Sept. 16, 2017
Melanie Green, Communications Director
Voice (904) 394-9139
Fax (904) 398-8025
2017 NEFAR President
Voice (904) 662-3400
Northeast Florida August Real Estate Market Update
2,556 homes change hands with a median sales price of $203,750 (average price of $246,569). Inventory down nearly 20 percent from a year ago. Average 64 days on market until sa.e
Jacksonville, Fla. – August 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.
At the end of August, there were 2,556 closed sales, down 5.2 percent from a year ago but up from July’s 2,451 sales. An additional 2,641 sales were pending, up 11.1 percent from 2,377 pending sales a year ago.
Median sales price for the month was $203,750; up 6.3 from last August but down from July’s highwater mark median of $217,000. Average sales price was higher, reaching $246,569.
Homes sold in an average of 63 days, 12.5 percent faster than 72 days a year ago.
In welcome news, 3,622 new sellers added their properties to market inventory. This figure is 10.4 percent more than new listings in August 2016. Overall, however, inventory plunged 19.9 percent from a year ago, bottoming out at just 8,339 homes available for sale (3.5 months’ worth).
Competitive bidding from buyers, as a result of the low inventory, resulted in 11.2 percent of properties being sold for more than their original listing price.
2017 NEFAR President Marc Jernigan said, “Northeast Florida’s real estate market in August was a case of more of the same – there is strong buyer interest but exceptionally low inventory. It drives prices up and frustrates many home seekers, who are not always able to find what 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 more than 8,000 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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