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Entera's latest Florida Cross Market Insights Report for August 2023 is now available. Here is a high level overview of current market conditions for Florida, including Jacksonville, Orlando and Tampa.
In summary, over the past month in JAX, ORL, and TPA, active listings have begun to stabilize, with both listings and closings experiencing a decline across these markets. In all three markets, average sale prices saw a decline in Q1 2023, but have since rebounded to match the levels of Q4 2022. After bottoming out in Q1, the Average Sale to Original List (STOL) prices have recovered to an average of 97.5%. Offers should be around 95% OTL to be seriously considered. New listings (i.e. properties that have been on the market for less than 30 days) have seen minimal growth over the past few months. Furthermore, older listings (i.e. properties that have been on the market for more than 60 days) have decreased every quarter since Q4 2022 across all three markets. While pricing has decreased this year, offsetting most of last year's HPA gains, average house prices remain largely out of reach for the typical household. This is because pricing is still close to record highs and interest rates have continued to climb well into the 7% range.
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