7801 Deercreek Club Rd., Jacksonville, FL 32256

Sept. 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

August Real Estate Market Results: Heat Doesn't Hamper Sales
Sellers ads more than 3,000 homes to the mix but it's not enough to boost inventory with 2,520 sales taking place. $190,750 is median home price; $238,457 is average sales price.

JACKSONVILLE, Fla. – August 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.

The dog days of summer that make up the first portion of the month didn’t produce enough lethargy for home buyers to put much of a damper on August home sales. There were 2,520 home owners added as a result of August sales; 4.3 percent more than the same month last year. An additional 2,495 pending sales were waiting to close.

Median sales price rose 10.3 percent from a year ago to reach $190,750. While higher than last year, this median is less than June and July’s medians. Average sales price for August was $238,457, also an increase over last August (13.2 percent). There were 13.5 percent of homes that sold for more than their original listing price; the result of competition for homes.

Sellers were fairly active, adding 3,222 new properties to inventory; an increase of 2.3 percent from a year ago. When all was said and done, the month ended with 9,290 in inventory. This final tally is 14.3 percent less than a year ago and equates to a flat 4.0 months’ supply of homes for sale.

Days on market was 72; little difference from 70 days last month or 75 days a year ago.

2016 NEFAR President Terrell Newberry said, “Many sellers are in a prime position at this stage of the game to be able to realize a rapid home sale at a fair price. Buyers, on the other hand, are having to make quick decisions when they find a home they want, as turnover is brisk and competition is strong.”

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 nearly 7,000 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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