Florida’s housing market reported an increase in new listings in March, increased for-sale inventory (active listings) and declining median closed sale prices compared to a year ago.
Last month, closed sales of existing single-family homes statewide totaled 23,128, down 1.3% year-over-year, while existing condo sales totaled 8,414, down 9.8% from March 2024, as demand remains relatively weak in the condo market, due to the dampening effect of the newly required ‘milestone inspections’ and structural integrity reserve studies.
The statewide median sales price for single-family existing homes in March was down 1.9% from the previous year, while the median price for condo units was down 4.5%.
On the supply side of the market, new listings for existing single-family homes were up 10.8% last month compared to March 2024, and new listings for condo units were up 5.8% year-over-year. Due to the declining absorption, inventory (active listings) for both property categories rose significantly in March: Single-family existing homes were at a well balanced 5.5-months’ supply, while condo properties were at a very high 10.1-months’ supply, suggesting a ‘buyers’ market’ in the condo segment.