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lorida's housing market is poised to shift from a seller's to a buyer's market, with some local areas already experiencing this transition. According to Dr. Brad O'Connor, Florida Realtors' Chief Economist, the state's housing sector faces a complex landscape due to various challenges that weakened demand in 2024.

    Hurricanes and elevated mortgage rates contributed to decreased sales, while domestic in-migration slowed down, and international buyer demand remained tepid. The condo market was particularly affected by reserve requirements and insurability issues. Despite these hurdles, December saw a strong month for existing single-family home sales, with nearly 253,000 statewide closed sales for the year.

    However, annual closed sales in the condo and townhouse category declined by 10.5% compared to the prior year, reaching its lowest number since 2010. Coastal counties experienced significant declines, while the I-4 Corridor saw growth in condo and townhouse sales.

    New listings increased by 9.5% for single-family homes, with a surge of new listings in the early months of 2024 contributing to an 11% higher annual count compared to 2023. While this suggests that panicked condo owners may not be selling en masse due to reserve requirements, O'Connor notes that these requirements are still impacting the market, primarily on the buyer side.

    Inventory levels for both single-family and condo/townhouse categories ended the year slightly above pre-pandemic levels, with a continued upward trajectory expected. The monthly median price for closed sales of single-family homes remained steady at $420,000, while condos and townhouses saw a decline in median price to $320,000.

    As interest rates continue to dictate market performance, O'Connor emphasizes that the challenges from 2024 will persist into 2025. Florida Realtors serves as the voice for real estate in Florida, providing programs, services, and research to its members.