Florida Housing Market: November 2024 Analysis
The Florida housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in Florida stands at $407,700, reflecting a slight decrease of 0.6% year-over-year. This decline suggests a cooling in the market compared to the previous year. Conversely, the Median List Price has increased by 2.6% to $451,300, indicating that sellers are optimistic about the market's potential despite the dip in sales prices.
Examining the Price Per Square Foot, the Median Sales Price per square foot is $254, which has decreased by 1.5% from the previous year. Meanwhile, the Median List Price per square foot has risen by 3.3% to $282. This divergence between sales and list prices per square foot could suggest a gap between seller expectations and buyer willingness to pay, potentially leading to longer negotiation periods.
The number of Homes Sold in Florida has decreased by 8.7% year-over-year, with a total of 23,896 Homes Sold in November 2024. However, Pending Sales have increased by 1.9%, reaching 29,953, indicating a potential uptick in future sales activity. New Listings have slightly decreased by 0.9% to 41,001, while inventory has surged by 21.2% to 157,415 homes. This significant increase in inventory, coupled with a 160% rise in Months of Supply to 6.6 months, suggests a shift towards a more balanced market, potentially favoring buyers.
The median days on the market have increased by 24% to 69 days, reflecting a slower pace in the market. The average sale to list ratio has slightly decreased by 0.6% to 96.5%, indicating that homes are selling closer to their list prices than in the previous year. The percentage of Homes Sold above list price has dropped by 3% to 9.6%, further emphasizing the cooling trend in the market.
Price Drops have slightly decreased by 0.9% to 26.5%, suggesting that sellers are adjusting their expectations to align with market conditions. Additionally, the percentage of homes going off the market within two weeks has decreased by 5.9% to 20.9%, indicating a slower turnover rate compared to the previous year.
Overall, the Florida housing market in November 2024 exhibits a mix of declining sales prices and increasing list prices, with a notable rise in inventory and Months of Supply. These trends suggest a shift towards a more balanced market, with potential opportunities for buyers as sellers adjust their expectations.
