April 12, 2018
Melanie Green, Communications Director
Voice (904) 394-9139
Fax (904) 398-8025
2018 NEFAR President
Charles "Ben" Bates
Voice (386) 328-6716
March 2018: The Scoop on Northeast Florida Real Estate
New listings increaase in March. 2,389 homes are sold in an average of 70 days for a median price of $224,118.
Jacksonville, Fla. – March 2018 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.
Closed sales ended the month at 2,389 units, up from 1,894 in February and 1,610 in January, although down 9.4 percent from March 2017’s 2,636 sales. Pending sales – those on which a contract has been signed but have not yet closed – rose to 2,921, a 4.8 percent increase from a year ago.
The median sales price for the month was $224,118, which represents a 15.1 percent spike over last March’s $194,700 median. The average sales price was higher, reaching $269,415, for an 11.3 percent increase over a year ago.
A key indicator for the month was 3,846 new listings; up nearly five percent from 3,667 new listings in March 2017. With persistent low inventory being the dominant trend in Northeast Florida, and in much of the nation, for the past couple of years, an increase in listings is worth watching. The final inventory tally, however, was 8,021 – down 11.7 percent from a year ago and representative of only 3.3 months’ worth of supply on hand (five- to six-months in inventory is considered a balanced market).
Due to demand, 12.4 percent of all sales for the month were for more than the original listing price. This occurs when multiple buyers, eager to secure their choice of home, place ever increasing offers on listed properties and driving up sales prices.
Sales are taking place briskly, with 70 days being the average number of days on market. This figure is 15.7 percent faster than the 83 days average last March.
2018 NEFAR President Ben Bates said, “Northeast Florida continues to be a robust seller’s market. More homeowners recognized that and became home sellers in March.”
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.
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 8,000 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.