Positive Trends in Florida's Housing Market: November 2023 Update

The Florida housing market is showing some promising signs of improvement as we head into the final stretch of 2023. According to the latest data from Florida Realtors®, November brought some welcome news for homebuyers in the Sunshine State. In this blog post, we'll delve into the key highlights from the report, focusing on the facts and figures rather than opinions.

Increased Listings and Inventory Growth

One of the most significant takeaways from the report is the increase in property listings and available inventory. Florida's housing market saw a notable boost in both categories. The inventory for existing single-family homes rose by a substantial 13.9%, while condo-townhouse units experienced an even more significant increase of 49.8%. This surge in inventory levels means that prospective buyers now have more housing options to consider, which could be especially encouraging for those who may have felt discouraged during previous home searches.

Closed Sales

In terms of closed sales, Florida reported positive figures in November. Closed sales of existing single-family homes statewide totaled 17,722, representing a 4.2% year-over-year increase. Existing condo-townhouse sales also saw a slight rise of 0.3% compared to November 2022. It's worth noting that closed sales may occur within 30 to 90-plus days after sales contracts are written.

New Listings Surge

A notable trend observed in the Florida housing market is the increase in new listings. New listings of single-family homes in the state surged by 15.3% in November compared to the previous year. Townhouses and condo units followed suit, with new listings rising by an impressive 25.9%. These numbers suggest a growing inventory of available properties, providing more choices for potential buyers.

Median Sales Prices

Despite the increase in inventory, Florida's median sales prices continued to show positive growth. In November, the statewide median sales price for single-family existing homes stood at $413,000, marking a 3.3% increase from the same month in the previous year. Condo-townhouse units also saw a boost, with the median price reaching $330,000, reflecting a 7.5% increase year-over-year.

Supply Levels

Supply levels are a crucial indicator in the housing market, and November's data showed significant changes. Florida had a 3.7-month supply of single-family existing homes last month, marking a substantial 32.1% increase compared to the previous year. Condo-townhouse units reported a 5-month supply, up by an impressive 85.2% over November 2022 levels.

These trends are encouraging for both buyers and sellers in Florida's housing market. With a growing inventory, increased closed sales, and rising median prices, the market appears to be on a positive trajectory. The data suggests that Florida might return to pre-pandemic levels of single-family inventory by the end of the year, providing more opportunities for those looking to buy or sell a home.

In conclusion, November 2023 has brought some promising developments to Florida's housing market. These trends indicate a market that is steadily recovering and offering more choices to homebuyers. As always, it's essential to stay updated on market conditions if you're considering entering the Florida real estate market, as conditions can vary by location.