Florida’s Housing Market: Median Prices, New and Active Listings Up in February

Orlando, FL – March 21, 2024 (PRNewswire) Florida’s housing market had more new listings, more inventory (active listings) and higher median prices in February compared to a year ago, according to Florida Realtors®’ latest housing data.

“Florida’s housing supply continued to improve in February, providing momentum for buyers wanting to enter the market now to hopefully find their Florida dream home during the spring homebuying season,” said 2024 Florida Realtors® President Gia Arvin, broker-owner with Matchmaker Realty in Gainesville. “Though mortgage rates currently are still fluctuating near 7%, housing economists are predicting rates will start to ease in the second quarter.”

Closed sales of single-family homes statewide last month totaled 19,040, up 2.2% from the February 2023, while existing condo-townhouse sales totaled 7,471, down 2.5% year-over-year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

In February, the statewide median sales price for single-family existing homes was $415,000, up 5.1% from the previous year; for condo-townhouse units, it was $325,000, up 3.2% over February 2023. The median is the midpoint; half the homes sold for more, half for less.

Florida’s home prices and number of closed home sales for the first two months of 2024 look a lot like they did at this point a year ago in early 2023, said Florida Realtors Chief Economist Dr. Brad O’Connor.

“However, while the demand side of the equation is little changed from last year, on the supply side, we are seeing significantly more new listings than a year ago,” he noted. “So far this year, while you could still characterize new listings of single-family homes as being in their normal pre-pandemic range, they were at the high end of that range in February. In fact, there were more single-family homes listed for sale in Florida this February (a total of 32,557, up 28.3% year-over-year) than in any February dating back to 2008, when we started tracking new listings.

“While there were nearly this many new listings in both February of 2016 and 2018, this has been a remarkable turnaround compared to where we were last year at this time, when we had the lowest number of February new listings of single-family homes since 2013.”

Looking at condo-townhouse properties, new listings so far in 2024 are up (a total of 16,906, up 30.3% year-over-year) – and higher than the previous “normal range,” O’Connor said, pointing to recent increases in insurance rates and condo fees as a probable factor, along with local market dynamics.

He added, “Despite the rapid rise in inventory levels (active listings) that has resulted from the recent resurgence in new listings, inventory levels at the end of February in both property type categories were still well within the ballpark of the pre-pandemic norm that was established roughly from 2013 onward.

“It will take a lot more inventory to put a significant dent in home prices, but at current levels, inventory is now high enough that it should continue to slow home price growth and present buyers with a lot more options than they had two or three years ago.”

Statewide inventory (active listings) in February was higher than a year ago for both existing single-family homes, increasing by 36.5%, and for condo-townhouse units, up 73.3%. The supply of single-family existing homes was at a 3.9-months’ supply while existing condo-townhouse properties were at a 6.3-months’ supply last month.

To see the full statewide housing activity reports, go to the Florida Realtors Newsroom at https://www.floridarealtors.org/newsroom and look under Latest Releases or download the February 2024 data report PDFs under Market Data at https://www.floridarealtors.org/newsroom/market-data.

Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to 238,000 members in 51 boards/associations. Florida Realtors® Newsroom website is available at http://floridarealtors.org/newsroom.

SOURCE Florida Realtors

PowerSite Profile: A Miami Beach Oceanfront Penthouse

We are excited to present this PowerSite single property Website:

Edition1405.com

Marketed by Toni and Lauren Schrager of Brown Harris Stevens, the Website highlights a $7.5MM, 2 bedroom, 2 full, 2 half bathroom, oceanfront penthouse on Miami Beach.

Using our PowerSite platform, Toni and Lauren have added:

  • lots of high definition photos
  • a detailed description
  • a print brochure
  • office info
  • an embedded Virtual Tour
  • a property map
  • agent contact information.

Toni has accrued more than $2 Billion in personal lifetime sales by anticipating the ebb and flow of South Florida’s luxury Real Estate market, and investing in talent and innovation to stay ahead of trends. Her local and international clients rely on her for personal service, knowledge, discretion and results. Each is a VIP, catered to throughout the listing, sale or purchase process.

As a Realtor® since 1983, a cofounder of Avatar Real Estate Services and a Brown Harris Stevens Miami Senior Vice President and founding Partner, Toni brings a long view to every transaction — from listings, to negotiations, to closings.

Toni’s client-centered approach is simple: Conduct every Real Estate transaction with the utmost integrity and professionalism — standards that ensure both the buyer and seller are extremely well served.

