median existing-home price for all housing types was $396,900, up 4.8% from the one year ago level of $378,600. First-time buyers were responsible for 28% of sales in January, down from 31% in December 2024 and identical to January 2024. Cash sales accounted for 29% of transactions,   up from 28% in December but down from 32% in January 2024. Individual investors or second-home buyers, who make up many cash sales, purchased 17% of homes during January, up from 16% in December and unchanged from January 2024.  Distressed sales of foreclosures and short sales represented 3% of all closings in January, virtually unchanged from December and the previous year.  Single-family home sales declined 5.2% to a seasonally adjusted annual rate of 3.68 million, up 2.2% from the previous year. The median single-family home price was $402,000 in January, up 5.0% from January 2024.  Existing condominium and co-op sales were down 2.4% to a seasonally adjusted annual rate of 400,000 units, identical to a year ago. The median existing condo price was $349,500, up 2.9% from the prior year's $339,500. 

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.85% as of February 20. That's down from 6.87% one week ago and 6.90% one year ago. 

Closing Numbers ... February 28th 2025… 

1 G.B.P…Buys  1.260 U.S.D                  -              1 U.S.D…Buys  0.793  G.B.P

1 EURO...Buys  1.040 U.S.D                   -              1 U.S.D…Buys  0.961 EURO

 1 CAN $…Buys 0.692 U.S.D                  -              1 U.S.D…Buys  1.443  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.