Prices Nudge Up, Fewer Sales

A wealth of charts, graphs and facts are available by visiting the
Market Stats icon for the full February 2017 reports. Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.

Competition for a dwindling pool of available homes in Northeast Florida’s real estate market resulted in higher prices, a drop in sales, and inventory well below normal in February.

Closed sales for the month were 1,702; a 10.2 percent drop from last February, although up from January’s 1,603. While closed sales have declined somewhat, the median sales price rose to $193,000; nearly 21 percent higher than February 2016. The average sales price was $230,411; a $13.6 percent uptick from a year ago.

There were 10.8 percent of properties that were sold for more than their original listing price.

Closing out February, there were only 8,016 homes in inventory, which equates to 3.4 months on hand. With a balanced market considered to be between five- and six-months of inventory, buyers are finding far less homes from which to choose.

New listings, which are essential to replenishing the supply, went in the opposite direction in February. While 2,864 sellers entered the market, that number is 10.2 less than the amount of new listings added a year ago.

Days on market dropped 5.6 percent from a year ago to reach 84 days average to close.

2017 NEFAR President Marc Jernigan said, “With inventory so far below normal, Northeast Florida is well into a seller’s market.”