Florida Housing Market Analysis - September 2024
The Florida housing market in September 2024 presents a complex landscape, characterized by a mix of stable pricing and fluctuating sales dynamics. The Median Sales Price for homes in Florida stands at $402,900, showing no change from the previous year. Meanwhile, the Median List Price has increased by 1.9% year-over-year, reaching $435,500. This indicates a slight upward pressure on asking prices despite stable sales prices.
In terms of Price Per Square Foot, the Median Sales Price per square foot has decreased by 2.1% year-over-year to $253. Conversely, the Median List Price per square foot has risen by 2.9% to $275. This divergence suggests that while sellers are optimistic about pricing, buyers are negotiating more effectively, leading to a decrease in the Price Per Square Foot for actual sales.
Sales activity has experienced a notable decline, with the number of Homes Sold dropping by 15.4% year-over-year to 26,426 units. Pending Sales have also decreased by 7.1% to 31,221, and New Listings are down by 7.0% to 39,321. This reduction in sales and New Listings could be attributed to various factors, including economic conditions and buyer sentiment.
Inventory levels have surged by 32.8% year-over-year, reaching 149,646 homes. This increase in inventory, coupled with a significant rise in the Months of Supply to 5.7 months (a 210.0% increase year-over-year), suggests a shift towards a more balanced market, potentially favoring buyers. The Median Days on Market have also increased by 20.0% to 63 days, indicating that homes are taking longer to sell.
The average sale to list ratio has slightly decreased by 0.7% year-over-year to 96.7%, reflecting a modest reduction in the gap between asking and selling prices. The percentage of Homes Sold above list price has dropped by 5.0% to 10.1%, further highlighting the cooling of competitive bidding scenarios.
Price Drops have increased by 1.3% year-over-year, affecting 28.0% of listings, which may indicate sellers' willingness to adjust expectations in response to market conditions. Additionally, the percentage of homes going off the market within two weeks has decreased by 11.6% to 20.9%, suggesting a slower pace of transactions.
Overall, the Florida housing market in September 2024 is characterized by stable pricing amidst declining sales and increasing inventory. While sellers are optimistic with higher list prices, the market dynamics are shifting towards a more balanced environment, potentially offering more opportunities for buyers.
