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Florida wrapped up the first month of the year with a record-breaking number of homes for sale, according to Redfin’s latest data analysis.
At the end of January, there were 172,209 homes on the market — the most Florida has ever seen. That’s a 22.7 percent jump from last year.
Active listings shot up 19.4 percent year over year in January to 212,437.
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Redfin’s experts point to a few key factors driving up all of this inventory:
- Florida’s high rate of new home construction
- Natural disasters, which led to skyrocketing insurance costs and HOA fees
- Homeowners choosing to relocate
Many buyers are also holding off to see changes following the November presidential election
Florida Housing Inventory | Redfin
According to Redfin agents, Florida is officially a buyer’s market. Sellers need to make their homes stand out and be prepared to offer concessions to attract buyers.
Bryan Carnaggio | Redfin Premier real estate agent in Jacksonville, Fl
“Bidding wars are very rare these days,” Bryan Carnaggio, a Redfin Premier real estate agent in Jacksonville said in a statement. “With this many houses for sale, a home basically needs to look like it’s out of a magazine — and be priced fairly — to get multiple offers.”
In eight of Florida’s metro areas, including Cape Coral and Deltona-Daytona Beach, inventory is at an all-time high. Many of these areas are along the coast, where homeowners face higher natural disaster risk and potentially higher insurance costs and HOA fees.
Condos, in particular, are flooding the market. Condo inventory hit an all-time high last month, thanks in part to new regulations to ensure buildings are structurally sound, which also sent HOA fees through the roof. Single-family home inventory, while high, didn’t quite reach record levels.
However, not every city is seeing a flood of listings. Sebring, Panama City and Tallahassee have seen listings rise by less than 5 percent.
