Florida’s housing market recorded year-over-year increases in sales, median sales prices and new listings, according to new data from Florida Realtors.
Last month, closed sales of existing single-family homes statewide totaled 17,722, up 4.2% year-over-year, while existing condo-townhouse sales totaled 7,108, a 0.3% uptick over November 2022.
The statewide median sales price for single-family existing homes in November was $413,000, up 3.3% from one year earlier, while the median price on condo-townhouse units was $330,000, up 7.5% over the same period.
Florida had a 3.7-months’ supply of single-family existing homes last month, up 32.1% year-over-year, and condo-townhouse units reported a 5-months’ supply last month, up 85.2% over the Nov. 2022 level.
“Lately, prospective buyers in Florida have seen an increasing number of choices in their home searches,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “The number of new listings was uncharacteristically low at this time last year, but over the last couple of months, we’ve seen the level of new listings move back into the range of recent norms. New listings of single-family homes in Florida were up by 15.3% in November compared to a year ago. And over in the townhouse and condo category, new listings were up even more, rising by 25.9%.”
O’Connor added, “With these significant increases in new listings compared to a year ago outpacing the very modest increase in sales over the same timeframe, inventory levels continued to rise in Florida. In fact, the current trajectory of inventory growth is such that we may be back at pre-pandemic levels of single-family inventory as soon as the end of the year. At this time in 2019, Florida was still experiencing a single-family inventory shortage – just not nearly as severe as what we faced after the pandemic began. Inventory gains in the condo-townhouse category last month were significant, as well.”
