July 10, 2020
Melanie Green, Communications Director
2020 NEFAR President
June Real Estate: Most Monthly Sales Since July 2019, Prices Escalate to $255,000 Median, $310,822 Average
3,021 homes are sold. Fewer sellers enter market and inventory at lowest point in at least 11 years.
Jacksonville, Fla. – June 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.
While COVID-19 continued to be the hot topic of discussion, Northeast Florida’s real estate market sizzled as well. Spiking up from 2,337 sales in May, 3,021 homes changed hands in June, just three sales less than June 2019. June’s closed sales were also the greatest number of monthly sales since 3,035 sales in July 2019.
Sales prices were equally hot, with a median of $255,000 (up 5.4% from a year ago) and average of $310,822 (up 4.4% from a year ago).
Fewer homeowners opted to become sellers in June, with 3,515 news listings being added (down 1.2% from a year ago).
Demand for homes continues to be strong, however. There was a 21.9% increase in pending sales from a year ago, equating to 3,626 contracts to buy a home being signed that did not yet close.
With demand strong, and less sellers entering the market, inventory tumbled to 7,545, a 24.1% plunge from a year ago. While inventory has been particularly low for several years, 7,545 is less inventory than any month since some point prior to 2009 (NEFAR’s reports documenting inventory levels by month extend back through 2009 ).
Months’ supply of home dropped to just 2.8, which is 26.3% less than June 2019. A balanced market is considered to be between five- and six-months of inventory.
Days on market average for the month was 70, up from 64 days a year ago.
2020 NEFAR President Ron Harris said, “Despite COVID-19, consumers are demonstrating pent-up demand for homes and taking advantage of low interest rates. Sellers are capitalizing on robust sales prices and the lowest inventory in years, with 13.5% of June sales going for more than the original listing price.”
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.