February: Higher Prices, Less Sales

March 13, 2017

Staff Contact
Melanie Green, Communications Director
MGreen@NEFAR.org
Voice (904) 394-9139
Fax (904) 398-8025

2017 NEFAR President
Marc Jernigan
MarcSellsJax@gmail.com
Voice (904) 662-3400


Prices Nudge Up, Homes Sales Dip Slightly in February
1,702 homes were sold for a median price of $193,000. It's a seller's market with exceptionally low inventory.

Jacksonville, Fla. – February 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.

Competition for a dwindling pool of available homes in Northeast Florida’s real estate market resulted in higher prices, a drop in sales, and inventory well below normal in February.

Closed sales for the month were 1,702; a 10.2 percent drop from last February, although up from January’s 1,603. While closed sales have declined somewhat, the median sales price rose to $193,000; nearly 21 percent higher than February 2016. The average sales price was $230,411; a $13.6 percent uptick from a year ago.

There were 10.8 percent of properties that were sold for more than their original listing price.

Closing out February, there were only 8,016 homes in inventory, which equates to 3.4 months on hand. With a balanced market considered to be between five- and six-months of inventory, buyers are finding far less homes from which to choose.

New listings, which are essential to replenishing the supply, went in the opposite direction in February. While 2,864 sellers entered the market, that number is 10.2 less than the amount of new listings added a year ago.

Days on market dropped 5.6 percent from a year ago to reach 84 days average to close.

2017 NEFAR President Marc Jernigan said, “With inventory so far below normal, Northeast Florida is well into a seller’s 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.

About NEFAR
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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