7801 Deercreek Club Rd., Jacksonville, FL 32256



For more information contact:
Marcia Hodgson
Communications Director
mhodgson@nefar.com
(904) 394-9144 (W) or (904) 300-5709 (C)

 

JACKSONVILLE, Fla. March 8, 2022 – As the price of gas, groceries, and other necessities continued to climb in the month of February, so has the price of homes in Northeast Florida.

The median price for single-family homes in the region rose to $351,495 in February, a 2.7% increase from four weeks ago and a 24.6% increase over the same time last year. Add condominiums and townhouses alongside single-family homes and the combined median price in Northeast Florida hit $334,050, which is also a substantial increase from February 2021.

“The real estate market in Northeast Florida remains solidly a seller’s market with just 1.2 months’ supply, as active inventory of single family, condo, and townhomes settles in at 2,646 units, down from both last year and last month,” said Mark Rosener, president of Northeast Florida Association of REALTORS (NEFAR).?

“World Events, inflation – particularly gas prices – and mortgage interest rates are inching up. This puts stress on the Home Affordability Index for single-family homes, condos, and townhouses so that it stands at 97 at the end of February,” Rosener said, referring to the indicator, which measures housing affordability and shows the level a typical family earns to qualify for a mortgage on a typical home, based on current interest rates, median income, and median home prices. A higher number means greater affordability. “These factors are hard to predict in the future, but a good guess is that interest rates will continue to increase creating more urgency for those that need, or want, to make a move to a new home,” he said.

Specifically, single-family homes spent a median of 17 days on the market throughout the region. Active inventory was 2,227, a decrease of 15.6% from last month and a drop of 33.9% from last year. Sellers were happy as 100% received their asking price and 33.3% closed over list price.

Meanwhile, condos posted a median of $225,000 throughout the region, a 23.3% increase in price since February 2021 and a 2.3% climb since last month. As with single-family homes, condo sellers received 100.2% of their asking price with 34.3% receiving more than the list price, a 50.4% change upward since January 2022. The affordability index for condos showed they are becoming more expensive with an index of 144, a 5.3% drop from the month before when it registered 152. Active inventory was 213 – a one-month supply.

Similarly, townhouses posted a median price of $267,495, a $10,000 increase from $257,495 last month. Townhouse sellers received 100% of their listing price. With 31.5% closing over the asking price, this signaled a 75.4% increase over last year and 17.7% increase since last month.

Although housing prices continue to gradually move upward, Rosener said there are signs that the market in Northeast Florida is moderating. “Many statistical indicators point to a stabilizing market with percentage growth or shrinkage in single digits.? The median price for single-family, condos and townhouses, while up 25% over last year, has been in the $320k to $335k range since November and just a 3.7% increase over January, signaling a moderating price outlook.? The pace is still extremely brisk at just 16 days on market. With 100% of listings selling at asking price and 33% over list price, there is a need for urgency on the part of buyers to move quickly when a home that meets their needs hits the market.

“Although the lagging indicator of closed sales (for single-family, condos, and townhouses) bumped up slightly (4.3%) from January in keeping with historic seasonal trends, it still registered 12.3% below last year’s levels. The more forward-looking indicator, pending sales, has again fallen in line with historic seasonal trends, showing a 4.4% bump over January, but remains at 3.1% below its mark in February 2021,” Rosener explained.

? In today’s uncertain times, those entering the housing market as either buyers or sellers should seek help from a real estate expert, said Rosener. “As always, the message is to seek out the advice and guidance of a REALTOR® to help navigate the ever-changing nature of the real estate market,” he said.

Northeast Florida by county

In Duval County, the median price of single-family housing was $310,000, up 3.3% since January 2022. The median days on the market was 16, with 34.8% of sales closing above asking price and 99.8% of sellers receiving list price. Active inventory for the county was 1,184 homes, a decrease of 14.4% from last month and a 1.2-month supply. The Home Affordability Index registered at 104, down 6.3% from January.

In St. Johns County, the median price of single-family homes was $480,000, a slight drop from $481.893 the month before. Active inventory showed a 10.5% drop from January to 513 homes, a 1.3-month supply. All sellers – 100.8% -- received their asking price with 32.3% of homes closing over list price. The median days on the market was 16, and 67 was the home affordability index, a 3.6% decline from 70 in January.

In Clay County, the median price of single-family homes was $340,000, up 3.9% from $327,000 in January. The median days on the market was 15. All sellers, -- 100.7% received their asking price with 40.8 of sellers closing over list price. The affordability index registered at 95, dipping below 100 for the first time in recent memory. There was a 1.1-month supply of homes and an active inventory of 287, a drop of 19.4% from last month.

Putnam County, traditionally the most affordable area to live in Northeast Florida became significantly more expensive. The median price of single-family homes was $225,000, up 12.5% from $200,000 in January. Homes stayed a median of 31 days on the market in February, a 26.2% drop from 42 days in January. Nearly all sellers – 95.4% received their asking price with 12.1% selling their homes for more than list price. Active inventory was 110 homes, which is 1.9-months of inventory, a drop of 28.9% from January. Putnam County’s home affordability index registered at 144, a 13.8% drop from 167 the month before.

In Nassau County, the median price of single-family homes was $415,000 in February, a 12.5% rise from $368,950 the month before. With a median of 33 days, homes spent a 37.5% longer on the market than in January. Nearly all sellers – 99% -- received their asking price with 15.7% closing over list price. Active inventory, a 1.2-month supply, was 107 units, a 32.3% drop from January. The Home Affordability index also fell 13.3% since last month to 78.

 

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The Northeast Florida Association of Realtors (NEFAR,) serves as the voice of real estate in Northeast Florida. It is the region’s largest professional association, representing more than 11,000 members who work in all facets of the real estate industry including residential and commercial sales and property management. It serves the public through support of community affairs programs and seeks to protect private property rights. The region's multiple listing service, realMLS, is a wholly owned subsidiary of NEFAR. NEFAR is headquartered in Jacksonville, with satellite Service Centers in Orange Park, Jacksonville Beach, Palatka, and World Golf Village.