June 12, 2018
Melanie Green, Communications Director
Voice (904) 394-9139
Fax (904) 398-8025
2018 NEFAR President
Charles "Ben" Bates
Voice (386) 328-6716
Northeast Florida's May Real Estate Report - The Market is Hot
Key indicators for the month were 2,748 sales (largest number for any month since August 2017) with a median price of $225,000 and just 60 days on average until sale.
Jacksonville, Fla. – May 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.
Northeast Florida’s 2,748 home sales in May were a 6.1 percent drop from last May, yet the largest number of sales for any month since August 2017. Pending sales – those on which a contract has been written but have not yet closed – hit 2,996, for a 10.8 percent increase over a year ago.
Sales are occurring quickly, with 60 days being the average number of days on market until sale. A year ago, the average was 73 days.
A median sales price of $225,000 was a 5.8 percent year-over-year increase. The average sales price was significantly higher, coming in at $273,448 for an 8.1 percent increase since a year ago.
Despite 3,797 new listings hitting the market in May, months’ supply of homes for sale is at 3.4, well below the five- to six-months considered a market that is balanced between buyers and sellers. Final home inventory for May was 8,398; down 9.1 percent from 9,239 homes for sale in May 2017.
Increasing prices are especially affecting availability of homes in the lower price ranges. Here’s the breakdown of May’s homes for sale by price range: 1,324 are listed for $149,999 or less; 795 are in the $150,000 to $199,999 range; 2,114 fall in the $200,000 to $299,999 category; 2,452 are within the $300,000 to $499,999 slot; 1,259 are listed for $500,000 to $999,999, and 454 homes are on the market for a million dollars or more.
2018 NEFAR President Ben Bates said, “We continue to experience trends that include an inventory that can’t keep pace with a hot market in terms of quantity and speed of sales, along with pricing that is robust and beneficial for 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 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.