Market News

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

***Published on 1st April 2024***

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

Total resort area net market inventory increased by 25 homes compared to February, rising to 2,800 listings and 33 homes from the January total of 2,767. A home closing during March sold at an average of 98.0% of its listed price compared to 97.8% last month and 97.6% in January.  The March median price was up 0.4% month on month from $402,500 to $404,000, whilst the average days a home now takes to close was 105, unchanged from last month and January. The average days a home was listed was 68 during March compared to an average of 55 over the past 12 months. The pipeline number of homes under offer/pending closure stood at 684, 6 homes down from February but 73 higher than the January pipeline of 611.  During March, 413 homes were withdrawn from the market, having failed to sell, compared to 314 In February and 319 in January.  Total closings of 396 were 11% higher than the 359 sales in February, and 41% up on the 281 January sold total. When considered against the pace of sales, the total number of listings available indicates a 7.0-month level of home supply in March, which is down on both the 7.7 month supply in February and the 9.9 month total recorded in January.      


 Overall sales were up 26.5% from January, with 2,174 closings during February compared to 1,719 in January, after eight months of falling sales.  The median home price stood at $377,000, up from $360,000 in January.  Pending sales were 17.8%, higher, with 3,303 in January from 3,891 in February.  New listings also rose 7.8% from January, with 3,799 new homes entering the market in February, compared to 3,524 in January.  Total inventory levels in February stood at 8,589, up 4.5% from the January total inventory level of 8,217. Interest rates stood at 6.6%, slightly from 6.5% in January. Orlando homes spent an average of 57 days on the market, unchanged from the previous month.  25 distressed homes (bank-owned properties and short sales) accounted for 1.1% of total sales during the month representing a 13.6% increase from January when 22 distressed homes sold.  Orlando area inventory increased 4.5% overall from January to February, from 8,217 listings to 8,589. The supply of homes fell to a 3.9-month level in February, down 17.3% from 4.7 months in January. The number of new listings increased monthly by 7.8%, from 3,524 homes to 3,799 homes.  


 The broader Florida housing market saw more new listings, increased inventory and higher median prices in February compared to a year ago, according to Florida Realtors®’ latest housing data.  Closed sales of single-family homes statewide totalled 19,040, up 2.2% from February 2023, while existing condo-townhouse sales totalled 7,471, down 2.5% year on year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations.  In February, the statewide median sales price of an existing single-family home was $415,000, up 5.1% from a year ago, while for condo and townhome units, it was $325,000, up 3.2% over February 2023. The Statewide inventory of active listings was higher than a year ago for existing single-family homes, increasing by 36.5%, and for condo-townhouse units, up 73.3%. The supply of single-family existing homes offered a 3.9-month supply, while existing condo-townhouse properties were at a 6.3-month supply level last month.


 The nation's existing home sales climbed in February, according to the National Association of Realtors®. Among the four major U.S. regions, sales jumped in the West, South and Midwest and were unchanged in the Northeast, while year-on-year sales declined in all areas.  Total existing home sales for all styles increased 9.5% from January to a seasonally adjusted annual rate of 4.38 million in February.  Sales were down 3.3% yearly from 4.53 million a year ago. The total housing inventory registered at the end of February was 1.07 million units, up 5.9% from January and 10.3% from the one-year-ago level of 970,000. Unsold inventory sits at a 2.9-month supply at the current sales pace, down from 3 months in January but up from 2.6 months in February 2023.  The median existing home price for all housing types was $384,500, an increase of 5.7% from the prior year's figure of $363,600, with all four U.S. regions posting price increases.  Single-family home sales grew to a seasonally adjusted annual rate of 3.97 million, up 10.3% from 3.6 million in January but down 2.7% from last year. The median single-family home price stood at $388,700 in February, up 5.6% from February 2023.   At a seasonally adjusted annual rate of 410,000 units in February, existing condominium and co-op sales were up 2.5% from last month but declined 8.9% from one year ago. The median existing condo price was $344,000, up 6.7% from the previous year.  First-time buyers were responsible for 26% of sales in February, down from 28% in January and 27% in February 2023. All-cash sales accounted for 33% of transactions in February, up from 32% in January and 28% one year ago.  Individual investors or second-home buyers, who make up many cash sales, purchased 21% of homes in February, up from 17% in January and 18% in February 2023.   Distressed sales of foreclosures and short sales represented 3% of total sales, virtually unchanged from last month and the previous year.   

 According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.74% as of March 14. That is down from 6.88% the prior week but up from 6.60% one year ago.

 Closing Numbers ... March  29th 2024…

 1 G.B.P…Buys  1.263 U.S.D                   -              1 U.S.D…Buys  0.791  G.B.P

1 EURO...Buys  1.079 U.S.D                   -              1 U.S.D…Buys  0.926  EURO

 1 CAN $…Buys 0.738 U.S.D                   -              1 U.S.D…Buys  1.354  CAN $


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.