Welcome back the number of condo sales This March is at least an 8-year low for The month of March this is absolutely Remarkable given the fact there's more Condos for sale in Florida for any month Since April of 2019 so basically a five-year High Regarding inventory levels of condos in Florida on top of that inventory has AB Skyrocketed over the past two years in Inreasing a whopping 269 per. I have some big news to share In today's video obviously um some Staggering news regarding the Florida Condo Market which is a new update um Because I made a video regarding the Condo Market about one month ago so I Have a lot to share in today's video by The way a lot of research went to making Today's video because I'm going to share How the trends were seen this March the Latest news we have from the Florida Rors Association how that compares to Years past going back to year of 2016 so if you guys get any value of Today's video I ask you to please Subscribe and of course if you guys get Any value of today's video then please Hit the like button all right let's First talk about close home sales and Again this is a report from the Florida Realtors association so close home sales Were at 9,332 that's down by
16.6% compared to March of 2023 And as a note right there this is at Least an 8-year low for a March uh That's also about 1,000 fewer condo and Townhouse um sales in Florida compared To March of 2019 and around 2,000 fewer Compared to March of 2017 and 18 also this decrease of 16.6% On a year-year basis is the biggest uh Yearly decrease since April last year And again this is remarkable given that There's Approximately 80% more condos And town homes for sale this March in Florida compared to just one year ago in Regards to all those close home sales Around 5,000 were cash buyers that was Down 177% um year-over a-year the biggest Year-over-year decrease since May uh 2023 so in regards to the share of um Cash sales that's at 54% this March so around five of every 10 condo close home sale in March came From a cash buyer that is virtually flat Um from 12 months ago something I found To be uh really interesting when looking At this CHP low here going back to 2020 Is that the share of um cash sales were At very low levels in 2020 as well as 2021 when we had 3% rates right so why Would you buy condo in a townhouse Uh with using cash when you can buy one With a 3% rate now rates are around 7.5% so it makes sense that the share of
Cash sales is much higher right now Compared to um 2020 and 21 when the Average 30-year fix rate was around 3% So for example back in the spring and Summer months of 2020 the share was only Around 40% now it's at 54% all right Let's change here's uh SL here and talk About the median sold price for condos And town homes in Florida that increased By 3.1% year aye uh it's at 330,000 one Year ago we saw a gain of 3.9% this is Uh still up on a year-over-year basis But the growth rate has been slowing Down or Decelerating so you can see that right Here ever since really uh November uh we Saw big increases up by 7.5% but the growth rate has been Decreasing more or less ever since then Now something you guys should be aware Of is that even though we are seeing This deceleration of home prices overall The growth rate ever since March of 2019 Has been remarkable to say the leaste Let's just say that uh back then the Median so price for condos in Florida Was at $189,500 this means over the past 5 Years uh prices have gained by about About 74% big picture for home buyers in Florida there's more options to choose From because there's more House of ver Sale and that improves housing
Affordability yet the run up in prices Over the past several years is quite Remarkable to say the least all right Let's change GE slightly here and talk About the uh meeting percent of original List price received um this is um Usually the last measure of an Indication about which direction we're Headed because this is very much a Lagging indication any metric by the way By the way that has to do with a close Home sale this could be uh this ratio Here days in the market or the median so Price are all lagging indications what The housing market was like Approximately one and two months ago When the home buyer got their offer Accepted so any case this measure here For March is at 95% um this means that On average um for people that sold their Condo or town home they sold it for 5% Below their original asking price that Is slightly below last year's levels at 96.1% which means back then they sold Their houses for 4% below asking also I Looked back at their report from a few Years ago um as a reference it was at 95% in March of 2019 and was around 95% For much of 2016 through 2019 so in Other words the ratio at 95% is on par With historical Norms let's also take a Look at days in the market uh this is a Time frame when you list your home for Sale until you accept an offer from home
Buyer the contract is being signed Between the buyer and seller that's at 43 days right now that's a giant Increase of 48% I mean giant because one Year ago it increased a whopping 163.5 per. so even though it increased That much over the past or one year ago It increased further up by 48% even Though days on the market has been Increasing rapidly it's still about 6 Days um faster compared to scene time Frame in 2019 so condos and town homes selling Faster compared to preco levels also Just for fun look at March of 2022 that was at uh around 10 days to Sell house now it's at 43 days so over The past four years or two years I Should say dayon Market has quadrupled This means of course that houses are Taking about four times longer to sell Uh this March compared to March of 2022 All right let's have a look at new Pending home sales um new listings and House inventory some very very big Changes uh in Florida I just was blown Away by these stats anyways looking at New pending home sale this a number of Listed properties that went under Contract with a home buyer during the Month so this March uh it in a decrease Sorry by 12.6% on a year-year basis new Listings have been increasing each month So far this year which is seasonal but
Still down year Vie for five consecutive Months and that's this right here has Been decreasing ever since November of 2023 on top of that that 12.6% yearr Decline is the biggest yearr decrease Since April of 2023 three um it's also Down about 20% from March of 2019 at That time according to Ford Realtors uh That was around 13,000 pending home sales now it's at Just under 11,000 we also had nearly 20,000 new Pending home sales back in March of 2021 which of course uh 20120 through 2022 was completely abnormal years That's why I'm going to be sharing a lot Of preco levels uh or numbers in today's Video all right let's also discuss the Measure of new listings as well because That increase by 11% on a year- ofe Basis which is not as high compared to What we saw back in January and February In January it surged by 31.4% then in February it increased by 30.3% so still increasing by double Digits but not the huge gains we saw to Start the year something I also found to Be really interesting as well looking at March of 2019 obviously pre-pandemic um Era we had around 15,000 new Lings now We have 16,17 so the number of new listings even Though it's not as high as a gains on a Year-year basis in January and February