Lauren brings her considerable experience in global banking and capital markets to the Toni Schrager Team, which she joined just as the recent historic Real Estate boom was starting to rock in 2020. Trial by fire suited the Summa Cum Laude Wake Forest grad well. Prior to diving into the South Florida market headfirst, the Miami native excelled as a financial analyst for the esteemed firm of Ernst & Young.

Lauren’s a smart, strategic thinker, speaks fluent Spanish, and possesses a depth of knowledge in business analytics, regulatory transformation and know-your-customer due diligence. This toolbox, together with her intelligence, attention to detail and engaging personality, serves her well in South Florida’s highly competitive luxury Real Estate market.

Buyers, sellers and investors will reap the benefits of Lauren’s formidable business experience and intimate knowledge of the local Real Estate market. Together with her professionalism and inordinate energy, Lauren is a force of nature whose charm and integrity are her calling cards.

Each PowerSite single property Website includes:

Cutting Edge Design: Modern single-page design with clean, elegant lines.

Custom URL: Web address included! Simply choose any available .com web address to match your property (i.e. 123anyst.com) and we do the rest.

Stunning Photography: We believe good photos make your site stand out from the rest. Gorgeous high-resolution photos fill the screen. Show off your property with unlimited pictures!

Content Control: Maintain full access to your site’s content 24 hours a day, 7 days a week through our easy-to-use admin system.

Dynamic Map: Embedded Google maps provides maximum flexibility.

Responsive Layout: Sites are optimized for desktop, tablet, and smartphones.

Videos & Virtual Tours: Embed virtual tours or custom made videos from YouTube, Vimeo and more.

Social Networks: Links to Facebook, Twitter, YouTube, LinkedIn, and more.

For more information, visit AgencyLogic.com.

Florida’s Housing Market: Median Prices, New Listings Increase in January

Orlando, FL – Feb. 22, 2024 (PRNewswire) Florida’s housing market started 2024 with higher median prices, more new listings, more inventory (active listings) and median prices in January compared to a year ago, according to Florida Realtors®‘ latest housing data.

However, mortgage interest rates above 6% continued to impact potential homebuyers’ purchase power, while also contributing to a lock-in effect among would-be home sellers who bought their homes years ago with a mortgage rate of 3% to 4.5%.

“We’re seeing positive signs that for-sale inventory is beginning to increase in many local markets across the state, which should encourage buyers who may have been waiting on the sidelines,” said 2024 Florida Realtors® President Gia Arvin, broker-owner with Matchmaker Realty in Gainesville. “It looks like mortgage rates may be starting to ease, and if that continues, we should see more pent-up demand translate into closed home sales.” 

Closed sales of single-family homes statewide last month totaled 14,851, up 0.6% from the January 2023 level, while existing condo-townhouse sales totaled 6,008, down 1.2% year-over-year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

In January, the statewide median sales price for single-family existing homes was $405,000, up 3.8% from the previous year; for condo-townhouse units, it was $320,000, up 3.2% over January 2023. The median is the midpoint; half the homes sold for more, half for less.

“While sales and prices remained fairly similar compared to a year ago, we saw significantly more new listings this January,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “New listings of single-family homes were up 16.7% year over year, while new listings of townhouses and condos were up by 31.4%. 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, mostly due to how fast mortgage rates were rising at that time.”

He noted that while last month’s new listings were well above where they were in January 2023, the numbers were 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, the Florida housing market has added some inventory, thus pulling it out of those multi-year lows, according to O’Connor.

“That’s great news for prospective homebuyers who have been looking for more variety in the market,” he said. “Affordability remains a challenge, but the extra inventory we have now should help to keep further price growth in check for the time being.”

Statewide inventory in January was higher than a year ago for both existing single-family homes, increasing by 24.8%, and for condo-townhouse units, up 62.9%. The supply of single-family existing homes was at a 3.8-months’ supply while existing condo-townhouse properties were at a 5.8-months’ supply last month.

To see the full statewide housing activity reports, go to the Florida Realtors Newsroom at https://www.floridarealtors.org/newsroom and look under Latest Releases or download the January 2024 data report PDFs under Market Data at https://www.floridarealtors.org/newsroom/market-data.

Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to 238,000 members in 51 boards/associations. Florida Realtors® Newsroom website is available at http://floridarealtors.org/newsroom.

SOURCE Florida Realtors