Oct. 13, 2017
Melanie Green, Communications Director
Voice (904) 394-9139
Fax (904) 398-8025
2017 NEFAR President
Voice (904) 662-3400
Hurricane Irma Knocks Wind Out of September Real Estate Sails
September's final tally was a reduction in number of sales and new listings added to market. Sales prices remain strong, with median of $208,000 and average of $247,291.
Jacksonville, Fla. – September 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.
Arriving with heavy rain and wind, Hurricane Irma can also be credited with knocking some of the wind out of Northeast Florida’s September real estate sales. The month ended with 1,835 sales, down 24.8 percent from a year ago and a sharp drop from 2,712 sales in August. Pending sales also took a hit, dropping from 2,603 in August to close out the month at 1,973 (a 10.2 percent drop from a year ago).
The median sales price was $208,000, up from $205,000 in August and up 9.5 percent from $190,000 in September 2016. The average sales price was higher, reaching $247,291.
Homeowners added 2,271 new listings to the market, the lowest number of new listings for any month this year and 20.9 percent less than September 2016.
The homes that did sell did so quickly, in just 66 days on average (down from 73 days a year ago).
Low real estate inventory continues to plague much of the nation and Northeast Florida is no exception. The 7,985 in inventory at month-end September is the lowest number for inventory throughout 2017. It equates to only 3.4 months’ worth on hand, a 22.7 percent plunge from a year ago. A market that is balanced is considered to be between five- and six-months of inventory.
Competition for the low number of available homes was reflected in 11.7 percent of sales going for more than their original listing price.
2017 NEFAR President Marc Jernigan said, “Potential buyers are keeping up the demand, but with inventory already well below normal and a big drop in new listings during September – not to mention the negative effects of Hurricane Irma - the real estate market in Northeast Florida had some of the wind knocked out of it in September.”
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.
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