This was an increase from the data year-over-year
Florida’s housing market saw more new listings and higher statewide sales prices in November compared to the numbers from the previous year, Florida Realtors’ latest housing data revealed.
“November brought some welcome news for Florida homebuyers, as mortgage rates started to ease and the inventory (active listings) of for-sale properties increased statewide,” said 2023 Florida Realtors president and LPT Realty broker-associate G. Mike McGraw.
“The inventory for existing single-family homes rose 13.9% last month, while the inventory for condo-townhouse units increased by 49.8%. It means more housing options are now available for buyers who may have been discouraged during previous home searches,” he added.
In the previous month, closed sales of existing single-family homes all over the state amounted to a total of 17,722 while existing condo-townhouse sales reached 7,108, according to data from Florida Realtors Research Department.
Closed sales may also occur from 30 to 90 or more days after sales contracts are written.
“Lately, prospective buyers in Florida have seen an increasing number of choices in their home searches,” said Brad O’Connor, Florida Realtors chief economist.
“The number of new listings was uncharacteristically low at this time last year, but over the last couple of months, we’ve seen the level of new listings move back into the range of recent norms,” he added.
O’Connor explained that new listings of single-family homes in Florida increased by 15.3% year-over-year in November, while new listings for townhouses and condos rose by 25.9%.
“With these significant increases in new listings compared to a year ago outpacing the very modest increase in sales over the same timeframe, inventory levels continued to rise in Florida,” said O’Connor.
“In fact, the current trajectory of inventory growth is such that we may be back at pre-pandemic levels of single-family inventory as soon as the end of the year,” he added.
The median sales price for single-family existing homes all over the state was $413,000 in November while for condo-townhouse units, the number was $330,000, showing a 3.3% and 7.5% rise respectively.
Florida also boasts 3.7-months’ worth of supply of single-family existing homes, which was up by 32.1% year-over-year. Condo-townhouse units had five months’ worth of supply, an 85.2% increase year-over-year.
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