Dec. 10, 2020
Melanie Green, Communications Director
2020 NEFAR President
November Northeast Florida Real Estate: Inventory Hits Lowest Point All Year
Already diminished inventory drops to only 5,211 homes, equating to 1.7 months on hand. A balanced market is considered to be five- to six-months of inventory.
Jacksonville, Fla. – November 2020 real estate market reports for Northeast Florida are now on NEFAR.com, Market Stats tab. Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.
The 2,680 homes sold in Northeast Florida was a 13% uptick over November 2019, but a decrease from each of the previous five months, where sales exceeded 3,000.
Exacerbating the already dwindling inventory, only 2,657 new listings were added to the market – less than the number of homes sold.
Inventory plummeted to only 5,211 properties, a massive 44.7% drop from a year ago. This equates to only 1.7 months on hand, whereas a balanced market is considered to be between five- and six-months of homes for sale.
The median sales price was $262,000, down from $263,000 last month, but nearly 13% (12.9) more than a year ago. Likewise, the $317,602 average sales price was less than October’s $328,450, but was an increase of 17.2% compared to November 2019.
In a pattern that shows no signs of abating, the diminished inventory coupled with solid demand resulted in competitive bidding for available properties, with 19% of properties going for more than the original list price.
Homes sold in an average of 54 days, nearly 17% faster than a year ago.
2020 NEFAR President Ron Harris said, “Northeast Florida’s housing market desperately needs a significant influx of homes for sale. The depleted supply is not even close to being able to support the demand.”
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 10,000 members working in multiple 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), doing business as realMLS. 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 realMLS, reports provided do not represent the full extent of Realtor sales in those counties.
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