Closed sales of existing single-family homes in Florida last month totaled 23,334, a 17.2% year-over-year decline, according to new data from Florida Realtors. Existing condo-townhouse sales totaled 10,040, a 26.8% slide from April 2022.
The statewide median sales price for single-family existing homes in April was $410,000, unchanged from one year earlier, while the statewide median price for condo-townhouse units was $325,000, up 4.8% year-over-year.
On the supply side of the market, inventory levels rose last month with single-family existing homes at a 2.6-months’ supply and condo-townhouse inventory at a 3.5-months’ supply.
“More active listings spark buyers’ interest and provide more homeownership opportunities,” said 2023 Florida Realtors President G. Mike McGraw, a broker-associate with RE/MAX Central Realty in Orlando. “In time, having more available inventory could ease the pressure of rising prices; however, Florida’s current for-sale supply is still constrained as cautious buyers and sellers remain wary of higher mortgage interest rates.”
It’s unfortunate that so many “news” organizations lead with such sensationalized headlines about the level of decline in sales around the country, as it doesn’t really paint the picture of what is actually happening. Sure, volume is down, but it’s not because there isn’t a demand. In Central Vermont, we are still experiencing multiple offers on nearly every home that hits the market in price ranges between $95K to $725K, if they are in financeable condition. Even substantial overbids, in many cases. 15 offers, 17 offers, 22 offers, 8 offers….. only 1 buyer on each of the 4 properties are satisfied. 58 of the 64 continue to search… and these are only the people who chose to submit an offer on these 4 homes. What about those people who didn’t submit an offer…. or have since come into the buying marketplace? Just a headline with a 17.2% decline doesn’t really tell the true story.