Florida home sale prices rise for single-family; fall for condos in February

A home is shown for sale on Northeast 43rd Street in Ocala, Fla. on Tuesday, February 11, 2025. [Bruce Ackerman/Ocala Gazette] 2025.

The Florida Realtors Association’s February 2025 market report shows that statewide the median single-family home sale price rose to $410,000, a 1.2% year over year increase from January of 2024. Townhouses and condo median sales price were $312,500, a 2.3% year over year decrease from last year. The statewide active listing inventory for single-family homes is 107,161, a large increase of 31.3% from last year.

Single-family market sector: Still rising prices
Ocala/Marion County’s February median sale price reported for single-family homes was $288,000, a 2.9% increase.
A new year generally brings in a higher rate of homes for sales, said Brad O’Connor, senior economist for the Florida Realtors, a statewide agents’ reporting and professional trade association.

“With growth in new listings continuing to outpace sales, inventory levels were up again in January,” O’Connor stated. “The number of active listings at the end of the month was as high as it’s been since August of 2012 for single-family homes and November of 2011 for condos and townhouses. One key difference between the market of that time period and the current time period, however, is that today, a much smaller share of sellers are in a situation where they absolutely have to sell their home. A large share of homes listed in 2011 and 2012 were distressed properties, which today are exceedingly rare… Right now, there’s simply a lot of homeowners who are under little pressure to sell quickly who are more willing to hold out for a bid to their liking.”

“Sales of single-family homes were up year-over-year for the second consecutive month in January, rising by over 3.5%,” O’Connor said. “The last time single-family sales went up for two straight months was back in January and February of last year. New pending sales of single-family homes, on the other hand, were down by just over 4% in January compared to a year ago, signaling that our little closed sales streak might be coming to an end in February.”

The association reported the supply of single-family existing homes statewide increased to a 5.1-months’ supply.

“Months’ supply inventory is a useful indicator of market conditions,” the report stated. “The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory. Anything higher is traditionally a buyers’ market, and anything lower is a sellers’ market.”

Statewide, the number of cash sales for single-family homes increased by 5.6%, with a total of 5,095 throughout Florida, which was just over 33% of all sales, nearly one-third of the overall market.

“Cash sales can be a useful indicator of the extent to which investors are participating in the market. Investors are far more likely to have the funds to purchase a home available up front, whereas the typical homebuyer requires a mortgage or some other form of financing,” the report stated.

Ocala/Marion County saw a decrease in single-family home closings from last year, down to 535 sales, a 3.3% change.

Townhouses and condos: Lowest sales since 2010
Locally, the Ocala/Marion County townhouses and condos median sales prices came in at $185,000, down 9.2%. A total of 35 closed sales were reported.

“Closed sales of condos and townhouses were down year-over-year by double-digit percentages last August through November,” O’Connor said. “But in December they were only down by 0.5%. January 2025’s figure was closer to that one, with sales down 3.7% compared to a year ago. New pending sales in this property type category, however, were down close to 14%, so we continue to see relative weakness in demand in this market segment relative to single-family homes.”

The sectors growth was “more muted,” he said. “… these nearly 18,900 new listings broke the record for the most condo and townhouse new listings we’ve ever had in a single month—at least as far back as January 2008 when we started tracking them. Coincidentally, the roughly 18,300 new listings that occurred in January 2008 was the previous record for this property type category. Geographically, most of this January’s growth was concentrated in Southwest Florida and from First Coast down to the Treasure Coast. By contrast, growth in South Florida was relatively weak, although certainly there were pockets of higher listing activity in certain parts of this broad metro area that are washed out in these county-level statistics.”

Existing condo-townhouse properties were at a 9.1-months’ supply in February, an increase of 56.9% from February of 2024. For the sector, the number of cash sales decreased by 6.4% and represented 54.2% of the market.