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For Sale Inventory At All Time Low

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If you peruse realtor.com on the regular, you may notice a drop in the number listings in three U.S. cities over 30% year-to-year. If you’re looking at the Florida cities, the drops all range from 16.5% to 8.8%, however.

During the holiday, December experienced the the largest year-over-year decline for housing inventory in almost three years, with a notable 12% decline. This was the lowest it's ever been since January 2018, according to the December 2019 Housing Trends report released by realtor.com.

Florida, as always, seems to be the odd ball here with modest drops, ranging from 16.5% inventory decline in Tampa-St. Petersburg-Clearwater to 8.8% in Jacksonville. 

Florida inventory year-to-year declines

Tampa-St. Petersburg-Clearwater: 16.5%; median days on market up by 4 days to 64

Orlando-Kissimmee-Sanford: 14%; median days on market down by 2 days to 68

Miami-Fort Lauderdale-West Palm Beach: 8.9%; median days on market up by 1 day to 89

Jacksonville: 8.8%; median days on market down by 5 days to 73

“The market is struggling with a large housing undersupply just as 4.8 million millennials are reaching 30-years of age in 2020, a prime age for many to purchase their first home,” says realtor.com Senior Economist George Ratiu. “The significant inventory drop we saw in December is a harbinger of the continuing imbalance expected to plague this year’s markets, as the number of homes for sale are poised to reach historically low levels.”

In our nation, all the homes that were sold in 79 days in the month of December sold two days quicker than December 2018. These are curious patterns to keep your eye on in the coming months.

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CONTACT

  • Lydia Eskenazi PA

    Director of Real Estate Sales
    Harding Realty, Inc.

  • TELEPHONE

    +1 (305) 785-0440 Direct
    (305) 682-9051 Fax

  • OUR LOCATION

    9473 Harding Avenue
    Surfside, FL 33154

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