7801 Deercreek Club Rd., Jacksonville, FL 32256

April 12, 2017

Staff Contact
Melanie Green, Communications Director
Voice (904) 394-9139
Fax (904) 398-8025

2017 NEFAR President
Marc Jernigan
Voice (904) 662-3400

2,502 Northeast Florida Homes Sold in March
Month finishes strong with 2,502 sales for a median price of $195,000 and average price of $242,979. Large influx of new listings needed to support demand.

Jacksonville, Fla. – March real estate market results are now posted by the Northeast Florida Association of Realtors on NEFAR.com. Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.

After a cooling of sales in January and February (1,603 and 1,702, respectively), March sales rebounded soundly, finishing the month with 2,502 homes changing hands.

While 3,657 sellers added new listings to the market, it wasn’t enough to bump inventory into the balanced-market zone. Inventory that is well below the normal range of five- to six-months is a continuing saga, with only 8,277 properties in inventory (3.5 months’ supply) at month end.

In addition to the closed sales, there were 2,893 pending sales waiting in the wings. These are properties on which a contract has been written but have not yet closed.

The median sales price in March was $195,000; an 8.3 percent increase from a year ago. The average sales price was $242,979; a 13.1 percent jump from a year ago. With competition for homes driving prices up, 10.4 percent of the sales were for more than the original listing price.

Sales closed in an average of 83 days, little difference from 81 days in March 2016.

2017 NEFAR President Marc Jernigan said, “With 2,502 closed sales plus nearly 3,000 pending sales in March, the demand is evident. Adequate supply to fulfill the demand, however, continues to be elusive.”

For these and numerous other real estate market statistics, take advantage of the FREE market reports available on the Market Stats tab of NEFAR.com. Three reports are available: 1) The Monthly Indicators and Housing Supply Overview Report summarizes complete activity for NEFAR's entire service area plus *partial information for St. Johns County and Nassau County. 2) Lender Mediated sales reports offer a targeted look specifically at lender mediated sales and how they compare to traditional sales. 3) Annual Reports - 2011 through 2016 are available - give an extensive year in review, with comparisons from the four preceding years included.

*As all Nassau and St. Johns County Realtors are not participants of the NEFMLS; reports provided do not represent the full extent of Realtor sales in those counties.

The Northeast Florida Association of Realtors provides professional development, political advocacy, professional standards administration, media relations, and promotional activities and exchange of information among its members. NEFAR serves as the voice for real estate in northeast Florida; serving the public through efforts to protect private property rights and community affairs programs. NEFAR is Northeast Florida's largest professional association, comprising roughly 7,500 members working in all facets of the real estate industry, including residential and commercial sales as well as property management. All statistics in NEFAR's reports are based on data compiled from NEFAR's wholly owned subsidiary, the Northeast Florida Multiple Listing Service (NEFMLS). NEFAR is headquartered in Jacksonville, with satellite Service Centers in Orange Park, Jacksonville Beach, Palatka and World Golf Village.