Due to record high prices and rising interest rates, the Florida housing market has started to cool. Year-over-year sales are down by more than 24% statewide (July 2022) with similar results in most major market areas nationwide.
Despite the downturn in sales, housing inventory is starting to recover. As of the July 2022, there were more than 90,000 housing units actively listing for sale throughout Florida. This is up by 44.1% from July 2021 and approximately double what was observed as of January 2022 (46,944 units).
According to Danielle Hale, chief economist for Realtor.com, “The U.S. housing market continues to move toward more evenly balanced supply and demand compared to the 2021 frenzy”.
Florida Inventory Levels (July 2022)
As of the end of the July 2022, the FloridaRealtors® indicated that there were 90,022 homes across all property types (single-family, townhouse & condominium) available for sale throughout the state. This is up substantially from the low in February 2022 (44,715 units) but still substantially less than the 141,296 active units as of January 2020.
At the current pace of sales, there is just 2.2 months of housing inventory available for sale across the entire state of Florida.
Miami-Dade County Inventory Levels (July 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 July 2022, there was just over 10,000 homes available for sale across all property types in the county. This is up from the recently low in March 2022 (7,048) but down by 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 3.2 months of housing inventory available for sale in Miami-Dade County.
Broward County Inventory Levels (July 2022)
Broward County includes the greater Fort Lauderdale area is home to more than 1.9 million people. As of the end of August 2022, there was 6,758 homes available for sale across all property types countywide which is up from the recently low in March 2022 (4,133 units) but down from over 15,000 homes as of January 2019.
At the current pace of sales, there is just 2.2 months of housing inventory available for sale in Broward County.
Palm Beach County Inventory Levels (July 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 August 2022, there was a little more than 6,620 homes available for sale across all property types in the county. This is up from the recently low of 3,405 units in March 2022 but 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 2.4 months of housing inventory available for sale.
Orange County Inventory Levels (July 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 August 2022, there was a little more than 3,500 homes available for sale across all property types in the county. This is up from the low in January 2022 of 1,448 units but down substantially from more than two years earlier of approximately 5,000 units (January 2019)
At the current pace of sales, there is just 1.9 months of housing inventory available for sale.
Duval County Inventory Levels (July 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 August 2022, there was 3,201 homes available for sale across all property types in the county. This is up from the recently low of 1,546 homes as of February 2022 but is also down from January 2019 (approximately 4,100 homes).
At the current pace of sales, there is just 2.0 months of housing inventory available for sale.
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 August 2022, there was around 3,200 homes available for sale across all property types in the county. This is up from the recently low of 1,397 units as of February 2022 but down substantially from January 2019 (almost 6,300 homes).
At the current pace of sales, there is just 1.6 months 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 August 2022, there was just around 4,400 homes available for sale across all property types in the county. This is up from 1,444 as of February 2022 but down from January 2019 (over 6,200 homes).
At the current pace of sales, there is just 1.9 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 August 2022, there was a over 4,500 homes available for sale across all property types in the county. This is up from the recent low as of February 2022 (2,031 units) but down from January 2019 (approx 12,000 homes).
At the current pace of sales, there is just 2.2 months of housing inventory available for sale.
Collier County Inventory Levels (July 2022)
Collier County is home to Naples and has a population of approximately 375,000. As of the end of the August 2022, there was approximately 2,800 homes available for sale across all property types in the county. This is up from the recent low in January 2022 of 1,301 units sold also down substantially from January 2019 (8,000+ homes).
At the current pace of sales, there is just 2.6 months of housing inventory available for sale.
