The slide in housing sales brought yet another month of declines for most of Florida's largest counties and fastest growing areas in March.
"The Elliman Report" detailed decreasing closed, signed contracts on homes last month, which showed a continued slide in housing sales. It's a trend that has been on the downward slide for nearly a half year. Only Pinellas County on the Gulf Coast, along with Southwest Florida counties, showed an uptick on home sales in March, and it was nominal at that.
Duval County had the most profound drop in closing contracts on homes in March. Newly signed home sale contracts plummeted by 31.4% in March 2024 compared to March 2023 in the county that is home to Jacksonville. That's a drop from 767 signed closings a year ago to 526 last month. It is an improvement from February's figure of 461 home sales, however.
But even February saw a year-over-year drop in home sales in Duval County, when signed closing contracts on homes dropped by 37.1%.
"For the past four months, the number of newly signed contracts for single family and condos has fallen year over year," the report concluded.
Duval County's sizable drop in home sales outdistanced any other large county in Florida by a substantial margin. St. Johns County, immediately to the south of Duval and one of the fastest growing areas in the United States, had a 9.6% decline in home sales in March compared to the same time in 2023. That's a decrease from 332 signed closing contracts a year ago to 300 last month.
Sarasota County, another booming county in the Sunshine State, also witnessed a drop in home closings dropping by 8.2%, a fall from 773 in March 2023 to 710 last month.
Other counties that saw modest declines in home closings included Palm Beach, Broward, Miami-Dade and Hillsborough.
Lee County had an increase in home sale closing contracts. The county, home to Fort Myers, saw home sales jump by 7.3% from 1,303 in March 2023 to 1,398 last month.
Just to the south of Lee, Collier County witnessed a 2.8% increase in home sale contracts, going from 464 in March 2023 to 477 a month ago.
Pinellas County showed a 1.2% increase. Pinellas had 868 home sales in March, up by just 10 closing contracts compared to March 2023.
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