Florida Single Family Homes February 2023 Market Report
The Florida Single Family Home continues to show weaker sales activity when compared to last year. The inventory numbers are growing, but we are facing headwinds with increasing mortgage rates and other economic uncertainties. Price increases seem to have moderated, which may indicate future increased activity. Closed sales were down by 21.3% (were down by 32.5% in January). New sales under contract (new pending sales) were down by 11.6% (were down by 19.4% in January).
Prices rose for February, though at a reduced rate. The (year-to-year) median sales price rose by 3.5% (it was up by 4.0% in January). And, the average sales price was down by 1.8% (it was up by 5.2% last month).
The inventory of available homes for sale increased by 131.4% from last year. This represents a 2.7 months supply of inventory. Florida remains in a seller’s market with the advantage to sellers. (February 2021 had a 0.9 months supply) A balanced market favoring neither buyers nor sellers is considered to be one with a 6 to 7-month supply of inventory.
Previous Florida real estate market report posts.
Recent Florida Market Report Posts:
- Florida Townhouses and Condos 2024 3rd Quarter Report
- Florida Single Family Homes 2024 3rd Quarter Report
- Florida Townhouses and Condos September 2024 Market Report
- Florida Single Family Homes September 2024 Market Report
- Florida Townhouses and Condos August 2024 Market Report
- Florida Single Family Homes August 2024 Market Report
To view the latest set of reports from Florida Realtors for the state of Florida, Martin County, and Saint Lucie County, please visit GabeSanders.com and select Market Data.
Market information is courtesy of Florida Realtors Research. For additional information and historical archives please visit the Florida Realtors Research page.
Florida Single Family Homes February 2023 Market Report
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