The latest figures from the National Association of Realtors (NAR) indicate that the number of completed transactions for existing homes rose by 3.1% in January 2024, reaching a seasonally adjusted annual rate of 4.0 million units.
Lawrence Yun, the chief economist at NAR, commented, “While home sales remain sizably lower than a couple of years ago, January’s monthly gain is the start of more supply and demand.” He added, “Listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year.”
The median price for existing homes continues on an upward trajectory. At $379,100, there’s been a 5.1% increase compared to the previous year, marking the seventh consecutive month of year-over-year price growth.
The inventory of existing homes saw a 2.0% improvement from last year, totaling 1 million units. Given the current sales rate, the market has a 3.0-month supply of homes available. Homes stayed on the market for an average of 36 days in December, which is a week longer than the same period in the previous year.
Investors and buyers of second homes accounted for 17% of all home sales in January.
The Florida Housing Market – January 2024
By January’s end, Florida saw a total of 21,876 sales transactions across properties of all types, a modest year-over-year increase of 0.2%.
The median sale price maintained its upward year-over-year trend. January 2024’s median sale price reached $375,000, which is a 4.2% rise from the previous year, though it didn’t quite match the peak of $387,990 seen in June 2023.
January witnessed a notable surge in active inventory. At the close of the month, there were 138,481 units on the market, representing a 37% increase from the year before. With the current sales velocity, the market has an inventory supply that would last 4.4 months.
Closed Sales
In Florida, the number of closed sales transactions saw a slight year-over-year uptick of 0.2%, yet the overall trend is still declining. The total sales of 21,876 units represent a nearly 50% drop from the May 2023 peak, which recorded 39,267 transactions.
Median Sales Prices
After experiencing a rapid run-up from January 2021 to May 2022, the median sale price for homes in Florida remains fairly stable. As of January 2024, the median sale price across all property types was $375,000, which was up 4.2% year-over-year.
The peak occurred in May 2022, with a median sale price of $388,990.
Active Inventory
Active inventory in Florida across all property types exploded higher in January 2024 to 138,481, up 37.4% on a year-over-year basis and reaching a level not seen since mid-2020.
The South Florida Housing Market
Year-over-year, the South Florida market for existing homes is seeing persistent growth in median sales prices, although the number of homes sold has remained consistent. January experienced a slight 0.3% decrease in closed sales from the previous year, totaling 4,449 units. Despite the dip in sales volume, the total value of homes sold rose by 11% to reach $3.5 billion, a reflection of the ongoing increase in home prices.
The median price for homes across all categories climbed by 9.3% to $469,000 compared to the same period last year.
There was a substantial increase in inventory, with around 34,500 homes of various types listed for sale in the South Florida region. The tri-county area also saw a significant 24% rise in new listings.
The Greater Orlando Housing Market
Following a year that generally saw a decline in sales transactions, the Orlando area’s market for existing homes saw a 7.0% increase in closed sales during January 2024, totaling 2,304 units. The total dollar volume of sales experienced a 10% boost, reaching $1.1 billion.
Year-over-year, the median home price for all types of properties rose by 4.0% to $390,000, although this figure falls short of the peak of $403,990 seen in May 2022.
The number of homes on the market showed a significant rise, with 10,131 homes up for sale, marking a 31% increase from the previous year. Additionally, the Orlando metro area witnessed a 19% surge in new listings, with 4,245 units current on the the market for sale.
The Tampa Bay Housing Market
Existing-home sales in the Tampa–St. Petersburg–Clearwater MSA declined by 3.1% year-over-year to 3,323 units. However with dollar volume improved by 1.1% to $1.5 billion due to increasing home sale prices.
The median home price across all property types rose by 3.8% to $367,500 but is below the recent peak in May 2022 of $385,000.
Active inventory levels have improved, up 28% year-over-year with 14,797 homes across all property types available for sale. New listings across the metro area were up 17% with new pending sales down by 7.5% to 4,896.
Are you thinking of selling?
Based on the most recent data, the current state of the residential market is changing fast. If you are a homeowner and are considering selling your personal residence, vacation home or investment property, now may be the perfect time to do so while prices are still strong.
Our team has assisted sellers not only throughout the state of Florida, but in most major markets nationwide. We take a highly methodical and deliberate approach when working with or clients and have specific strategies to help get the best value for the property.
To learn more about how we help our clients get the best possible price for their property, visiting our web site or contact us at info@quantumcos.com.
