Florida Residential Housing – Market Update (March 2023)

According market data published by the National Association of Realtors (NAR), the median existing US home sale prices continued their decline during the month of March 2023. Prices were down 0.9% year-over-year from $379,300 to $375,700 across all housing types. Prices increased in the Midwest Northeast and Southern parts of the country but declined in the West.

Per Lawrence Yun, NAR’s chief economist, “Home prices continue to rise in regions where jobs are being added and housing is relatively affordable”. He further stated, “However, the more expensive areas of the country are adjusting to lower prices.”

Sale transactions also declined, retreating by 2.4% from February 2023. However on a year-over-year basis, sales transactions were down 22% to a seasonally adjusted annual rate of 4.44 million units.    

Existing home inventory was up 5.4% year-over-year to 930,000 units and based on the current pace of sales, there is a 2.6-month supply of homes on the market at this time.   The average marketing time for the month was 29 days, up from 17 as of March 2022 but down from 34 days from the prior month.

Investors and vacation / second home buyers, purchased 17% of all homes sold in March, down slightly from 18% in March 2022.

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 February 2023 sale transactions across all property types are down by 17.3% (year-over-year).  However, the number of closed sales improved considerably from that realized during the prior month.

Median home prices appear to level since mid-2022 but improved by 2.7% over that realized in March 2022. Inventory across Florida continues to improve, up 110.6% across all property types. 

Based on the current rate of home sales, there is a 2.9 month supply of inventory currently available as of the end of March.

Closed Sales – March 2023

The number of closed sales transactions within the state of Florida has declined (year-over-year) for the last year.  As of March 2023, the number of individual closed sales declined by 17.3% to 39,016 transactions. 

Closed Sales – Month by Month

Month Closed Sales % Change YOY
Mar 2022  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%
Apr 2022 43,710 -16.5%
Mar 2022 47,203 -7.5%
Feb 2022 36,006 -1.5%

Median Sales Prices – March 2023

Median sale prices continue to exceed their year-over-year averages but continue to decline since peaking in June 2022.  During the month of March 2023, the median sale price across all property types was $375,000, up 2.7% year-over-year but down from the peak ($388,990).  

The state is seeing a small rising trend during the first quarter of this year.

Median Price – Month by Month

Month Median Price % Change YOY
Mar 2022  $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%
Apr 2022 $375,000 25.0%
Mar 2022 $365,000 23.7%
Feb 2022 $350,000 23.0%

Active Inventory – March 2023

Active inventory across all property types continues to improve throughout the state. For the month March 2023, inventory is up by 110.6% year-over-year to 97,392 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
Mar 2022  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%
Apr 2022 51,234 -13.3%
Mar 2022 46,247 -28.2%

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 26% year-over-year to 8,173 units.  The overall dollar volume also declined by 29% to $5.6 billion.

The median home price across all property types for March 2023 increased by 6% to $445,000 year-over-year.  

Inventory improved with approximately 25,000 homes across all property types available for sale within South Florida.  New listings across the tri-county area were down by 17% to 910,338. 

The Greater Orlando Housing Market

The Orlando – Kissimmee – Sanford existing home market continued its trend of a slowdown in sales.  Closed sales of 3,858 during the month of March were down 20% year-over-year along with the overall dollar volume which was down by 15% to $1.7 billion.

The median home price across all property types increased by 3.9% to $389,000 year-over-year. 

Inventory levels continued to improve with 7,042 homes across all property types available for sale, up 104% from a year ago.  New listings across the metro area were down by 18% to 4,374 units while new pending sales are down by 20% to 3,970 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 15% year-over-year to 5,816 units while dollar volume was also down by 12% to $2.6 billion.

The median home price across all property types for March 2023 increased by 1.4% to $360,000 year-over-year.

Inventory levels have improved significantly, increasing 135% (year-over-year) with 10,242 homes across all property types available for sale.  New listings across the metro area were down by 14% while new pending sales were down by 8.1% to 6,164 units.

The Greater Jacksonville Housing Market

During the month of March, the greater Jacksonville housing market continued to experience slower activity with respect to home sale transactions.  Closed sales of 2,942 were down 9.7% year-over-year and the overall dollar volume was also down by 8.7% to $1.3 billion.

Prices across all property types decline with the median home price declining by 2.9% year-over-year to $340,000.

Inventory continues to improve with approximately 6,600 homes across all property types available for sale within the greater Jacksonville area, a 112% increase year-over-year.  New listings were down 8.2% to 3,200 homes while new pending sales declined by 9.7% to 2,925 homes.

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.

Recent Posts