April 10, 2020
Melanie Green, Communications Director
Voice (904) 394-9139
2020 NEFAR President
March Real Estate Overview: Prices and Sales Still Strong Despite COVID-19
2,672 homes are sold, up 2.1% from a year ago. Average sales price $287,210, median price $243,635, increases of 6.7% and 5.9% from a year ago, respectively.
Jacksonville, Fla. – March 2020 real estate market reports for Northeast Florida are now available on the Market Stats tab of NEFAR.com. Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.
Despite much of the world being plunged into a vastly altered way of conducting business as a result of COVID-19, Northeast Florida’s real estate results for March showed little effect.
The month closed with 2,672 sales, the greatest number since December’s 2,746, and a 2.1% uptick over 2,617 sales in March 2019.
Sales prices continued on the upswing, with the average coming in at $287,210 and the median at $243,635. These figures are up 6.7% and 5.9% over sales prices a year ago, respectively.
Homes remained on the market an average of 70 days, little difference from 71 days a year ago.
Inventory of homes for sale plunged nearly 15% from a year ago, to bottom out at 8,375. This equates to just 3.1 months on hand, a drop from 3.9 months in March 2019.
With the reduced supply of options, competition for available homes spurred competing offers, with the result being that 14.2% of properties sold for more than their original listing price.
2020 NEFAR President Ron Harris said, “COVID-19s impact on real estate sales in Northeast Florida in March was negligible. What did change, and what the public needs to know, is that the way Realtors are conducting business is drastically altered. NEFAR continues to urge members to follow these best business practices, for the health and safety of their customers, themselves, and our community at large.”
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 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.
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