Florida Home Sales Continue to Decline – Market Update (April 2023)

According to the National Association of Realtors (NAR), the median existing US home sale price continued its decline during the month of April 2023. The median price was down 1.7% year-over-year from $395,500 to $388,800 across all housing types. Prices increased in the Midwest and Northeast but declined in the West and South.

Per Lawrence Yun, NAR’s chief economist, “Roughly half of the country is experiencing price gains,”. He further stated, “Even in markets with lower prices, primarily the expensive West region, multiple-offer situations have returned in the spring buying season following the calmer winter market. Distressed and forced property sales are virtually nonexistent.”

Sale transactions also declined, retreating by 3.4% from March 2023. On a year-over-year basis, sales transactions were down 23.2% to a seasonally adjusted annual rate of 4.28 million units.    

Existing home inventory was up 1.0% year-over-year to 1.03 million units and based on the current pace of sales, there is a 2.9-month supply of homes on the market at this time.   The average marketing time for the month was 22 days, down from 19 as of March 2023 but up from 17 days year-over-year.

Investors and vacation / second home buyers, purchased 17% of all homes sold in April, down slightly from 17% year-over-year.

The Florida Housing Market

Closed sale transactions across the state of Florida continue to decline on a year-over-year basis.  During the month of April 2023 sale transactions across all property types are down by 20.1% (year-over-year). 

Median home prices appear to have leveled since mid-2022 and remained in a tight range for the past several months. During April 2023, the median sale price was up 0.7% year-over-year to $377,500. This is the lowest year-over-year gain in more than 12 months.

Active inventory has also remained in a tight range since summer 2022. As of April 2023, active inventory was 94,366 units, up 84.2%. Based on the current rate of home sales, there is a 2.9 month supply of inventory currently available for sale.

Closed Sales – April 2023

The number of closed sales transactions within the state of Florida has declined (year-over-year) for the last year.  As of April 2023, the number of individual closed sales declined by 20.1% to 34,906 transactions. 

Closed Sales – Month by Month

Month Closed Sales % Change YOY
Apr 2023  34,906  -20.1%
Mar 2023  39,016  -17.3%
Feb 2023  27,514  -23.6%
Jan 2023  21,825  -34.7%
Dec 2022  27,994  -36.9%
Nov 2022  25,210  -37.7%
Oct 2022  30,298  -25.1%
Sept 2022  29,654  -28.5%
Aug 2022  36,263  -16.5%
July 2022 34,389 -24.6%
June 2022 41,594 -20.0%
May 2022 43,747 -8.9%

Median Sales Prices – April 2023

After a historic run since the start of 2020, median sale prices in Florida appear to be leveling off. During the month of April 2023, the median sale price across all property types was $377,500, up 0.7% year-over-year but down from the peak ($388,990).  

The state is seeing a small rising trend singe the start of the year.

Median Price – Month by Month

Month Median Price % Change YOY
Apr 2023  $377,500  0.7%
Mar 2023  $375,000  2.7%
Feb 2023  $365,000  4.3%
Jan 2023  $360,000  5.0%
Dec 2022  $365,000  5.8%
Nov 2022  $365,990  9.3%
Oct 2022  $374,900  15.3%
Sept 2022  $370,990  14.2%
Aug 2022  $375,000  16.6%
July 2022 $379,500 18.1%
June 2022 $388,990 21.7%
May 2022 $385,000 24.2%

Active Inventory – March 2023

Although active inventory across all property types continues to improve throughout the state, it appears to have leveled over the past several months. For the month April 2023, inventory is up by 84.2% year-over-year to 94,366 units.  This represents an increase of more than 50,000 units from the 46,944 active homes on the market as of the end of January 2022. 

Active Inventory – Month by Month

Month Active Inventory % Change YOY
Apr 2023  94,366  84.2%
Mar 2023  97,392  110.6%
Feb 2023  98,073  119.3%
Jan 2023  100,798  114.7%
Dec 2022  99,084  95.5%
Nov 2022  103,016  81.8%
Oct 2022  100,428  65.7%
Sept 2022  96,277  52.5%
Aug 2022  93,101  47.4%
July 2022 90,022 44.1%
June 2022 79,015 36.7%
May 2022 61,318 8.8%

The South Florida Housing Market

The South Florida existing-home market continues the trending of lower overall home sales.  Closed sales during the month were down 29% year-over-year to 7,096 units.  The overall dollar volume also declined by 30% to $4.9 billion.

The median home price across all property types for April 2023 increased by 5.9% to $450,000 year-over-year.  

Inventory improved with approximately 24,000 homes across all property types available for sale within South Florida.  New listings across the tri-county area were down by 22% to 8,981 

The Greater Orlando Housing Market

The Orlando – Kissimmee – Sanford existing home market continued its trend of a slowdown in sales.  Closed sales of 3,516 during the month of April were down by 20% year-over-year along with the overall dollar volume which was down by 18% to $1.6 billion.

The median home price across all property types increased by 2.1% to $393,000 year-over-year. 

Inventory levels continued to improve with 6,658 homes across all property types available for sale, up 74% from a year ago.  New listings across the metro area were down by 20% to 4,037 units while new pending sales are down by 10% to 4,000 units.

The Tampa Bay Housing Market

The Tampa – St. Petersburg – Clearwater MSA also continued it’s downward trend with respect to sale transactions. Existing-home sales were down 16% year-over-year to 5,248 units while dollar volume was also down by 12% to $2.4 billion.

The median home price across all property types for April 2023 increased by 1.4% to $365,000 year-over-year.

Inventory levels have improved, increasing 84% (year-over-year) with 9,577 homes across all property types available for sale.  New listings across the metro area were down by 20% while new pending sales were down by 4.5% to 5,885 units.

The Greater Jacksonville Housing Market

During the month of April, the greater Jacksonville housing market continued to experience slower activity with respect to home sale transactions.  Closed sales of 2,501 were down 17% year-over-year and the overall dollar volume was also down by 19% to $1.1 billion.

Prices across all property types were down with the median home price declining by 3.1% year-over-year to $349,000.

Inventory continues to improve with approximately 6,300 homes across all property types available for sale within the greater Jacksonville area, a 78% increase year-over-year.  New listings were down 20% to less than 3,000 homes while new pending sales declined by 10% to 2,862 units.

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.

Quantum Realty Advisors, Inc.

For more than 20 years Quantum has provided premium quality real estate services not only to traditional home buyers and sellers, but to business enterprises, trust and estate managers, asset management firms, charitable organizations and several of the world’s best know financial institutions.

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