There's some alarming Trends occurring Right now in the Florida single family Housing market so for example there's More houses for sale this March than any Other month in the past 4 and a half Years that's right inventory levels in Florida is very close to a fiveyear high On top of that there's more than twice As many houses for sale this March Compared to March of 2022 Additionally the share of price Deductions in Florida is at least a 5-year high for this time of year as Well some very big changes occurring in Florida and let's discuss and by the way A lot of research goes into making Videos just like this one so if you guys Get any value at this video whatsoever Then please hit the like button also Consider subscribing as well I post Frequent housing market updates for Florida Texas California and on a National level as well so thank you so Much for joining me in today's video and Let's begin this is a new report from The Florida realtors association just Announced in mid April uh this year so Close home sales this is a number of Sales transactions which close during The month that fell by 10.4% compared to March of 2023 this by the way is the biggest Yearv decrease since April of 2023 I also did some digging for you
Guys because this report only covers uh Three through January of 2020 so I Really like to look at um is how they do These numbers uh all these stats I'm Going to share in today's video um how How does that compare to years past Going back to the year of 2016 so in regards to close home sales As I knowe right there at 23,43 this April that's lower than the Average March from 2016 through 2019 When we should have around 25 ,000 sales Now we have just over 23,000 so big Picture here we have a decrease by 10% On a year of your basis but also much Lower compared to preco levels as well In regards to cash sales there was just Under 7,000 cash sales this March uh This is a decrease of 10% compared to Just 12 months ago now having said that At uh 6,981 cash sales this is the highest Levels we've had Going back to June of 2023 which if I had a guess I would Imagine we're seeing more cash sales Compared to people buying houses using Loans because you know mortgage rates Have increased big time over the past uh 12 months and on top of that we should See um potentially um more decreases Ahead because um average daily rates Have been at or above 7% ever since April 1st this year in regards to cash
Sales approximately 29.8 % of all sales This March came from a cash buyer so About a third of all sales coming from a Cash buyer uh roughly on par with last Year's levels as well uh in fact flat uh From 12 months ago okay let's change Gears uh slightly here and talk about The meeting sold price in Florida this March at $420,500 that's up by 3.9% Year-over-year which is higher compared To 12 months ago when back then the gain Was at 12 or 2.1% um also I want to share some Context regarding these uh levels here Because this is a big increase compared To March of 2019 obviously preco levels At uh just under 421,000 this is approximately $165,000 more compared to March of 2019 back then the median sold price was At $256,000 now it's at $421,000 That represents a giant increase of 64% ever since March of 2019 so big Picture it's nice to see that home Prices are not skyrocketing like they Did in 2020 and 2021 uh but when looking at um the Levels we have right now compared to pre Pandemic um the era uh the gains are Quite remarkable to see the least let's Also talk about the mean percent of Original list price received that's kind
Of a tongue twister so let me briefly Explain so this March that ratio was at 96.5% this means that for houses that Did sell this March they sold for 3.5% points less than the sell's Original asking price that is slightly Above last year's levels when at that Time the ratio was at 96.1% let's also discuss how fast or how Slow houses are selling in Florida the Meeting days in the market is at 40 days This is a time frame when you list your House in Florida until you accept an Offer from home buyer that's an increase Of 14.3% year-over-year which is pretty Astonishing because one year ago we saw A giant increase of 288.2 per. this also represents the Biggest yearly increase we've had going Back to October of 2023 as well also I Look back at their U report um from um March of 2020 which went back to March Of 2016 and I found this right here uh At 40 days this is actually 9 days Faster compared to March of 2019 so Houses on average are selling about 9 Days faster compared to preco levels However it's still about four times Slower compared to March of 20122 as you can see in this graph right Here March 2022 U the med days in the Market was at 10 days now it's at 40 Days all right let's talk about new
Pending home sales new listings and Active listing inventory some big big Changes here so this is a measure of um Early signs of home buying Demand right A measure of contracts being signed Between buyers and sellers of existing Single family houses in Florida that Fell by 3% on a year your basis uh it's At nearly 27,000 uh this March and That's roughly 4,000 uh less um pending Home sales compared to March 2019 we Have been seeing an increase or a Seasonal increase of pending sales over The past several months now but again We're still below last year's levels Down by 3% in regards to the number of Properties being listed for sale or new Listings that was at nearly 33,000 this March which is roughly on Par with March of 2019 by the way but it Still has increased of 7.7% from 12 months ago so uh new Listings are rising but not uh Increasing at the same rate we saw in January and February though so the year Your increases in January uh was up by Nearly 177% then in February an increase or it Skyrocketed by 28% now it's up by nearly 8% so big picture still increasing but Not increasing at the same rates we saw Over the past couple months now here's Where it gets really spicy though Because here's a measure of active
