Feb. 13, 2020
Melanie Green, Communications Director
Voice (904) 394-9139
2020 NEFAR President
Declining Inventory, Sales and Pricing Steady for January
1,796 homes were sold in January for a median price of $229,932 and average price of $272,497. Inventory dips below 8,000 units for second month in a row.
Jacksonville, Fla. – January 2020 real estate market reports for Northeast Florida are now available on the Market Stats section of NEFAR.com. Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.
The first month of 2020 included 1,796 home sales, up slightly from 1,723 sales the prior January. The number of days on market between the two Januarys also varied little: 74 days on market this year versus 70 days on market in January 2019.
Sales prices between the two years reflect a more marked change. This year, $229,932 was the median sales price, up 11.1% from a median of $207,000 a year ago. There was a similar situation with average sales prices: $272,497 this January, for a 12.1% increase over $242,978 last year.
In a long-running refrain, extremely low inventory is a key indicator of Northeast Florida’s real estate market. Months’ supply of homes for sale dipped to 2.9 in January, down 21.6% from a year ago.
The 7,980 homes in inventory at January month end was 15.2% less than 9,412 available homes a year prior. Competition for the reduced supply resulted in 10.7% of properties being sold for more than the original list price.
2020 NEFAR President Ron Harris said, “January’s 7,980 and December’s 7,869 inventory levels are the only two months within the past 24-month period where inventory has dipped below the 8,000 mark. Sellers are in a highly advantageous situation.”
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 9,000 members working in multiple 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. * 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.
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