Market Update
For October 2019
With Brad O ’Connor P.h. D.
TRT: 3:08
Transcription
Brad O’Connor directly addresses camera:   Coming out of the summer buying season and moving into fall, Florida’s housing market continued to chug along in October, according to the latest statistics from Florida Realtors.
The statewide inventory level of single-family homes increased a bit over the course of October, which is normal for this time of year. But compared to the same point last year, single-family active listings were down 7 percent at the end of the month. That puts us at about 3.7 months of supply statewide, down from 4 months supply a year ago, so we remain very much in a shortage situation on the single-family side of the market. 
The statewide inventory of on-market condos and townhouses, meanwhile, was down 3.7 percent, marking the second straight month where active listings in this property category declined on a year-over-year basis. Still, condo and townhouse supply remains in the neighborhood of 5-and-a-half months, significantly higher than what we’re seeing with single-family homes. As always, though, I should point out that there’s been a lot of variance across the state’s local market areas in terms of how condos and townhouses are performing, so it’s best to check your local numbers for to see how multifamily is really doing in your area.
Statewide median sale prices were up in both of our property type categories in October. The median sale price for single-family homes was $263,000, up 3.6 percent compared to October 2018. In the condo and townhouse category, the median sale price was up comparatively more on a percentage basis, rising by 5.8 percent to $190,market Update.
Closed sales of single-family homes were up year-over-year in 20 of Florida’s 22 metropolitan statistical areas in October, although the statewide increase of 5.2 percent we have reported is a little inflated on account of it being the one-year anniversary of Hurricane Michael. Because Michael severely disrupted housing markets throughout the Panhandle last October, the Panhandle markets saw very large year-over-year changes in closed sales in this October’s figures. The Panhandle region as a whole saw an increase of 34-and-a-half percent in closed sales of single-family homes, while the rest of the state recorded an increase of only 2.9 percent. In the condo and townhouse category, closed sales were up by 30.4 percent in the Panhandle, but this was not enough to put statewide year-over-year growth in positive territory. Statewide, sales in this category were down a half a percent.
So how are inventory levels, home prices, and closed sales in your particular market?  Just visit floridarealtors.org/research to download your market reports and find out.  We have everything you need to help you—and your clients—make the right decisions in the face of current market conditions.