As the Thanksgiving holiday approaches, the year in Florida real estate is shaping up to show a shift, albeit small for now. Some buyers from other parts of the country feel Florida's Market is in free fall. Let's take a look at the numbers...
Compared to a year ago Florida's closed sales are down only 3% and the median sale price of single family homes is up 2.4% to $420,000. Active inventory on the market is up 43% compared to a year ago at 90,828 units. The dollar volume for the entire State of Florida is up 1.5% from a year ago at $129 billion dollars and new listings are up 9.5% at 308,981 units.
This is very telling and indicates a healthy Florida real estate market. It also shows more homeowners are interested in selling and perhaps are hoping prices continue to rise... While in fact, sale prices are stable and increasing at a much slower rate than during the covid years.
This holds true with more Florida facts as the median price is down to 96.3% from 97% a year ago for percent of asking price received. That means sellers are getting less for their homes than they anticipate. The median time to contract is up to 42 days from 32 days a year ago. Properties are selling a little more slowly and buyers are more cautious.
Florida is up on month supply of inventory from 2.9 months a year ago to 4.3 months now. That's a significant jump and yet it still indicates a slight seller's market in most areas of the Treasure Coast.
The free guides, Seamlessly Sell One Home and Buy Another, Selling for More, and Relocating Smoothly to Florida's Treasure Coast are all available at monaleonard.com/selling absolutely free and no obligation.
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Have a wonderful Thanksgiving!