7801 Deercreek Club Rd., Jacksonville, FL 32256

Aug. 12, 2016

Staff Contact
Melanie Green, Communications Director
Voice (904) 394-9139
Fax (904) 398-8025

2016 NEFAR President
Terrell Newberry
Voice (904) 262-2121

July Real Estate Market Results: Demand There, Supply Not So Much
Below normal inventory level shows no sign of change, with 2,410 home sales for the month and a $196,000 median price.

JACKSONVILLE, Fla. – July 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.

Northeast Florida’s real estate market action in July followed a similar track as the previous month. The median sales price was $196,000, which is nearly nine percent higher than a year ago but little difference from the $196,338 June median.

Lower than normal inventory is a noteworthy trend for Northeast Florida and much of the country. Throughout 2016, months’ supply of homes for sale has hovered very close to the four month mark. July was no exception, with exactly 4.0 months’ supply on hand. A balanced market is considered to be five- to six-months of inventory.

Number of sales for the month was 2,410; 11 percent less than a year ago and down from 2,704 sales in June.

Increased competition for properties, spurred by the reduced inventory, is reflected in the amount of homes that are being sold for more than their original listing price. In July, 12.8 percent of sales were in this category.

Properties are changing hands quickly, with 70 days being the average for days on market until sale. A year ago, that figure was 77 days.

More than 3,000 homes (3,064) were added to inventory by sellers in July, yet the final tally on inventory was 9,310 homes; a 15.3 percent drop from the 10,988 new listings added in July 2015.

2016 NEFAR President Terrell Newberry said, “The low inventory experienced throughout 2016 is beginning to have a greater impact on sales. An influx of new listings would be a welcome boost to our 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, 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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