7801 Deercreek Club Rd., Jacksonville, FL 32256

May 13, 2016

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

2016 NEFAR President
Terrell Newberry
Voice (904) 262-2121

Northeast Florida's April Real Estate Market Review: Inventory in Short Supply
Median sales price increases to $181,490 with 2,318 sales recorded. Short supply of homes helping to drive up prices and average days on market down to 78.

JACKSONVILLE, Fla. – April 2016 Northeast Florida housing market reports 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.

Closed sales topped out at 2,318 for a 1.5 percent dip from a year ago and also down somewhat from March's 2,391 sales. Conversely, pending sales (those on which a contract has been written but have not closed) were up 1.6 percent from a year ago to hit 2,615.

A median sales price of $181,490 was 5.5 percent higher than last April's $172,000 and up a bit from March's $180,000 median. Average sales price was $224,816.

There were 3,098 properties added to available inventory in April. This is a fairly significant (10.6 percent) drop from April 2015 and also much less than the 3,580 new listings in March. With fewer homes hitting the market and sales clipping along at a brisk pace, inventory shortages continue to be a key factor in price increases. Months' supply of homes is now at a flat four months, when a balanced market is considered five- to six-months on hand. At April month end, there were 9,290 homes in inventory, down 15.3 percent from 10,963 a yer ago.

2016 NEFAR President Terrell Newberry said, “Sellers are in the driver's seat in this market. Average number of days to sale in Northeast Florida is now 78 days, down from 90 days a year ago."

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, 2012, 2013, 2014 and 2015 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 more than 6,500 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.

# # #