Market Update
July 2025
The latest housing numbers are out from Florida Realtors. Let’s dive in!
There were no real surprises in the local housing market in July, based on the latest statistics from Florida Realtors. The July stats were fairly representative of what we've been seeing throughout most of the year, with no real signs of any sudden or significant shifts in the trends.
One way to see this is by comparing the year-over-year change in July’s statistics to the year-over-year change for the year overall so far. For example, let's look at closed sales of single-family homes. In July, they were down by close to 10% compared to July of last year, and for 2025 overall so far, they are down by about 3.8% compared to where we were at this point in 2024. So there was slightly more of a decrease in July versus the year as a whole so far, but we’re still pretty much in line.
While we're at it, let's conduct the same simple analysis for condos and townhouse sales. In July, we observed a 6% decline in closed sales in this category which is mild for this category in 2025. However, we are also down nearly 20% for the year overall.
Now let's have a look at new pending sales, our measure of how many homes for sale went under contract during the month. We actually saw an increase here for single-family homes at 15.7%. This may reflect the mild downward movement in mortgage rates that has accompanied weaker labor market data in recent weeks. Interest rates on 30-year fixed-rate mortgages have been closer to 6 1/2% than 7% as of late. There is a lot of latent demand waiting for home purchases, if only affordability could improve enough. We still have a long way to go for that, but July’s increase in new pending sales is certainly an improvement over our 1.8% decline for the year overall. Over in the condo and townhouse category, new pending sales were down by nearly 13%, which fairly in line with the 16.8% decline we've seen year to date.
Over on the supply side, new listings were down year over year for the third consecutive month for single-family homes, this time falling by 3% in July. For the year, we are still up by 7.6%, but that's entirely due to an abundance of new listings that came on to the market in the first three months of the year. The recent trend is much more in line with what the July figure shows. The same goes for new listings of condos and townhouses, which were down by nearly 24% year over year in July, but due to an excess of new listings at the beginning of the year, they are only down about 6.7% year to date. Over the next couple of months, we should expect to see figures more like the July figure here.
Next, let's look at median time to contract, which measures the typical number of days that homes that sold were on the market before going under contract. For Single-Family Homes in July, the Median Time to Contract was 52 Days, up 26.8 from last year, while only up from 55 days in January. Over in the Townhouse and Condo category, a very similar scenario. While days on market is significantly higher than Single Family Homes at 117 days, they too are an increase of 28.6% year over year, but only up from 104 days in January.
Finally, let’s look at median sale prices. In the single-family category in July, the median sale price was $370,000, which is 3.6% below last July’s median price. Despite this being the fourth month this year that we've seen year-over-year declines in single-family median prices, for the year overall, the median price is actually up from $325,825. So it doesn't appear that price declines are happening just yet in Bay County for single-family homes.
Over in the condo and townhouse category, the median sale price in July was 356,000, a 7.5% decline compared to a year ago. That makes July the third straight month we've seen a year over year decline in median price. Still, price declines have been fairly steady for condo and townhouses this year, which is why the year-to-date median price in this category is down 3.8%.
The relatively abundant amount of inventory we have in both property type categories is an indication that we still do not have enough prospective buyers relative to sellers to push prices upward. For buyers who can afford to purchase in the current market, this gives them a sizable advantage in price negotiations. This could change as prices and/or interest rates continue to come down, as a lot of sidelined buyers who would love to purchase a home if only the market was a little more affordable would be unlocked and able to compete with the buyers that are already in the market. The recent downward trend in new listings is also giving the remaining sellers more leverage over buyers than earlier in the year, and this has been reflected in the inventory statistics. The active end-of-month inventory for single-family homes in Bay County peaked in June, and has declined now for two months in a row. Condo and townhouse inventory, meanwhile, peaked at the end of April, and has started to decline.
If you would like a comprehensive market analysis of your property, give me a call! I'm happy to sit down with you and help you to evaluate how to make this market work for you!
That's all for this month!
Check back in next month and every month for the latest real estate news!