In February, Florida’s housing market reported increased inventory levels (active listings) and moderating median closed sales prices, compared to a year ago, according to Florida Realtors®’ latest housing data. Florida’s single-family housing market appears to be reaching equilibrium, with for-sale inventory continuing to rise and median prices remaining relatively flat. On the other hand, ongoing trends in Florida’s condo market, including a significant 9.7-months’ supply of inventory, suggest that condos are in a buyer’s market.
Closed sales of single-family homes statewide last month totaled 17,698, down 7% from the February 2024 level, while existing condo sales totaled 6,503, down 13% year-over-year. The statewide median closed sales price for single-family existing homes in February remained unchanged. Yet, for condo units, it was down 3.1% compared to February 2024.
Statewide inventory was significantly higher than a year ago for both single-family homes (up 31.6%) and for condo units (up 36%). Single-family home inventory is currently at 5-6 month supply, suggesting that we have moved out of sellers’ market territory and into relative balance. However, the supply of condo properties was at a 9.7-months’ supply last month. Florida Realtors Chief Economist Dr. Brad O’Connor added, “Looking at months’ supply for condos, it’s pretty clear we are in a buyers’ market, at least at the statewide level. Buyers have gained an advantage here, and sellers increasingly will have to concede on price, if they want to move their properties.”