Listings or housing Supply that increase A whopping 40.5% on a year- Vie basis on top of the Nearly 116% we saw one year ago at Around 86,000 single family house of for Sale in Florida that's the highest Levels of any month since October of 2019 so nearly or around a 4 and 1/2 Year high it's also more than two times More houses for sale this March compared To March of 2022 and here's a look at That right here in March of 2022 we had just under 30,000 houses for Sale now we have a whopping 86,000 huge increase over the past two Years and on top of that a four and a Half year high as well here's another Big change as well the month supply uh This is an estimate of the number of Months it would take to sell all the Houses for sale at the current sales Space so assuming no new listings were To hit the market so new listings stop Allog together it would take 4.1 months To sell all the houses in Florida at the Current sales space that's a giant Increase of nearly 52% on a year- ofe Basis which was on top of the 170% Increase we saw in March of 20123 additionally I did some digging For you guys as well at 4.1 months That's the highest level of any month Since April of 2019 it's also about four times as high
Compared to early 2022 uh back then the month supply was Around 1 month that was back in December 2021 through March of 2022 we had a on month supply in Florida Now it's at 4.1 months so in other words Inventory and the month supply of of Inventory absolutely skyrocketing um Over the past couple of years now here's Something I found to be uh really Interesting as well because this impacts The median sold price at Statewide level So it has to do with the mix and sales So let me briefly explain these are Close home sales by price range this March so in the range of 50,000 to Nearly 300,000 huge decreases of uh Nearly or over 20% so for example Example in the range of 250 to just Under 300,000 for the month of March That fell by 21.7% compared to March 2023 so sales of houses in the more Affordable range compared to luxury home Sales uh is quite a bit different so Sales for over $1 million this March That increased by 99.1% so more sales in the luxury Housing market and less sales for more Affordable houses and this impacts the Median so price in Florida I should say It artificially inflates it uh because We're seeing a mix of sales more luxury Home sales compared to more affordable
Houses that are selling now here's Something I found to be really Interesting as well here's the amount of Houses for sale by price range how that Compares to 12 months ago so what I Found to be interesting we're not seeing A chin increase uh in one particular Price range it's virtually across all Price ranges so inventory increasing Overall but also increasing in virtually All these um price segments except for Of course less than $100,000 so for example in the range of 200 to 250,000 an increase of 32.9% compared to 12 months ago whereas Houses that are for sale right now uh For over $1 million that increased by 37.5% and also for these price segments For um over 200,000 all increasing by More than 30% uh from 12 months ago now Before I discuss the share of price Reductions in Florida which again is at Least a 5year high during this time Frame I want to share this with you guys As well because we're seeing still a Lack of distressed home sales in fact Out of all the sales this March 7% came from a distress home sale Either a foreclosure or a short sale So for example there was 23,24 traditional sales which means not It just trust home sale whereas we had 159 closed sales that were foreclosures Or a real estate owned property also we
Only had 27 short sales out of the 23,24 traditional sales so again we have Less than 1% of all sales this March Were distress home sales also looking Back at March of 2020 look at these Numbers so 159 foreclosures and reos for March of 2024 however look at this March 2020 560 Foreclosures on top of that 113 short Sales compared to only 27 this March all Right so before I wrap this video up I Want to share this to you guys as well This is according to alos research.com For the share of price reductions in Florida so for the week ended April 12th The share price drops just under 45% last year this time we're at 38% two years ago we were at only 19.58% and in 2021 17.5% 2020 at 32% and at the end of April of 2019 the share price drops at 38.5% so at 45% right now this means That more than four of every 10 houses For sale in Florida have already reduced Their asking price so what's your Biggest takeaway from today's video if You guys got any value at this video Whatsoever then please hit like button Also consider subscribing as well Because of course I post frequent Housing market updates so you guys can Be more informed I appreciate you guys Watching today's video we'll see you on The next video
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