Florida’s housing market saw an increase in median prices and inventory in the latest housing data reported from Florida Realtors. See their official statement, below.
“Florida’s housing supply continued to improve in February, providing momentum for buyers wanting to enter the market now to hopefully find their Florida dream home during the spring homebuying season,” said 2024 Florida Realtors® President Gia Arvin, broker-owner with Matchmaker Realty in Gainesville. “Though mortgage rates currently are still fluctuating near 7%, housing economists are predicting rates will start to ease in the second quarter.”
Closed sales of single-family homes statewide last month totaled 19,040, up 2.2% from the February 2023, while existing condo-townhouse sales totaled 7,471, down 2.5% year-over-year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
In February, the statewide median sales price for single-family existing homes was $415,000, up 5.1% from the previous year; for condo-townhouse units, it was $325,000, up 3.2% over February 2023. The median is the midpoint; half the homes sold for more, half for less.
Florida’s home prices and number of closed home sales for the first two months of 2024 look a lot like they did at this point a year ago in early 2023, said Florida Realtors Chief Economist Dr. Brad O’Connor.
“However, while the demand side of the equation is little changed from last year, on the supply side, we are seeing significantly more new listings than a year ago,” he noted. “So far this year, while you could still characterize new listings of single-family homes as being in their normal pre-pandemic range, they were at the high end of that range in February. In fact, there were more single-family homes listed for sale in Florida this February (a total of 32,557, up 28.3% year-over-year) than in any February dating back to 2008, when we started tracking new listings.
“While there were nearly this many new listings in both February of 2016 and 2018, this has been a remarkable turnaround compared to where we were last year at this time, when we had the lowest number of February new listings of single-family homes since 2013.”
Looking at condo-townhouse properties, new listings so far in 2024 are up (a total of 16,906, up 30.3% year-over-year) – and higher than the previous “normal range,” O’Connor said, pointing to recent increases in insurance rates and condo fees as a probable factor, along with local market dynamics.
He added, “Despite the rapid rise in inventory levels (active listings) that has resulted from the recent resurgence in new listings, inventory levels at the end of February in both property type categories were still well within the ballpark of the pre-pandemic norm that was established roughly from 2013 onward.
“It will take a lot more inventory to put a significant dent in home prices, but at current levels, inventory is now high enough that it should continue to slow home price growth and present buyers with a lot more options than they had two or three years ago.”
Statewide inventory (active listings) in February was higher than a year ago for both existing single-family homes, increasing by 36.5%, and for condo-townhouse units, up 73.3%. The supply of single-family existing homes was at a 3.9-months’ supply while existing condo-townhouse properties were at a 6.3-months’ supply last month.
