Florida Realtors report higher inventory; local prices show moderation
ORLANDO – Florida’s first quarter of 2024 residential real estate statistics reported more new listings, higher median sales prices and increased inventory compared to a year ago’s first quarter.
In March, closed sales of existing single-family homes statewide totaled 23,435, down 10.4 percent year-over-year, while existing condo-townhouse sales totaled 9,332, down 16.6 percent over March 2023.
In the markets around Boca Grande and Cape Haze, there were mixed messages and scenarios for the March 2024 in sales.
March closed sales in Cape Coral and Fort Myers were up by 3.3 percent, to 1,439, with a median sale price down 4.3 percent, to $418,000. In the North Port and Sarasota market, closed sales were down 8.2 percent, to 1,453, with prices down only 1.9 percent, to an average of $500,000. In the Punta Gorda MSA, closed sales were up 6.5 percent, with prices down only 2.6 percent, with an average price of $380,000.
For the first quarter of 2024, statewide existing single-family home sales totaled 57,326, down 3.7 percent from 2023, while statewide existing condo-townhouse sales totaled 22,811, down 8.5 percent. from the same quarter a year ago.
The statewide median sales price for a single-family existing house in March was $420,600, up 3.9 percent, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $330,000, up 3.1 percent over the year-ago figure.
Florida Realtors Chief Economist Dr. Brad O’Connor reported that new listings of single-family houses were up 7.7 percent in March, well off the giant increases of 17 percent in January and over 28 percent in February.
For more information, visit floridarealtors.org/newsroom.
