Florida Real Estate Trends and Key Market Insights

By Michael Ulloa

The Happy Florida Homes team at Keller Williams Realty is a dynamic trio dedicated to providing unparalleled real estate services. Led by Listing Specialist Michael, Buyer Specialist Brianna, and Executive Admin Amanda, this cohesive team brings a wealth of expertise, enthusiasm, and attention to detail to ensure their clients find their dream homes with joy and satisfaction.

The most recent market data is out, and today, I’m going to give you a summary of Florida’s market condition for the month of April 2024. Let us review the numbers to better understand the trends and make better decisions as we plan our next real estate move.

Listings. Using the principle of supply and demand, when the supply is high, demand is low; consequently, when the supply is low, demand increases. Currently, we are seeing the highest number of listings all year, at 1,086. This high supply might mean more competition for sellers.

Listing prices. There are fluctuations in listing prices due to the number of homes that are coming on the market at all different price points. While the market looks volatile because of this, it is good to know that the median sale price is hovering between $305,000 and $329,000.

Absorption rate. This data shows how fast real estate properties are being consumed off the market and how much inventory we have compared to how quickly they go under contract. Currently, we have 3.5 months of inventory, which is higher than the previous month, which was 2.2 months. For buyers, this means that they have more options to choose from.

Sold-to-list-price ratio. The average sales price is 97.1% of the listing price. This is good news for sellers since it means that properties are selling close to their asking price.

Days on the market. Properties are going under contract quite fast, with an average of 53.9 days on the market.

Sales volume. The total volume of sales for April was $119.35 million. While this looks like a huge number, it doesn’t necessarily impact the average buyer.

To summarize, as a buyer, you have a wide range of homes to choose from compared to last month, and because of this, sellers may face some competition due to the increased listings. When it comes to listing prices, despite some variations in price points, they remain within a range of $305,000 to $329,000. Last but not least, the market is moving at a steady pace, and properties are selling close to their asking price within a reasonable timeframe.

I hope this helped you understand the current situation of today’s Florida real estate market. If you have any questions, know that you can reach out to me by phone, email, or any of my social media accounts. I’d be happy to connect with you and help you with your real estate needs.