Dec. 11, 2019
Melanie Green, Communications Director
Voice (904) 394-9139
2019 NEFAR President
Northeast Florida's November Real Estate Report
Sales prices increase from a year ago, while supply, along with the number of homes sold, decline.
November 2019 housing market reports for Northeast Florida are now available in the Market Stats section of NEFAR.com. Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.
Sales prices for the month increased from November 2018. The median price was $233,845, which is a 6.3% increase from a year ago. The average price was $273,633, a 4.7% increase year-over-year.
Conversely, the number of homes sold declined 7.5% in comparison to November 2018. There were 2,210 November sales this year, as opposed to 2,390 sales a year ago. Year-to-date sales for 2019, however, are at 29,160, which is 4.5% more than YTD 2018 at the same time.
Low inventory continues to be a key factor in the housing market. There were 9,961 homes in inventory a year ago, as opposed to 8,427 homes this November – a 15.4% drop. This level of inventory equates to just 3.1 months supply, or 20.5% fewer homes available for sale than a year ago. The lack of inventory issue is borne out by the number of new listings that were added to the market in November: 2,696, which is 7.6% less than 2,919 in November 2018.
Pending sales rallied during the month, with 2,354 contracts signed to purchase homes that have not yet closed. This figure is 10.4% more than 2,133 a year ago.
Homes for sale stayed on the market for an average of 65 days until sale.
2019 NEFAR President Jeanne Denton-Scheck said, “Without a steady influx of homes being added to the market, potential homebuyers are finding less options from which to choose, combined with prices that are accelerating.”
For these and many other real estate market statistics, take advantage of the FREE market reports available in the Market Stats section of this site. Three categories 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 reports provide a targeted look at lender-mediated sales and how they compare to traditional sales. 3) Annual Reports, from 2011 through 2018, give an extensive year in review, with comparisons from the four preceding years included.
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 9,000 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. * 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.
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