7801 Deercreek Club Rd., Jacksonville, FL 32256

April 13, 2016

Staff Contact
Melanie Green, Communications Director
Voice (904) 394-9139
Fax (904) 398-8025

2016 NEFAR President
Terrell Newberry
Voice (904) 262-2121

Northeast Florida's March Real Estate Wrap Up: Strong Sales, Stronger Price Increases
2,391 sales for the month up .4 percent over last March. Median sales price increases more significant at 12.5 percent.

JACKSONVILLE, Fla. – March 2016 Northeast Florida 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.

There were 2,391 closed sales; a .4 percent increase from a year ago and an uptick from last month’s 1,782. Pending sales of 2,725 showed similar gains; 6.9 percent more than last March and higher than last month’s 2,425.

The $180,000 median sales price was a 12.5 percent upturn over last March’s $160,000 median. Average sales price was $214,808.

Sellers added 3,580 new listings to the market, which was 6.7 percent more than a year ago. Because of the strong sales demand, the final tally for inventory was 9,183 homes, equating to just 3.9 months on hand.

Strong buyer interest in a scarce inventory of available homes spurs competition and prices move upward. As a result, 12.3 percent of the homes sold in March were for more than their original listing price. Still, of the 9,183 in inventory, 3,716 (40 percent) are currently priced below $200,000.

In welcomed news, just under 20 percent of the homes sold in March were lender mediated and less than 13 percent of new listings added to the mix are lender mediated properties.

2016 NEFAR President Terrell Newberry said, “Last year, we reported that March had come in like a lion with more than 2,000 sales. In March 2016, we saw 2,391 sales plus a 12.5 percent year over year jump in median sales price from a year ago ($180,000 this March versus $160,000 in March 2015), so it’s fair to say that Northeast Florida’s real estate lion continues to roar.”

Check out our new county level reports for Baker, Clay, Duval, Nassau, Putnam and St. Johns (one page reports per county). The new county level summary reports are at the end of the Monthly Indicators report. You will also find new county level data for the same counties grouped at the top of the Lender Mediated Repo

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, 2012, 2013, 2014 and 2015 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 6,500 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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