ORLANDO, Fla. – The latest existing-home sales report from the National Association of Realtors® (NAR) revealed the national median days on market – or as Florida Realtors calls it, median time to contract – matched the figure for Florida’s single-family homes – 21 days. Remember, the median implies that half the homes are on the market for less time and half are on longer.
NAR further reported that 72% of homes on the market went under contract in less than 30 days. Though the Sunshine State typically outshines its peers regarding time on the market, it isn’t as hot for days on the market currently, which may be a bright spot for buyers.
Before jumping for joy or emailing your buyers that it’s their market now, how much does Florida diverge? Analyzing Florida’s single-family and condo/townhome markets, 57% and 45% went under contract in less than a month, respectively. At the county level, only Pinellas county’s single-family home market compared to NAR’s finding, with 72% on the market for 30 days or less.
The boost of luxury sales pushes Florida’s median time to contract upward since these sales necessitate a specific type of buyer and tend to spend more time on the market. The top two price tiers in the Florida market reports show a median of 44 days for homes priced between $600,000 and $1 million, and 73 days for homes sold over $1 million.
Taking away the highest price tiers, 60% of Florida single-family homes under $600,000 were on the market for less than a month. Although 60% is a difference from the nation’s 72%, many Florida homes are flying off the market, and many go under contract within two weeks.
Each property is different, but trends can help your customers make smart decisions. Median time to contract can help buyers determine how quickly they need to make an offer based on recent successful transactions. And sellers can prepare for the length of time it generally takes a home to sell, while also understanding their home is unique.
Erica Plemmons is an economist and Florida Realtors Director of Housing Statistics
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