Are you ready to dive into the November housing market report? Whether you're a homeowner curious about what's happening in your area or a homebuyer who wants to stay up-to-date on potential buying opportunities, this month's report will give you plenty of insight- buckle up and get ready; this month is jam-packed with relevant details!
Nationwide Latest news:
November was a challenging month for existing-home sales, with the seasonally adjusted annual rate dropping to 4.09 million - down 7.7% from October and 35.4 % lower than one year ago! On the brighter side, median prices rose 3.5%, reaching $370,700 – good news if you're looking to buy or sell your home in 2023! Additionally, inventory shrank by an impressive amount over four months of consecutive decreases to 1.14 million units; this is equivalent to 3.3 months' supply at current monthly sale rates, so now could be a great time to start house hunting!
October brought a discouraging onset to the winter homebuying season, with pending sales down across every region from last year. Despite registering an increase month-over-month in the Midwest, overall contract signings declined by 4.6% compared to September alone for five straight months.
Stay up-to-date on industry trends if you're considering buying or selling soon!
State of Florida Housing Market Update:
November 2022 saw 17,009 closed sales in Florida, which is down 38.2% compared to 2021 numbers!
Despite the decrease in closings, good news comes with an increase in median sales prices - 9.6% up from last year at $400K and 96.5% original list price received (but still a 3.9% dip when looking back at 2021).
If you are thinking of selling your property, the typical time spent waiting was 29 days- quite higher than last year's 11-day average but nevertheless contributing to drops in listings by 15.4%. An almost 3 month supply of inventory offers hope for potential buyers as it has seen an impressive 133.3% uptick this past November!
Metro Area Market Update:
November was a wild ride for the Market Update metro area! Sales decreased by 43.9%, but median sales prices rose by 12.4%.
Most listings sold at close to their original list price - 96.9%, in fact! That's only 3.1 lower than last year's rate though it took significantly more time between contract and sale: 177.8% longer with an average of 25 days compared to 2021 numbers New listings dropped 24.7%.
Winter Garden
The Winter Garden market saw an impressive decrease in the number of closed properties last month, a 30.3% drop from 2021!
The median sales price, however, soared to $676,250; that's 46.5%, higher than this time last year, and nearly 100% original list price was received by sellers despite being down slightly at 99.7%.
Homes were snapped up faster as well, with 16 days on average for contracts compared to 7 days just one year ago.
New listings totaled 45, showing fewer but still plenty of options available at 1.9 months worth of inventory which is over double what it was in 2021.
Orlando
The real estate sector of Orlando experienced a significant decrease in closing units at the end of November, with 108 sold - 57.6% fewer than last year.
Despite this drop-off, the median sales price witnessed an impressive increase to 477,500 and saw a 96.5% return on their original sales price - 3.5% down from 2021's figures but still holding steady overall!
The new listings for that month decreased by 32%, yet it only took 27 days for listings to get an accepted contract which was 170 percent lower compared to October 2021; inventory increased significantly as well, reaching up to 2.2 months' worth of inventory.
Doctor Phillips
In the Dr. Phillips area, though smaller than bigger cities like Orlando, sales dropped by a whopping 69.2% compared to 2021 and saw its median sale price decline 48.9%, settling at $447,500 last November!
On top of this, there was just 88.1% of original list prices received (a 10.9% decrease from 2021), active listings spending 37 days on the market (236.4 % more compared to 2021), 8 new listings arriving for that time period(43 .8% less than last year!), with 1.3 months' worth of inventory 30 % higher than before!
Windermere Town
November saw a dramatic decrease in close sales for Windermere, with 72.7% compared to 2021, despite the median sale price decreasing by 20.6%. Homeowners are still receiving their asking prices as sellers gain 100% of the original list percentages - however, when looking at days on the market until contract acceptance, there has been a 46.2 % drop from last year's figure!
In terms of inventory levels, this is not bad news- supply currently stands at 4 months which is 340% higher than 2021 figures showing opportunity for buyers and investors alike that may have become scarce recently amidst low listing numbers (down 50%).
Lake Butler
Lake Butler's close sales decreased by 50% compared to last year, with a median sale price of $1,337,450 - an increase of 30.2%. Sellers typically received 94.8% of their original listing price which is 5.2% lower than 2021 levels; meanwhile, it only took 26 days for an interested buyer to present and have their offer accepted - that was 225 percent faster!
Finally, there were 15 listings in November, which equated to 40 percent fewer options when compared to the previous year, all adding up to Lake Butler having 2 months' worth of inventory on hand (a 242 % surge)!
Bay Hill
Bay Hill's real estate market experienced a decrease of 55.6% in closed sales compared to the year prior, but good news for sellers - the median selling price stayed steady at $752,500 with 87.2% original list price received!
New listings decreased by 58.3%, and homes sold almost twice as long (39 days) than last November, leaving just two-and-a-half months' worth of inventory on the shelves -- 66.7 % higher than this same time last year!
Belle Isle
Belle Isle's real estate market saw an impressive 13.2% jump in its median sales price, totaling 557,500!
