L
et's dive into the current state of the Florida housing market. We're seeing a shift, with increased listings and inventory, while prices are cooling off slightly. This means more opportunities for buyers who've been waiting on the sidelines, but sellers may not be as well-off as they once were.

    To stay informed about the real estate scene, it's essential to understand current trends. According to Florida Realtors' data, home sales in November 2024 saw a dip compared to the same time last year. Existing single-family home sales totaled 17,095, down 3.5% from the previous year, while condo-townhouse sales took an even bigger hit, with 6,002 units sold, down 15.6%.

    However, it's essential to look at the bigger picture and compare percentages rather than absolute sales figures. When considering different market sizes, these numbers can fluctuate significantly from month to month.

    Here are some key statistics:

    * Single-Family Homes: 17,095 closed sales, a 3.5% decrease year-over-year

    * Condo-Townhouse Units: 6,002 closed sales, a 15.6% decrease year-over-year

    Home prices are also showing signs of easing. The statewide median sales price for existing single-family homes in November was $410,700, down 0.6% from the previous year. For condo-townhouse units, the median price dropped more noticeably, down 5.8% to $311,000.

    Here's a summary:

    * Single-Family Homes: Median price $410,700, down 0.6% year-over-year

    * Condo-Townhouse Units: Median price $311,000, down 5.8% year-over-year

    The increase in housing supply is another significant story in the current market. In November, there was a 4.8-month supply of existing single-family homes, up 29.7% from last year. The condo-townhouse market saw an even bigger jump, with an 8.2-month supply, up 64% year-over-year.

    This increased supply means more options for buyers and less pressure from bidding wars, giving them more time to make decisions. As a result, this is a welcome change for buyers.

    Here's a summary:

    * Single-Family Homes: 4.8-month supply, up 29.7% year-over-year

    * Condo-Townhouse Units: 8.2-month supply, up 64% year-over-year

    According to Florida Realtors Chief Economist Dr. Brad O'Connor, November saw a post-hurricane rebound in new listings and new pending sales. We saw a significant 12.6% jump in new pending sales for single-family homes year-over-year, which is the most growth we've seen since April 2021.

    However, O'Connor cautioned that this could be a temporary rebound, with October activity shifting into November due to the hurricane. It seems we may need to wait for the December figures to see if there's true momentum.

    Here are some additional data points:

    * New Pending Sales (Single-Family): Up 12.6% year-over-year

    * New Listings (Single-Family): Up 7.2% year-over-year

    * New Listings (Condo-Townhouse): Up 5.4% year-over-year

    The current market is complex and ever-changing, but it's leaning towards a more balanced market or one that slightly favors buyers, especially in the condo-townhouse sector. Home prices are easing, supply is up, and sales have cooled off.

    To navigate this market effectively, it's essential to stay informed, work with knowledgeable professionals, and be prepared to adjust your strategy as the market continues to evolve.