7801 Deercreek Club Rd., Jacksonville, FL 32256



For more information contact:
Marcia Hodgson
Communications Director
mhodgson@nefar.com
(904) 394-9144 (W) or (904) 300-5709 (C)

 

JACKSONVILLE, Fla., May 9, 2022 – The good news is there were slightly more Northeast Florida homes on the market in April. However, prices have continued to rise, and homes are becoming increasingly less affordable.

In April, the active inventory of single-family homes in the region increased 6% since the month before to 2,724 houses, but that is still nearly 20% less than were on the market a year ago. Meanwhile, the median price of single-family homes weighed in at $380,000, a 2.3% increase since March and a 23.8% rise since the year before. Sales remained brisk with single-family homes selling within a median of 13 days.

“As anticipated, the April increase in median price for single-family homes is moderating, edging up just slightly at a 2.3% increase over March,” said Mark Rosener, president of the Northeast Florida Association of REALTORS® (NEFAR). “This is very much which in line with historical average movement month-to-month in a spring-selling season. Buyers still need to move quickly when a new home comes on the market, as we are still experiencing a very fast pace with just 13 days on the market and only a 1.2 month’s supply.? There is not much negotiating room for the buyers with just over 100% of list price received and nearly 42% of homes selling over list price. Buyers must be prepared to make a strong offer right from the start,”?he said.

The combined median sales price of townhouses, and condominiums in Northeast Florida in April was $262,500, a 5.3% increase from last month. Contrary to the single-family home market, active inventory for condos and townhouses dropped 8.6% from 488 units to 446. Again, sales remained brisk with a median of 12 days on the market, virtually no change from the month before.

“The residential (single family, condo, and townhouse) real estate market is moving into the spring selling season in much the same manner as has been anticipated.? Northeast Florida is still experiencing a strong market for sellers although buyers are beginning to see slightly more inventory to choose from,” Rosener said, noting there was a combined inventory of 3,170 of single-family homes, condos, and townhouses available at the end of April. “Pending sales were basically flat to last month and new listings are 6.7% more than in March leaving our active inventory 3.7% higher.? Obviously, inventory is still below last year’s levels, but the region is beginning to see some progress with more homes becoming available for sale.”?

The Home Affordability Index for single-family homes fell to 82, from 84 in March. An index of 82 means that median household income was only 82% of what is necessary to qualify for a median-priced home under prevailing interest rates. Higher numbers mean greater affordability. “The home affordability index is being impacted more from a rise in mortgage interest rates than an increase in median sales price,” Rosener said.

Northeast Florida by county

In Duval County, the April median price of single-family housing was $340,000, up 3% since March 2022. The median days on the market was 12, with 42.9% of sales closing above asking price and 100.9% of sellers receiving list price. Active inventory for the county was 1,413 homes, an increase of 4.1% from last month and a 1.2 months’ supply. The Home Affordability Index registered at 91 down 3.2% from March.

In Clay County, the median price of single-family homes rose to $358,495, an increase of 3.9% from March. The median days on the market remained at 13. All sellers, -- 100.8% received their asking price with 45.6% of sellers closing over list price, a 15.8% increase from March 2022. The affordability index registered at 86.5, falling below 100 for the third time in recent memory. There was slightly more than one-month supply of homes and an active inventory of 347, which is a drop of 2.5% from last month.

In St. Johns County, the median price of single-family homes rose 2% from the month before to $567,927. The median days on the market fell to 12 from 16 in March, and the active inventory rose to 639 homes, a 1.3 months’ supply and a 15.8% increase from March 2022. Sellers were happy with 101.2% receiving list price and 41.1% gaining more than the list price. The affordability index fell slightly to 55, demonstrating that St. Johns County remains the least affordable area to live in Northeast Florida.

Remaining the most affordable area in Northeast Florida, Putnam County registered a median price of single-family homes of $201,000, down 10.1% from last month. Homes stayed a median of 26 days on the market in April. Nearly all sellers – 95.9% received their asking price with 21.5% selling their homes for more than list price, an increase of 39.2%. Active inventory increased to 124 homes. Putnam County’s Home Affordability Index registered at 154, making the county over 10 points more affordable than the month before.

In Nassau County, the median price of single-family homes was $386,250 in April, a 1% drop from the month before. With a median of 8 days on the market, homes spent 27.3% less time up for sale than in March. All sellers – 101.3% -- received their asking price with 32.5% closing over list price. Active inventory, a 1.4-month supply, was 159 units, a 14.4% increase from March. The Home Affordability Index registered 80.5.

“Each sub-market in Northeast Florida is unique and may vary slightly from the overall statistical data of the entire region. This makes it essential that the consumer find a trusted REALTOR® to guide them through the process,” Rosener said.

 

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The Northeast Florida Association of REALTORS® (NEFAR,) serves as the voice of real estate in Northeast Florida. It is the region’s largest professional association, representing more than 11,000 members who work in all facets of the real estate industry including residential and commercial sales and property management. It serves the public through support of community affairs programs and seeks to protect private property rights. The region's multiple listing service, realMLS, is a wholly owned subsidiary of NEFAR. NEFAR is headquartered in Jacksonville, with satellite Service Centers in Orange Park, Jacksonville Beach, and Palatka.