Aug. 11, 2020
Melanie Green, Communications Director
2020 NEFAR President
July Real Estate, Hot Streak With 3,514 Home Sales, Higher Median and Average Sales Prices
Median sales price is $265,000 and average is $325,665. Inventory down 29.9% from a year ago. 15.8% of sales go for more than original asking price.
Jacksonville, Fla. – July 2020 real estate market reports for Northeast Florida are now on NEFAR.com, Market Stats tab. Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.
Following a June market that saw substantial spikes in both number of sales and sales prices, July’s real estate market turned up the heat even more. There were 3,514 sales, a 15.8% increase from a year ago and higher than June’s 3,175.
The median sales price was $265,000, a 9.8% increase over July 2019, and up $10,000 from June’s $255,000 median. The average price was 15.3% higher than a year ago, coming in at $325,665. June’s average price was $309,757.
Vigorous demand for homes, coupled with fewer sellers entering the market (3,523 new listings in July, 3.8% fewer than a year ago), continues to create an supply imbalance. While five- to six-months is considered a market that is balanced between buyers and sellers, Northeast Florida’s July market closed with just 2.5 months’ supply, a drop of 34.2% from a year ago.
July 2019 had an inventory of 9,905 homes, whereas this July closed with only 6,943 in the hopper, a 29.9% plunge.
A consequence of the inventory shortage is competitive bidding among buyers vying for the property of their choice. Because of this, 15.8% of home sales in July were for more than the original sales price.
2020 NEFAR President Ron Harris said, “Buyers are taking full advantage of extremely low interest rates, despite dealing with fewer available home choices. If any homeowners are even considering becoming sellers, there couldn’t be a better time for them to make their move.”
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 more than 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.