7801 Deercreek Club Rd., Jacksonville, FL 32256

May 17, 2017

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

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

April Real Estate Wrap: Inventory at Low 3.4 Months On Hand, It's a Seller's Market
Median sales price of homes in Northeast Florida was $195,990 with 2,294 homes changing hands.

Jacksonville, Fla. – April 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.

Low inventory continues to be a long-running, key factor in Northeast Florida’s housing market. While a market is considered to be balanced equally between buyers and sellers when there is five- to six-months of inventory on hand, Northeast Florida’s real estate market hasn’t been within that balanced range since September, 2014. Inventory on hand for both March and April of 2017 was only 3.5 months.

There were 2,294 closed sales in April, down 7.2 percent from 2,473 in April 2016. Homes are selling more quickly, with 75 days being the average (it was 78 days a year ago).

Median sales price for the month was $195,990, an 8.3 percent increase from the $181,000 median in April 2016. Average sales price was higher, at $242,692, up 7.7 percent from a year ago.

Competition for the low available inventory spurs buyers to submit higher offers and 13 percent of homes were sold for more than their original listing price as a result.

At month end, there were 8,348 homes for sale. This figure is a hefty 20.5 percent less than the number of homes for sale in April 2016.

The number of sellers adding to the inventory during April was 3,368; nine percent less than a year ago.

2017 NEFAR President Marc Jernigan said, “Anyone who is considering selling their home should consult with a Realtor to fully understand the nature of the current real estate market in Northeast Florida. Likewise, buyers should educate and prepare themselves, particularly with regards to their credit and obtaining a mortgage, so that they are ready to move quickly and knowledgeably when they find a home they want.”

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.

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