***Published on 1st May 2024***

April “answers ”  from the Resort Area Market...

The April median price was down 0.3% month on month from $404,000 to $402,949, whilst the average days a home takes to close was 107, a rise of 2 days from both March and February’s 105 days.  Total resort area market inventory was up by 67 homes at 2,867 compared to March's 2,800 total and February’s 2,775.    A home closing in March achieved an average of 97.5%, compared to 98.0% last month.  The average number of days that a home was listed was recorded as 79 during March, compared to an average of 58 over the last 12 months.  The pipeline number of homes under offer/pending closure was 734, which was 50 homes up from March and 44 higher than the 690 recorded in February.  During April, 294 homes were withdrawn from the market, having not sold, which compares to 413 in March and 314 in February.  Total closings of 408 during the month were the highest seen this year compared to 281 sales in January.  The total number of listings available, when reviewed against the speed of closings, suggests a 7.0-month level of home supply in April, which is unchanged from last month but down on the 7.7 month level of February and 9.8 months in January.

Orlando...

Overall sales rose 17.7% from February to March, with 2,559 sales in March, up from 2,174 sales in February. The median home price stood at $386,500, up from $377,000 in February. The highest monthly median home price recorded in the Orlando market was $387,000 back in June 2022. Pending sales increased 9.4% from 3,891 in February to 4,257 in March. New listings rose 8.6% month on month, with 4,124 new homes entering the market, compared to 3,799 in February. Inventory for March stood at 8,971 homes, up 4.4% from February, when the inventory level stood at 8,589.  March’s interest rate was at 6.7%, up slightly from 6.6%  the month before while homes spent an average of 58 days on the market during the month which was a slight rise from February.  23 distressed homes (bank-owned properties and short sales) accounted for 0.9% of all closings during March representing an 8.0% decrease from February when 25 distressed homes sold.   Orlando area inventory increased 4.4% from February to March from 8,589, to 8,971.  The supply of homes fell to a 3.5 months at the current pace, down 11.3% from 3.9 months in February. The number of new listings increased month on month from 3,799 homes to 4,124.

Florida...

The Florida housing market in March and first quarter (1Q) of 2024 reported more new listings, higher median sales prices and increased levels of inventory compared to a year ago, according to Florida Realtors®’ latest housing data.   Closed sales of existing single-family homes statewide totaled 23,435, down 10.4% year-over-year, while existing condo-townhouse sales totaled 9,332, down 16.6% over March 2023.  For 1Q 2024, statewide existing single-family home sales totaled 57,326, down 3.7% from 1Q 2023, while statewide existing condo-townhouse sales totaled 22,811, down 8.5% from the same quarter a year ago.   The statewide median sales price for single-family existing homes in March was $420,600, up 3.9% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $330,000, up 3.1% over the year-ago figure.   New listings of single-family homes were up 7.7% in March, well off the pace of nearly 17% in January and over 28% in February. In the townhouse and condo category, year-over-year growth in new listings in March was 11%, compared to over 31% in January and  30% in February.  For 1Q 2024, the statewide median price for single-family homes was $415,000, up 3.8% year-over-year; the statewide median price for condo-townhouse properties was $325,500, up 2.8% year-over-year.  On the supply side of the market, the inventory of active listings rose in March, as well as in 1Q 2024. Single-family existing homes were at a 4.1-month supply, while condo-townhouse properties were at a 6.6-month supply for both timeframes.

U.S...

The housing market showed a slowdown in sales but a rise in prices in March, activity data shows. Sales of existing homes fell, and more listings entered the market. After dipping below 4 million in recent months, the annual pace of home sales increased to 4.38 million in February. But in March, that pace slowed to an annual rate of 4.19 million units.  According to NAR, the number of sales nationally fell by 4.3% month over month, a decrease of 3.7% from a year earlier.  Properties typically remained on the market for 33 days in March, down from 38 days in February. In March 2023, that figure was 29 days.  The nationwide median sale price for existing homes in March clocked in at $393,500, up 5.7% from last year and the ninth month in a row to record year-over-year increases, recording the highest-priced March on record, according to N.A.R.  Cash buyers accounted for 28% of sales compared to 27 % a year ago. Total housing inventory stood at 1.11 million units at the end of March, which rose 4.7% from February and 14.4% higher than a year ago.  This level represents a 3.2-month supply, which is still well short of the five to six months typically required for a healthier, more balanced market. 

Regionally, sales in the West fell the most during March, down 8.2% from a month ago and off 3.7%  from a year ago. In the South, sales fell 5.9% for the month and declined 5%  for the year. In the Northeast, sales rose 4.2% but were down 3.8% year over year, while sales in the Midwest dipped 1.9% monthly and decreased 1% annually.  

According to Bankrate's most recent survey of lenders, the average rate on a 30-year fixed-rate loan was 7.33 percent as of April 17. 

Closing Numbers ... April 30th 2024…

 

1 G.B.P…Buys  1.254 U.S.D                   -              1 U.S.D…Buys  0.797  G.B.P

1 EURO...Buys  1.072 U.S.D                   -              1 U.S.D…Buys  0.932  EURO

 1 CAN $…Buys 0.730 U.S.D                   -              1 U.S.D…Buys  1.368  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.