Nov. 14, 2018
Melanie Green, Communications Director
Voice (904) 394-9139
Fax (904) 398-8025
2018 NEFAR President
Charles "Ben" Bates
Voice (386) 328-6716
Northeast Florida October Real Estate Results: Sales Prices On The Upswing, Inventory Needed
2,323 homes sold in October with median price of $211,900 and average price of $263,043. Homes selling in an average of 58 days.
Jacksonville, Fla. – Northeast Florida October 2018 housing market reports are available from the Northeast Florida Association of Realtors on NEFAR.com. Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.
More homeowners joined the ranks of sellers last month, to the tune of 3,416 new listings. This welcome infusion was a 13.6 percent increase over new listings a year ago, and brought total inventory to 9,238 homes for sale. This final tally equates to just 3.6 months’ supply, however, down from 3.7 months a year ago and still far short of the five- to six-months of inventory that is considered a balanced market.
There were 2,323 sales in October, little change from 2,329 sales in October 2017. There were also 2,492 pending sales waiting in the wings.
Sales prices are increasing. October’s median price was $211,900, or 3.5 percent more than a year ago. The average price was $263,043, a 4.7 percent increase over last October.
Homes sold in an average of 58 days, 9.4 percent faster than 64 days a year ago.
2018 NEFAR President Ben Bates said, “We are pleased to see new listings being added to the market, but sales are taking place so steadily that a sustained and significant influx of properties is needed to turn the tide away from lower than normal inventory.”
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 8,400 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.