January 2024: Florida Housing Report

January 2024: Florida Housing Report

Brad O’Connor directly addresses camera: Florida Realtors has just released its Florida housing market statistics for the first month of 2024, so let’s take a look at the state of the market.
The number of closed sales of Florida single-family homes in January was up slightly from a year ago, rising by six tenths of one percent. Sales in the townhouse and condo category, meanwhile, were down just a little over one percent. So all in all, not much of a change to speak of.
The home prices for these closed sales, meanwhile, were a little higher this January compared to a year ago. The median sale price for single-family homes increased by close to 4% year over year, rising to $405,000, while the median sale price for townhouses and condos was up a little over 3%, rising to $320,000.
While sales and prices remained fairly similar compared to a year ago, we saw significantly more new listings this January. New listings of single-family homes were up almost 17% year over year, while new listings of townhouses and condos were up by over 31%.
This is a continuation of a trend we’ve seen over the past few months, and it mostly has to do with abnormally low numbers of new listings in late 2022 and early 2023. To illustrate, let’s look at monthly new listings for both of our property type categories combined over the past few years in this seasonal comparison chart. In late 2022, as you can see, new listings were lower than what we see for the other years in this chart, mostly as a consequence of the shock of how fast mortgage rates were rising at the time.
For example, new listings in late 2022 were lower than they were in late 2019, ahead of the pandemic, and they were also lower than what we saw *during* the pandemic in late 2020 and late 2021. And it’s also notable that late last year, the level of new listings had returned to normal levels, so compared to 2022, they were up significantly on a year over year basis.
This trend has continued into early 2024, with new listings well above where they were a year ago in January 2023, but basically in line with pre-pandemic levels in January 2019 and January 2020.
With new listings back to normal levels over the past few months, we’ve been able to add some inventory to the market and pull ourselves out of those multi-year lows. At the end of January, the inventory of single-family homes for sale was up nearly 25% compared to a year ago, while the inventory of townhouses and condos was up about 63%.
So now we find ourselves with inventory levels that are much more comparable to pre pandemic levels than what we had over the last couple of years. That’s great news for prospective home buyers who have been looking for more variety in the market. Affordability remains a challenge, but the extra inventory we have now should help to keep further price growth in check for the time being.
We’ve covered the state as a whole in this video, but what about your particular market area? Well, you can certainly check out how your market compares to the state overall if you’re a member of Florida Realtors. As always, you can find your local area statistics at floridarealtors.org/research, or through our interactive web application, SunStats, which you can find at sunstats.floridarealtors.org. See you all next month.