June 13, 2017
Melanie Green, Communications Director
Voice (904) 394-9139
Fax (904) 398-8025
2017 NEFAR President
Voice (904) 662-3400
May Real Estate Results: 2,693 Sales Largest Month in 2017
Median sales price is $210,000 and homes selling in an average of 73 days.
Jacksonville, Fla. – May real estate market results 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.
Buyers made their move in May, resulting in 2,693 closed sales. This is the largest number of monthly sales to date in 2017 and a 5.3 percent increase over May 2016.
Sales prices rose in May, with a median price of $210,000 and an average price of $252,741. Both median and average prices were greater (9.4 percent and 8.7 percent, respectively) than May 2016.
Homes sold in an average of 73 days.
Pending sales were 6.2 percent more this year than last May, topping out at 2,839.
There were 2.6 percent more homeowners this May than last May that decided to join the ranks of home sellers, with 3,479 new listings being added. Solid demand from buyers, however, meant that the final tally for inventory remained exceptionally low; just 3.5 month’s supply on hand for the third consecutive month. This equated to 8,371 homes available for purchase, which is a 20.5 percent drop from 10,535 in inventory a year ago.
Low inventory, and the resulting competition for available homes, continues to drive prices up. In May, 12.2 percent of sales were for more than the original listing price.
2017 NEFAR President Marc Jernigan said, “Home buyers are demonstrating robust consumer confidence but new listings hitting the market aren’t keeping pace. The market advantage is tipped toward sellers.”
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 roughly 7,500 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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