Real estate sales slower in January.
A wealth of charts, graphs and facts are available by visiting the Market Stats icon for the full January 2017 reports. Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.
Sales for the month topped out at 1,603; 3.4 percent less than January 2016. There was little difference in the number of pending sales between January of 2016 and 2017; 2,038 and 2,051, respectively.
Median sales price was $175,000; up more than six percent from last January, but down somewhat from the overall 2016 median of $185,000. January’s average sales price was $216,553. The average was also higher than January 2016’s $206,430, but again down from 2016s average, which was $227,298.
Days on market dropped six percent from last year’s 84 days to settle at 79 days average to close.
The big trend that dominated 2016, low inventory, has carried over into 2017. There were 3,016 new listings added in January, yet total inventory fell nearly 19 percent from a year ago to bottom out at 8,108, which equates to 3.5 months’ worth. Northeast Florida is well below the five- to six-months on hand that is considered a balanced market.
2017 NEFAR President Marc Jernigan said, “At the end of each year, there is always a rush by home buyers and sellers to close the sale. Following that, January is typically a much slower month and this year was no exception.”