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., June 9, 2022 – Although prices continued to rise in May, Northeast Florida’s housing market began to show continued signs of a moderating trend that should make both buyers and sellers rejoice.

Northeast Florida is still firmly rooted in a sellers’ market with the median price of single-family homes in May registering at a historic high of $392,000. Approximately 42% of sellers received more than their asking price, with 100.9% as the average amount they received of that asking price. In the condominium and townhouse market, the median sales price rose 2% to $267,500, with 38,4% of sellers receiving more than the listing price and the average amount they received being 101.2% of that listing price.

However, although prices are remain high, buyers should be buoyed up by several indications that the market may be following a more downward moderating trend. Active inventory of single-family homes increased more than 10% from April to May settling in at 3,257 homes for sale. Meanwhile, sales of homes are slowing slightly, spending a median of 14 days on the market, an increase in time of 16.7%. New listings also increased 3.4% to 3,072 homes, while the pending sales dropped 2.3% to 2,382 homes.

Sales of condominiums and townhouses followed a similar pattern in May with active inventory of those housing units rose 24.4% to 689 and spent a median of 14 days on the market, two days longer than last month. New listings jumped 25.8% to 717. Pending sales also rose 8.7% to 525.

“NEFAR’s May statistics are encouraging for both sellers and buyers,” said 2022 NEFAR President Mark Rosener.? “We are still fully entrenched in a “sellers’ market” and will stay there for quite some time, however, there are more homes available for buyers, which should make it easier for them to find that home that best matches their needs.? Multiple offer situations seem to be moderating so that buyers do not find themselves in competition as much as they did six months to a year ago.? There are more listings with price reductions, so it is very important that sellers be realistic in their pricing strategy.”

With rising home prices, the First Coast region is continuing to become increasingly less affordable. The home affordability index for single-family homes dropped 3.7% from 82 in April to 79 in May. An index of 79 means that median household income was only 79% of what is necessary to qualify for a median-priced home under prevailing mortgage interest rates. Higher numbers mean greater affordability.

“The trend for median price increases month over month has maintained a moderate and steady 3-4% increase in each month since January 2022 as expected,” said Rosener.? “With the pressure on home affordability created by rising mortgage rates over the past five months, I would anticipate that these increases will become more moderate 1-2% increases month over month in the near future,” he said.

Northeast Florida by county

In Duval County, the May median price of single-family housing was $350,000, up 2.9% since April 2022. The median days on the market was 15, with 45.9% of sales closing above asking price. Active inventory for the county was 1,551 homes, an increase of 1% from last month and a 1.2 months’ supply. The Home Affordability Index registered at 89 down 2.2% from April.

In Clay County, the median price of single-family homes rose to $367,250 in May, an increase of 2% from April. The median days on the market fell to 12. Approximately half of all sellers – 50.3% -- closed over list price, a 9.3%% increase from the month before. The affordability index registered at 84.5, a 1.7% decrease from the previous month. This is the fourth time in recent memory the affordability index has fallen below 100. There was 1.4-month supply of homes and an active inventory of 438 in May, which is a 15.6% increase from April.

In St. Johns County, the median price of single-family homes rose 3.4% from the month before to $583,950. The median days on the market was 14, and the active inventory rose to 837 homes, a 24.6% increase from April and 1.6-months’ supply. Approximately 37.1% of sellers received more than their listing price. The affordability index fell to 53, demonstrating that St. Johns County remains the least affordable area to live in Northeast Florida.

Although it remains the most affordable area to live in Northeast Florida, Putnam County registered an 18.4% jump in the median price of single-family homes from April to May with a median price of $237,945. Homes stayed a median of 31 days on the market in May. Approximately 29.3% of all sellers closed over their asking price. Active inventory increased to 153 homes. Putnam County’s Home Affordability Index registered at 130.5, a 15.3% drop from the month before.

In Nassau County, the median price of single-family homes jumped to $411.990 in May, a 5.6% increase from the month before. With a median of 12 days on the market, approximately 29.5% of sellers closed above their listing price. Active inventory rose 20.5% in May to 223, a 1.5-month supply. The Home Affordability Index registered 75, a 6.3% fall from April 2022.

“Whether buying or selling anywhere in Northeast Florida the bottom line is to enlist assistance from a REALTOR® you trust,” Rosener advised.?“These overall market statistics are important, but each neighborhood will be different so it’s important to know the hyper-local trends in your neighborhood.? Your REALTOR® has this knowledge and can help guide you through the process.”

 

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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, and Palatka.