Is still um higher compared to preco Levels all right now speaking of that Let's talk about inventory levels or the Amount of condos and town homes for sale And this is getting really spicy Um by the way March 57,187 for sale um by the end of March This year that was the highest amount For any month any month since April of 2019 so there is a fiveyear high Regarding inventory levels for condos in Florida this March in addition when Comparing levels we saw back in September last year inventory has Skyrocketed by 57% as well it ALS also has increased by About 78% year ofe which again is quite Remarkable given the fact that in March It increased by 108% what also found to be absolutely Wild as well looking at March of 2022 Just two years ago we had around 15,500 for sale now there's 57,000 so inventory has has served by 269 over the past 2 years alone now just Taking a step back everyone knows that Back in early 2022 in Florida and across Most areas um across the United States We have record low inventory levels so Of course it makes sense we saw a huge Increase but a gain of 269 per is Absolutely eye openening on top of that At 57,187 the highest levels since April of
2009 19 for any month is staggering to Say the Le let's also discuss the month Supply the month supply in Florida at 6.6 months that's a giant increase of 94% on top of the 183% we saw a year ago that is also Higher compared to pre pandemic levels In March of 2019 the month supply was at 6.3 months now it's at 6.6 months Additionally the month supply is showing No signs of slowing down has been on the Rise ever since last fall as you can see In this graphic right here it has been Surging ever since August um last year And showing no signs of slowing down Also the amth supply of inventor is at Least an e-year high as well for dat That goes back to 2016 so at 6.6 months here is a report From March of 2020 uh back then the month supply was In the range of 6.3 to about uh 5.3 Months and going back to 2016 the month supply was also in that Range as well around 6 months but at 6.6 Months the highest levels since at least 2016 this is something I also found to Be really interesting as well here's the Measure of closed home sales um by Price Segment so for every single price Segment here which is right here every Single one of these um is down on a Year-year basis so we're not just seeing You know a few price segments like the
Luxury Market or more affordable housing Um uh causing uh the metrics to be Distorted a little bit every single Price look here has decreased by at Least 10% year-over-year however though We did see a significant increase in the Number of $1 million plus condo sales in Florida um this March at 684 uh back in March of 2019 it was at 371 the Florida Realtors also broke down The number of property listings that are For sale um by the end of the month this March so each of these price segments Had experienced big increases in the Amount of houses for sale except for Condos less than $50,000 that's down by 7.1% but over 100% gains in the range of $200,000 to $300,000 so again and we're not just Experiencing big increases of luxury Home properties for sale we're seeing Big increases across all price segments Let's also talk about distress home Sales which are foreclosures and short Sales so there was 9,278 traditional sales in other words Not a justess home sale uh this March But only 46 were foreclosures or real Estate owned properties and only eight Were short sales this means that less Than 1% of all close home sales in Florida for March were a distressed home Sale which of course means that 99% were A traditional normal sale something I
Found to be um interesting though Looking at this metric back in March of 2020 um even though the levels of Distress home sales you know virtually Non-existent right now uh the levels Right now are still way below March of 2020 so for closures and reos back in March of 2020 143 now there's only 46 um there's eight short sales this March compared to 31 back in March of 2020 so you may be asking yourself why Is there this big increase in the amount Of condos and town homes for sale in Florida uh I mean absolutely crazy to See the a giant increase over the past Several years so I found this article From redin posted um on April 17 it says 70% of Florida homeowners have seen a Rise in insurance cost or changes in Their coverage based on a survey also This is also according to redin it says Um this is from a redin um agent based In Orlando condo costs are shocking Condos that used to have a $400 monthly Maintenance fee now have a $700 per Month fee it's causing buyers to rethink Their plans Florida's HOA fees are Increasing because there are new Condor Regulations in place this year in the Wake of the 2021 Surfside condo collapse these Regulations require HOAs to regularly Assess the safety of condo buildings and
In many cases collect more money for Maintenance and repairs in addition that Home insurance costs are skyrocketing in Florida due to increasing or the Increasing intensity of hurricanes and Other natural disasters speaking of that Here is um a article I found on Policygenius.com it says home insurance Prices are up roughly 35% um from two years ago on a national Level however between May of 2021 Through May of 2023 uh they found that insurance Premiums increased a whopping 68% on Average in Florida which led the nation By far after that was with New Mexico at 47% increase also according to another Article I found from policygenius.com by The way I'll provide a link to my um Sources in my video just like I do for All my videos um the average cost of Home owners insurance in Florida is $191 Per month or around $2,288 per year for a $300,000 um uh dwelling coverage that's Around 30% higher than national average To make matter worse not only is Insurance cost and maintenance fees Increasing as well but certain insurance Companies are also just bailing out of The market altogether so Farmers Insurance is no longer selling new Policies as of July last year uh tripa Not renewing um some policies in
Highrisk areas um AIG no longer selling Or renewing policy as of March of 2022 And Progressive is no longer selling new Policies as of April of 2022 so I'd love Hear from you guys um especially if you Live in Florida if you have boots on the Ground to share your thoughts regarding What's happening there uh we would love To hear from you guys so please leave me A comment below also if you guys got any Value out today's video this video is Took me hours to make and then please Hit the like button also consider Subscribing as well hope you guys have An awesome day I look forward to seeing You on the next video N [Music] [Music]
