Aug. 11, 2017
Staff Contact
Melanie Green, Communications Director
MGreen@NEFAR.org
Voice (904) 394-9139
Fax (904) 398-8025
2017 NEFAR President
Marc Jernigan
MarcSellsJax@gmail.com
Voice (904) 662-3400
July Real Estate Wrap: Median Sales Price Increases
Number of sales lower than June while median sales price is higher, reaching $217,000. Well below average inventory still a key factor in housing market.
Jacksonville, Fla. – July real estate market results 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.
July’s 2,451 closed sales were down from June’s 2,708 sales and a 4.8 percent drop from 2,575 sales a year ago. Pending sales – those on which a contract has been written but haven’t yet closed – took the opposite track, jumping 13.6 percent higher than a year ago to reach 2,744.
Home prices were also on the rise, with July’s median sales price notching up to $217,000. This figure is 11.6 percent more than the $194,515 median a year ago. The average sales price was also higher, reaching $255,937 for the month; a seven percent spike from July 2016.
Inventory that is well below normal is a trend that shows no sign of change. The month ended with 8,119 homes available for sale, a hefty 22.2 percent drop from the 10,436 homes for sale in July 2016. While five- to six-months of inventory is considered a balanced market, Northeast Florida had only 3.4 months’ supply at the end of July.
New listings to hit the market did increase 2.2 percent from a year ago to reach 3,190, but sales continue to outpace overall demand. As a result, competitive bidding from sellers equates to prices increasing. In July, 12 percent of home sales were for more than the original listing price.
Sales are taking place quickly, with 67 days on market being the average.
2017 NEFAR President Marc Jernigan said, “Northeast Florida’s real estate market could easily absorb a large influx of properties based on the demand from potential buyers. At this time, it’s still very much a seller’s 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 through 2016 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.
About NEFAR
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 7,500 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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