Florida’s housing market recorded an increase in listings and higher median prices during February, according to new data from Florida Realtors.
Closed sales of single-family homes statewide last month totaled 19,040, up 2.2% from one year earlier, while existing condo-townhouse sales totaled 7,471, down 2.5% year-over-year. Last month, the statewide median sales price for single-family existing homes was $415,000, up 5.1% from the previous year, while for condo-townhouse units the median sales price was $325,000, up 3.2% from February 2023.
During February, the statewide inventory (active listings) was up year-over-year by 36.5% for existing single-family homes and up 73.3% for condo-townhouse units. 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.
Florida Realtors Chief Economist Dr. Brad O’Connor noted that 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. 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.”
O’Connor added that although “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.”
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