7801 Deercreek Club Rd., Jacksonville, FL 32256

Nov. 14, 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 October Housing Market: Sales Take A Dip, Inventory Well Below Balanced Market Level
1,906 homes change hands for a median sales price of $184,900. Sellers add fewer homes to inventory and Hurricane Matthew was October's unwelcome visitor.

Jacksonville, Fla. – October 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.

With 499 fewer homes added to the for-sale market in October than were in September (2,314 new listings in October vs. 2,813 in September) inventory continues to decline. Total inventory for the month ended at 8,750 or 3.8 months’ worth. That’s 19.1 percent less than October 2015.

Sales for the month took a dip, with the 1,906 homes sold being several hundred less than September’s 2,261. Pending sales dropped 4.5 percent from a year ago to end at 2,043.

October’s median sales price was $184,900 while the average sales price was $223,390.

Of the 8,750 currently in inventory, 7,627 are single-family residential properties and 1,123 are condos or townhomes. These two property types have marked differences in the median sales price: single-family residential properties had a $195,000 median sales price for October while the median for condos-townhomes was $130,000.

2016 NEFAR President Terrell Newberry said, “A lack of inventory seems to have dampened sales during October. A visit from Hurricane Matthew and its aftermath was quite likely another contributing factor, as insurance companies typically will not issue a policy for a home once a hurricane watch or warning has been issued.”

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 7,000 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.

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