The median sales prices for completed sales for single-family homes increased 5.8% and 4.9% (to $429,900) from a year ago, while the median sales prices for condominiums and townhouses increased 1.9% and 3.1% (to $335,000) from a year ago.
Orlando, Florida – Florida’s housing market saw an increase in sales, active inventory and new listings in April compared to a year ago, as well as an increase in median prices, according to the Florida Association of Realtors.®‘Latest housing data.
“More active listings provide buyers with more options and homeownership opportunities, which in turn drives buyer demand.“, Said 2024 Florida Realtors® President Zia Ervin, Broker and Owner of Matchmaker Real Estate in Gainesville. “Over time, rising inventory may ease upward pressure on prices, but cautious buyers and sellers remain wary of high mortgage rates, which are hovering around 7 percent.”
Statewide last month, there were 24,682 closings on existing single-family homes, up 5.8% from a year ago, and 10,228 closings on existing condominiums and townhouses, up 1.9% from April 2023. Closings can occur 30 to more than 90 days after the sales contract is written.
Dr. Brad O’Connor, chief economist for the Florida Association of Realtors, noted that while sales are up compared to this time last year, they are still not back to pre-pandemic levels.
While the number of home sales closings across Florida remained roughly steady in April, prices continued to rise at a more sustainable pace and buyer options continue to expand. Next report: June 21st.
“Deal volumes, while lower than pre-pandemic levels, remain fairly stable,” he said, “Meanwhile, prices continue to rise at a more sustainable pace and buyer options continue to expand.”
According to data compiled by the Florida Division of Realtor Research in partnership with local Realtor associations, the average sales price of an existing single-family home statewide in April was $429,900, up 4.9% from April 2023. The average price of a condo/townhouse statewide last month was $335,000, up 3.1% from a year ago. The median price is the middle price, with half of the homes selling for more and the other half selling for less.
“In terms of the supply of homes for sale, new single-family home listings remain high for both property types,” O’Connor said. “New single-family home listings were up 25% year-over-year in April, which is significantly higher than last year but closer to typical pre-pandemic levels. Similarly, townhouse and condo listings were up 24.2% year-over-year in April, but this property type is seeing higher listings than we would have expected pre-pandemic.”
He said, “Inventory has increased considerably in Florida in recent months, with new listings outpacing sales and homes staying on the market a bit longer than they were a year ago. You’ve probably seen headlines about surging inventory in this state, but let’s put it in perspective. Single-family home inventory is not yet back to typical 2014-2019 levels, but it’s getting close. Meanwhile, condo and townhouse inventory is exceeding typical inventory levels from pre-pandemic years.”
Still, O’Connor noted, “The fact that days on market measures are near or, in some cases, below pre-pandemic levels gives us reason to be positive about the recent increase in inventory, which should help moderate price increases and provide more opportunities for potential buyers who were left behind when inventory was so low just a few years ago.”
On the supply side of the market, inventory (active listings) increased year over year, with single-family homes reaching a 4.2 month supply in April and condominiums and townhouses reaching a 4.2 month supply in April. Inventory was at 6.9 months’ worth.
To see the full statewide housing activity report, Florida Real Estate Newsroom Check out our latest release or download the April 2024 data report PDF. Market Data.
© 2024 Florida Association of Realtors®
