Sept. 13, 2018
Melanie Green, Communications Director
Voice (904) 394-9139
Fax (904) 398-8025
2018 NEFAR President
Charles "Ben" Bates
Voice (386) 328-6716
Northeast Florida August Real Estate Report: 59 Days On Market New Average
2,656 homes are sold in an average of 59 days, with a median sales price of $220,000 and average sales price of $265,477.
Jacksonville, Fla. – August 2018 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.
The pace at which homes are selling in Northeast Florida continues to accelerate. In August 2017, 65 days was the average for a home to go under contract. That figure dropped by 9.2 percent in August 2018, with homes selling in an average of just 59 days.
Concurrent with the sped-up cycle, the trajectory of sales prices is tracking upward. The median price for August sales was $220,000, or a 7.3 percent increase over a year ago. Average sales price was higher at $265,477, a 7.4 percent increase year-over-year.
Conversely, the number of August sales was 2,656, or a 6.2 percent drop from August 2017.
While 3,744 new listings were added to the market, overall inventory was just 9,237, which equated to 3.7 months on hand (a balanced market is considered to be five- to six-months on hand).
2018 NEFAR President Ben Bates said, “Demand by buyers is still strong, with 2,673 pending sales in the wings in August. A shortage in available inventory for sale is still the element having the most impact on the housing market.”
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.