Dec. 13, 2017
Melanie Green, Communications Director
Voice (904) 394-9139
Fax (904) 398-8025
2017 NEFAR President
Voice (904) 662-3400
November Real Estate Market: Increased Prices and Fewer Homes For Sale Trend Continues
Inventory of available homes extremely scarce, while sales prices have increased. There were 2,028 sales in November, for a median price of $210,350 and an average price of $254,947.
Jacksonville, Fla. – November 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 (which includes townhomes) and condominium properties.
Northeast Florida’s real estate market in November saw 2,028 homes change hands, with another 2,242 homes sales being in pending status.
Homes sold for a median price of $210,350; a nearly 15 percent spike up from the $183,000 median last November. The average sales price was also higher, reaching $254,947; a 14 percent increase over November 2016.
Sales moved briskly, with the average number of days on market dropping to just 67.
A short supply of available homes for sale remains the major trend for the year. November finished with only 7,594 homes listed. This figure is 20 percent less than last November’s inventory. As a result, the overall month’s supply of homes for sale is now only 3.1; far short of the five- to six-month’s on hand that is considered to be a balanced market. While 2,556 new listings were added to the market in November, it wasn’t nearly enough to turn the tide.
2017 NEFAR President Marc Jernigan said, “Our market continues to experience low inventory, which spurs competition for available homes. The competition in turn causes rising home prices, as buyers outbid each each in an attempt to get the home they desire. In November, 11.6 percent of our Northeast Florida home sales were for more than the original listing price.”
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.
# # #