Market Update March 2025
with Brad O’Connor Ph.D.
TRT: 2m 53s
Video Transcription

Brad O’Connor directly addresses camera: The spring buying season is underway here in Florida, and the early numbers are starting to trickle in. Let’s take a look at how the Florida housing market performed in March with the latest statistics from Florida Realtors.
Closed sales of Florida single-family homes were down year-over-year for the second consecutive month in March, but only by 1.3%. That’s a big improvement over February’s more than 7% decline. What’s more, the number of single-family homes that went under contract in March was actually up year-over-year by over a half of a percent. One reason for this is likely that we had the average 30-year fixed mortgage rate hovering at around 6.75% for most of March, in stark contrast to January and February when it was largely north of 7%. That bodes well for closed sales in April, but this boost is going to be short-lived, as mortgage rates have since returned to those 7% levels.
Demand remains relatively weaker over in the condo and townhouse property type category. Closed sales in this category were down nearly 10% compared to a year ago in March. New pending sales were down, as well, by almost 11%.
Inventory levels continued to climb in March, largely as a result of homes sitting on the market longer than they did one year ago. The typical single-family home selling in March was on the market for 47 days before going under contract. That’s up from 40 days a year ago, but notably not much different than the levels we saw in the mid- to late 2010s.
For the past year, Florida condos and townhouses have been taking longer to sell than single-family homes. The median time on market for condos and townhouses selling in March was 62 days, up from 43 days one year ago. In this case, the median time on market is a bit higher than it was in the latter half of the 2010s.
We’ll want to keep an eye on both inventory and time on market over the next few months, as the higher they rise, the more downward pressure we’ll see on home prices. Speaking of which, the median sale price for Florida single-family homes in March was $412,500—a decline of about 2% compared to a year ago. Over in the condo and townhouse category, meanwhile, the median price was down 4.5%, to $315,000.
As you all know, Florida Realtors offers a wide range of other metrics for review, both statewide and locally. Members can access the latest statistics on the interactive SunStats web application, and statewide statistics are available to everyone to see at floridarealtors.org. Thanks for watching—we’ll see you next month!