Oct. 12, 2020
Melanie Green, Communications Director
2020 NEFAR President
September Northeast Florida Real Estate: Supply of Inventory Down 44.4% From A Year Ago, Just Two Months on Hand
Homes selling in an average of 62 days, with median sales price of $255,250 and average sales price of $319,618.
Jacksonville, Fla. – September 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.
As September technically ushered in fall, Northeast Florida’s residential real estate market remained a hot spot, with 3,102 homes being sold. This number of sales is a 16.6% increase from 2,660 sales the prior September, although down from the prior three months: 3,208 in August, 3,678 in July, and 3,202 in June. September is the fourth consecutive month where sales have topped 3,000.
The median sales price was $255,250, an 8.6% increase over last September, but down slightly from $260,750 in August and $264,881 in July. As is typical, the average sales price was higher at $319,618; a 17.6% upward spike from a year ago, although not differing much from a $318,398 average in August. July’s average price was $323,634.
Homes sold in an average of 62 days.
The biggest change from a year ago, and a key indicator of the market, was a 44.4% plunge in months’ supply of homes from a year ago. At month end, inventory was a flat 2.0 months on hand. This equates to 5,869 homes in inventory, or 39.3% less than 9,665 in inventory a year ago.
While 3,215 new sellers entered the market in September, for a 6.1% increase over September 2019, it was also the lowest amount of new listings since 3,170 in April (which was likely due to COVID-19 concerns).
By price range among the 5,869 in inventory, there are:
- 1,459 homes below $200,000
- 1,556 priced from $200,000 - $299,999
- 1,617 priced from $300,000 - $499,999
- 897 priced from $500,000 - $999,999
- and 340 priced at $1 million or more.
Breaking down the 5,869 inventory by construction status, there are 4,747 previously owned homes, and 1,122 new construction homes.
2020 NEFAR President Ron Harris said, “With five- to six-months of inventory being considered a market that is balanced between buyers and sellers, and September closing with only two months of inventory, it is readily apparent that this is still very much a seller’s market in Northeast Florida.”
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 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.