Over the past few years there has been an significant amount of demand for homes in Florida due to the relocation of out-of-state residents as well as larger investors like financial institutions, asset managers and private equity firms.
Florida continues to be one of the top destinations to live. According to Move.org, Florida was the number 1 state for relocation in both 2020 and 2021. As a result, the housing market experienced a surge in demand levels from out-of-state buyers looking for a new place to call home.
In addition, large investors have been quite aggressive in purchasing homes in the sunshine state. According to a recent study published by national real estate brokerage firm Redfin, approximately 80,000 U.S. homes sold in the 4th quarter 2021 were purchased by investors. These properties represent approximately $50 billion in value and equated to 18.4% of all home purchases.
Most major markets in Florida have been impacted by these investor purchases, further increasing demand levels. During the fourth quarter 2021, investors purchased 27.5% of all homes in the greater Miami area, more than 29% of all homes in the Jacksonville metro area, 25.9% of all homes in the metro Orlando area and over 24% of all homes in the greater Tampa area.
Due to these two major variables, housing inventory levels throughout the state of Florida has been driven down to historic lows.
Florida Inventory Levels (1Q 2022)
As of the end of the first quarter 2022, the FloridaRealtors® indicated that there were 46,248 homes across all property types (single-family, townhouse & condominium) available for sale throughout the state. This is down substantially from a little more than two years earlier as statewide inventory levels as of January 2019 exceeded 165,000 total units and critically low for a state with population of more than 20 million.
At the current pace of sales, there is just 1.1 months of housing inventory available for sale across the entire state of Florida.
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Miami-Dade County Inventory Levels (1Q 2022)
With a population of more than 2.7 million, Miami-Dade County is the largest county by number of residents. As of the end of the first quarter 2022, there was a little more than 7,000 homes available for sale across all property types in the county. This is also down substantially from more than two years earlier as active county inventory levels as of January 2019 was almost 24,000 homes.
At the current pace of sales, there is just 2.1 months of housing inventory available for sale in Miami-Dade County.
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Broward County Inventory Levels (1Q 2022)
Broward County includes the greater Fort Lauderdale area is home to more than 1.9 million people. As of the end of the first quarter 2022, there was 4,133 homes available for sale across all property types countywide. This is down from over 15,000 homes as of January 2019.
At the current pace of sales, there is just 1.2 months of housing inventory available for sale in Broward County.
Palm Beach County Inventory Levels (1Q 2022)
Palm Beach County is one of the states fastest growing counties with a population of approximately 1.5 million. As of the end of the first quarter 2022, there was a little more than 3,400 homes available for sale across all property types in the county. This is also down substantially from a over two years earlier as active county inventory levels as of January 2019 was approximately 15,000 homes.
At the current pace of sales, there is just 1.1 months of housing inventory available for sale.
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Orange County Inventory Levels (1Q 2022)
Orange County is the fifth largest county in Florida with a population of just less than 1.5 million. As of the end of the first quarter 2022, there was a little more than 1,500 homes available for sale across all property types in the county. This is also down substantially from more than two years earlier as active county inventory levels as of January 2019 was approximately 5,000 homes.
At the current pace of sales, there is just 0.7 months of housing inventory available for sale.
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Duval County Inventory Levels (1Q 2022)
Located in northeast Florida, Duval County is the 7th largest county in Florida with a population of just less than 1 million people. As of the end of the first quarter 2022, there was 1,582 homes available for sale across all property types in the county. This is also down substantially from more than two years earlier as active county inventory levels as of January 2019 was almost 4,100 homes.
At the current pace of sales, there is just 0.9 months of housing inventory available for sale.
St. Johns County Inventory Levels (1Q 2022)
St. Johns County is another of Florida’s fastest growing counties with a 43% population increase from 2010 to 2020. As of the end of the first quarter 2022, there was less than 800 homes available for sale across all property types in the county. This is also down substantially from a little less than two years earlier as active county inventory levels as of May 2019 was almost 3,500 homes.
At the current pace of sales, there is just one month of housing inventory available for sale.
Hillsborough County Inventory Levels (1Q 2022)
With a population of around 1.5 million, Hillsborough County is among the top 10 largest counties in the State of Florida. As of the end of the first quarter 2022, there was just around 1,500 homes available for sale across all property types in the county. This is also down substantially from more than two years earlier as active county inventory levels as of January 2019 was over 6,200 homes.
At the current pace of sales, there is just 0.6 months of housing inventory available for sale.
Click here to learn more about the market in the Tampa Bay MSA (1Q 2022)
Pinellas County Inventory Levels (1Q 2022)
Pinellas County is also among the top 10 counties with respect to popular with just less than one million residents. As of the end of the first quarter 2022, there was around 1,500 homes available for sale across all property types in the county. This is also down substantially from more than two years earlier as active county inventory levels as of January 2019 was almost 6,300 homes.
At the current pace of sales, there is just 0.7 months of housing inventory available for sale.
Click here to learn more about the market in the Tampa Bay MSA (1Q 2022)
Sarasota County Inventory Levels (1Q 2022)
Sarasota County is another fast growing county and has a population of more than 425,000. As of the end of the first quarter 2022, there was around 1,000 homes available for sale across all property types in the county. This is also down substantially from over two years earlier as active county inventory levels as of January 2019 was almost 6,000 homes.
At the current pace of sales, there is just 0.8 months of housing inventory available for sale.
Lee County Inventory Levels (1Q 2022)
Lee County is home to Fort Myers and is one of the states top 10 most populated counties at more than 750,000 people. As of the end of the first quarter 2022, there was a over 2,300 homes available for sale across all property types in the county. This is also down substantially from over two years earlier as active county inventory levels as of January 2019 was almost 12,000 homes.
At the current pace of sales, there is just one month of housing inventory available for sale.
Collier County Inventory Levels (1Q 2022)
Collier County is home to Naples and has a population of approximately 375,000. As of the end of the first quarter 2022, there was a little more than 1,600 homes available for sale across all property types in the county. This is also down substantially from January 2019 as active county inventory levels were over 8,000 homes.
At the current pace of sales, there is just 1.2 months of housing inventory available for sale.
Escambia County Inventory Levels (1Q 2022)
Escambia County is located in the Florida panhandle and is the most westward county in the state. As of the end of the first quarter 2022, there was less than 600 homes available for sale across all property types in the county. This is also down from over two years earlier as active county inventory levels as of January 2019 was over 1,500 homes.
At the current pace of sales, there is just 0.9 months of housing inventory available for sale.
