ORLANDO, Fla. – According to the latest data from Florida Realtors®, Florida’s housing market in April showed growth in closed sales, available inventory, new listings, and median prices compared to the previous year.
“Increased active listings provide more options and homeownership opportunities for buyers, which in turn stimulates demand,” explained 2024 Florida Realtors® President Gia Arvin, broker-owner of Matchmaker Realty in Gainesville. “Over time, having more available inventory could alleviate the pressure of rising prices; however, both buyers and sellers remain cautious due to high mortgage interest rates, which are hovering around 7%.”
In April, closed sales of single-family homes across the state totaled 24,682, marking a 5.8% year-over-year increase. Meanwhile, sales of existing condos and townhouses totaled 10,228, a 1.9% rise compared to April 2023. It’s important to note that closed sales can occur 30 to more than 90 days after sales contracts are signed.
Florida Realtors Chief Economist Dr. Brad O’Connor noted that while sales have risen compared to the same time last year, they have not reached pre-pandemic levels.
“Closed sales remain lower than what we were accustomed to before the pandemic, but they are holding fairly steady,” he said. “Meanwhile, prices continue to rise at a much more sustainable pace and options for buyers continue to expand.”
In April, the statewide median sales price for existing single-family homes was $429,900, a 4.9% increase over April 2023. The median price for condo-townhouse units was $335,000, up 3.1% year-over-year. The median price is the midpoint; half the homes sold for more, half for less.
“As for the incoming supply of homes for sale, new listings of single-family homes remained elevated in both property type categories,” O’Connor said. “In April, new listings of single-family homes were up 25% compared to a year ago, aligning more with our typical pre-pandemic numbers. Similarly, new listings of townhouses and condos were up 24.2% year-over-year, surpassing even pre-pandemic levels.”
He added, “With new listings outpacing sales and homes staying on the market a bit longer than a year ago, we have seen considerable inventory growth in recent months in Florida. You’re likely seeing headlines about the state’s rapid rise in inventory, but let’s put that in perspective. Single-family home inventory is not quite back to typical 2014-2019 levels, but it’s getting close, while condo-townhouse inventory now exceeds the typical levels we saw in the years leading up to the pandemic.”
Additionally, Dr. O’Connor noted, “The fact that days on market are much more similar to what we saw immediately before the pandemic, or even lower in some cases, is a positive sign regarding our recent inventory increase. This increase will ease price growth and provide more opportunities for prospective buyers who were left out when inventory was extremely low just a couple of years ago.”
On the supply side, inventory (active listings) rose year-over-year, with single-family existing homes at a 4.2-month supply in April, while condo-townhouse inventory was at a 6.9-month supply.