Homes sold at 91.2% of the listing price, a slight 11.9% decrease compared to last year. Homes took 25 days to get accepted contracts - that's more than triple the time from 2021!
The town has very limited inventory with no change from last year and just 1.7 months' supply of houses available for sale – another 183 % increase over this period last year.
Meadow Woods
The real estate market in Meadow Woods remains strong, despite a decrease of 36.7% in home closings compared to the same period last year.
Interestingly, buyers are paying 1.6% more than they did the previous November at an average price of $429,900 and receiving 96.4%, or nearly full value, for their offers..
Furthermore, it's taking longer to get accepted contracts - 30 days as opposed to just 8 last year - while supply has increased by 212%. A total 39 fewer listings were available this November than in 2021.
Williamsburg
Home sales in the Williamsburg area have decreased this November by a 26.7% compared to last year!
However, good news for sellers – they're getting their asking price since buyers are receiving 100% of it – and although homes take longer than usual (154.5%) to get accepted contracts on them at 28 days, the median sale price has increased by 0.8%.
With only 1.7 months' supply of inventory available - an increase from 142.9%, that means if you're looking for your next home, there's still less competition out there but act fast before it's too late!
South Chase
South Chase home buyers and sellers had an eventful November, with the median sales price reaching a 12.9% year-over-year increase at $455K -- but closed homes decreased 22.2%. Homes sold in just over three weeks on average (22 days), significantly slower than last year's 214.3% increase in contract acceptance time; however, new listings dropped by 50%. As supply dwindled 25%, the months' supply of inventory rose 175%, ending up 2.2 months' worth for sale.
Hunters Creek
November proved to be a tough month for the Hunters Creek area when it came to home sales, with 78.3% fewer homes sold than in 2021.
However, there was great news, too: The median sale price in this region skyrocketed by 52.9%, reaching an impressive $665K!
Sellers are getting 95.6% of their asking prices and contracts accepted within 22 days - 120% slower than last year's rate.
New listings have dropped, though; down 59%. Supply-wise, however, we've got more choices now at 2.2 months' worth of inventory compared to less than half a month before November 2021 began rolling around...
Buenaventura Lakes
November was a slower month in Buenaventura Lakes- closed sales decreased by 14.8%, and new listings dropped 15%.
However, Sellers received 98% of the original list price for their homes (3.5 % decrease from 2021) with increased median days to contract, seeing 171.4% more than last year at 12 days, bumping up the months' supply to 1.7 - 240 % higher compared this time last year!
Kissimmee
Closed sales for the month of November 32, which is a decrease of 52.2% Compared to 2021. The median sales price in Kissimmee is $370,000, which is an increase of 15.6% Compared to 2021. The percentage of the original list price received is 97.6% which is a 2.4% decrease. The median days to contract is 21 days. So homes are taking a little longer and is an increase of 200% if you compare it to 2021 new homes new listings 38 a decrease of 43.3% month supply of inventory 2.5% An increase of 212.5%
Poinciana
November was an exciting month for the real estate market in Poinciana! Home prices soared to $310,000 median sale price - a 12.7% increase from last year. Buyers have more opportunities than ever before as inventory increased by 240%, with 116 new listings available this past month alone. However it's taking longer on average to secure offers and contracts- up 436.7% compared to 2021!
Celebration
Are you looking for a market update on Celebration? Then let us share the latest scoop!
This November closed sales drop by 43.4%, but with it came an impressive 57.3% increase in median sale prices, bringing them up to $1,007,000 - that's almost double what was seen last year!
Unfortunately, this month did see the original list price received fall 4.2%, and homes took longer to go under contract (155.6%).
There is also more competition with 3 months of supply available compared to 2021 – But things are still looking good overall!
Saint Cloud
November was an incredible month in St Cloud real estate!
We saw a whopping 17.1% increase in the median sales price of single-family homes at $410,000, and there is more good news; although sellers only received 97.9%, down 2.1% from 2021-this doesn't even scratch the surface when it comes to months' supply of inventory which sees a 383.3 % jump compared to last year - now sitting at 2.9 months With new listings coming up fast (a 329.4 % bump), this a more stable market could be here for a while so act now if you're looking to make a move.
Davenport
Wow! November saw a dramatic 55.9% decrease in closed sales in Davenport compared to 2021, with just 24 new listings - a 66.7% drop from last year's figures. However, the median sales price rose 14.3%, and sellers received an impressive 99.6%. Homes are taking slightly longer to sell than before; at 29 days on average, it was 625% higher than usual! Overall inventory is up 122.2%: two months' worth of homes are now available for prospective buyers looking for their dream property...
Take Aways
The real estate market is finally settling into a healthy balance between buyers and sellers.
Homebuyers can take comfort in knowing they won't have to give up contract terms to get the house of their dreams, while home sellers should adjust their expectations if looking for a fast sale with multiple offers.
My 2023 Wish is for everyone to find what they're looking for at this exciting turning point in housing!
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My mission:
To guide, inform and inspire you to take the 1st step towards your best life. Buy or sell homes with confidence. -Jury Hernandez, Broker Associate.
