Florida recorded a total of 17,698 closed sales of single-family homes in February, down 7% from one year earlier, while existing condo-townhouse sales totaled 6,503, down 13% year-over-year.
According to data from Florida Realtors, the decline in sales was seesawed by a rise in inventory. The statewide inventory last month for existing single-family homes was up by 31.6% while the inventory for condo-townhouse units was up 36%. The supply of single-family existing homes was at a 5.3-months’ supply while existing condo-townhouse properties were at a 9.7-months’ supply.
The statewide median sales price for single-family existing homes last month was $415,000, unchanged from February 2024. While for condo-townhouse units the median sales price was $315,000, down 3.1% year-over-year.
“Over the past three years, the number of single-family homes coming onto the market each month has generally exceeded the number of homes either selling or being withdrawn from the market each month,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “That means that the number of active listings for sale as of the end of each month –what we call active inventory – has generally been on the rise. With new listings still higher than recent levels and sales trending below recent levels, we should expect that trend to continue into the spring buying season here in Florida.”
