Closed sales of single-family homes in Florida decreased by 7% in February compared to the same month last year, totaling 17,698 transactions. Sales of existing condo-townhouse units also saw a decline, dropping by 13% to reach 6,503. These figures were reported by the Florida Realtors Research Department in collaboration with local Realtor boards and associations.
The median sales price for single-family homes remained stable at $415,000, matching the previous year’s level. However, the median price for condo-townhouse units fell by 3.1%, reaching $315,000 compared to February 2024.
Florida Realtors Chief Economist Dr. Brad O’Connor highlighted that the number of single-family homes entering the market each month has generally surpassed those being sold or withdrawn over the past three years. “That means that the number of active listings for sale as of the end of each month – what we call active inventory – has generally been on the rise,” O’Connor explained. With new listings still high and sales below recent levels, he expects this trend to persist into spring.
O’Connor noted that increased inventory often signals a shift in market advantage from sellers to buyers. For February, single-family homes had a supply lasting approximately 5.3 months based on current sales rates. “There’s an old rule of thumb that balanced markets that favor neither sellers nor buyers are typically found between five and six months of supply,” O’Connor stated.
Statewide inventory increased significantly compared to last year, with single-family homes up by 31.6% and condo-townhouse units rising by 36%. The supply for condos and townhouses was notably higher at a 9.7-months’ supply.
Regarding this segment, O’Connor remarked: “Looking at months’ supply for condos and townhouses, it’s pretty clear we are in a buyer’s market… Buyers have gained an advantage here.” He added that sellers might need to lower prices to move properties, evidenced by falling median prices over recent months.
For comprehensive housing activity reports across Florida or specific data details on various property types, individuals can access information through the Florida Realtors Newsroom under Latest Releases or download detailed reports from their Market Data section.
