Florida Realtors released its monthly, comprehensive report detailing real estate statistics from the preceding month with a comparison of the current numbers with those over the last 5 years. At Thomas Group Realty, this information helps us to determine the state of the Florida real estate market, which ensures that we guide clients to when seems like the best time to buy or sell their home.
It’s always interesting to see where the market has fluctuated over the past year and how different statistics give us more knowledge about the current season.
Florida Real Estate Closings Were Down
From March 2018, closed sales were down 7.9% from 278 to 256. This dip in sales is a natural phenomenon that occurs during this time of year as buyers and sellers reassess and prepare for the prime real estate time–summer.
Meanwhile, other numbers that fall under “closed sales” help to paint the true picture of the market.
- Median sale price was up from $225,000 in March 2018 to $232,000 in 2019.
- Dollar volume was down (the total dollar amount sold by Alachua County real estate agents). In March 2019, the total was $71.1 million, down from $76.3 million in March 2018 – that’s a 6.8% difference.
- Average time to contract was up from 39 days in 2018 to 43 days, a 19.4% growth that led to homes spending more time on the market.
- In a single month, nearly 25 more homes were sold in March 2019 than in February 2019. In February, 225 homes closed. In March, 256 homes sold. That’s a good increase!
While the mixed numbers may seem questionable for determining the health of the Florida real estate market, the fact is that the year is only just gearing up for a successful season. But, let’s keep digging into the March 2019 numbers.
A High Demand for Florida Housing
While sale prices continue high but contract-to-closed times lengthened, the March 2019 numbers still reveal a high demand for Florida housing.
- New home listings were up from 411 listed homes in March 2018 to 425 homes in March 2019.
- Active listings, meaning overall home inventory, was down by 2.9% from 2018. Last month, just 811 homes were on the market while there were nearly 835 in March 2018.
These numbers by themselves tell us that there’s a higher demand by buyers for homes than there are sellers who have listed their homes on the market.
Industry Clues about Inventory
March 2019’s “Months Supply of Inventory” was down 3.0%. In 2018, it was 3.3 months but last month, it was down to 3.2 months.
The months’ worth of housing inventory shows how much housing inventory is available on the market at any given time. Simply, a 5.5-month supply of inventory doesn’t favor buyers or sellers. However, a rating above 5.5 months is said to favor buyers while below 5.5 months is said to favor sellers. Therefore, a 3.2 months supply of inventory favors sellers.
With the high demand but low inventory for housing in Alachua County, homeowners who are selling can expect to receive offers that are closer to their listing prices and ultimately feel satisfied with the entire process of selling.
To start the process of putting your home on the market, get in contact with our office. Thomas Group is here for you every step of the way. We’ll help you close faster and get the best price for your home.