7801 Deercreek Club Rd., Jacksonville, FL 32256



For more information contact:
Marcia Hodgson
Communications Director
mhodgson@nefar.com
(904) 394-9144 (W) or (904) 300-5709 (C)

 

JACKSONVILLE, Fla. February 8, 2022 – Although sellers are still firmly in the driver’s seat, the housing market in Northeast Florida has begun to show “signs of moderation” at the start of the new year.

For single-family homes, the median sales price in Northeast Florida registered $345,000 in January, a 1.4% drop from December 2021, but still 24% higher than it was a year ago. Condominium prices continued to climb to a median price of $220,000, a 4.8% jump from December and a 27.9% increase from January 2021. Townhouse prices performed similarly, posting a median price of $256,000, which is 2.4% more than a month ago and 21.9% more than last year.

“The Northeast Florida real estate market continues to show signs of moderating, although, as we expected, still is firmly entrenched as a sellers’ market,” said Mark Rosener, president of the Northeast Florida Association of REALTORS®. “The concern of rapidly escalating median prices, which impacts the home affordability index, is also moderating with the median price of single-family homes overing between $345,000 and $350,000 since November. Slight movement from month to month is normal and indicates a more normalized rate of appreciation. Northeast Florida’s home affordability index has remained at or near 100 for the better part of the last four months,” he said.

Meanwhile, during the past month, new single-family listings increased 11.1% from December to 2,100 but remain significantly lower than last January 2021’s mark of 3,641. Northeast Florida’s active inventory also dropped 14.7% since December 2021 to 2,389 homes for sale, and this is a 34.4% decline from a year ago.

“While new listings were more than in December, we still fell 13.7% short of the new listings that hit the market last January. The increase from December to January is in line with the more historical seasonality of the business. Northeast Florida is still low at just 1.4 months of supply of inventory but shows a slight improvement from the mark of 1.1 months’ supply at the end of December,” Rosener said.

“Further signs of moderation are seen in the fact that the number of days on market has remained stable over the past two months at a very brisk 22 days from when a single-family home hits the market to contract. Most sellers are still receiving list price with 99.5% of listings selling at asking price,” Rosener continued. “The frenzied pace of demand seems to be returning to normal season levels with closed sales down 9.4% and pending sales down 6.3% from last year. We recall that December 2020 and January 2021 had inflated post-COVID lockdown demand that did not return to a more normalized seasonal level. Now, there is still strong demand, but it is not as frenzied as was apparent last year.”

In Duval County, the median sales price for single-family homes was $300,500, which is a 5.2% drop from December 2021. Active inventory of single-family homes has dropped 13.9% since December to 1,236, a 1.4-month supply. Homes spent a median of 21 days on the market and 99.4% of all sellers received their asking price.

In Clay County, the median sales price for single-family homes was $326,000, which is a 2% drop from December 2021. Active inventory of single-family homes has dropped 9% since December to 312 homes, a 1.3-month supply. Homes spent a median of 18 days on the market and 99.7% of sellers received their asking price.

In St. Johns County, the median sales price for single-family homes was $479,606, which is a 2.6% drop from December 2021. Active inventory of single-family homes has dropped 14.3% since December to 539 homes, a 1.4-month supply. Homes spent a median of 22 days on the market, and sellers received 100.2% of their asking price.

In Nassau County, the median sales price for single-family homes was $368, 900, which is a 3.3% drop from December 2021. Active inventory of single-family homes has dropped 29.8% since December to 144 homes, a 1.5-month supply. Homes spent a median of 25 days on the market, and sellers received 99.2% of their asking price.

In Putnam County, the median sales price for single-family homes was $200,000, which is nearly 1% of an increase over December 2021. Active inventory of single-family homes has dropped 17.7% since December to 121 homes, a 2.7-month supply. Homes spent a median of 43 days on the market, and sellers received 96.6% of their asking price.

Overall, the region is enjoying a brisk real estate market at the beginning of 2022 with sellers in a good position,” Rosener said. “Hopefully it will become a little easier for buyers as more inventory comes onto the market in February, March, and April.”

 

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The Northeast Florida Association of Realtors (NEFAR,) serves as the voice of real estate in Northeast Florida. It is the region’s largest professional association, representing more than 11,000 members who work in all facets of the real estate industry including residential and commercial sales and property management. The region's multiple listing service, realMLS, is a wholly owned subsidiary of NEFAR.