7801 Deercreek Club Rd., Jacksonville, FL 32256

Oct. 12, 2016

Staff Contact
Melanie Green, Communications Director
Voice (904) 394-9139
Fax (904) 398-8025

2016 NEFAR President
Terrell Newberry
Voice (904) 262-2121

Northeast Florida's September Real Estate Snapshot: Inventory Drops Below Four Months' Worth
There were 2,261 sales with a median price of $190,000 and average time on market of 74 days. Inventory tumbles nearly 16 percent from a year ago; only 3.9 months' worth now on hand.

JACKSONVILLE, Fla. – September 2016 Northeast Florida housing market reports 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 and condominium properties.

There were 2,261 home sales closed during September, with 2,272 pending sales waiting in the wings. On average, homes were on the market 74 days until sale.

Median sales price for the month was $190,000; 8.6 percent more than a year ago but little change from the $190,750 August median. Average sales price for September was higher, coming in at $232,722.

Sellers added 2,813 new listings to the mix in September, yet the 9,077 final inventory tally was 15.7 less than the inventory in September 2015.

The lack of inventory equated to 3.9 months’ of supply; an 18.8 percent drop from 4.8 months on hand a year ago. With five- to six-months being considered a balanced market, inventory shortages continue to influence the market by spurring competition and driving up prices for the homes that are available. As a result of this competition for properties, 13.1 percent of the properties sold in September went for more than their originally listed price.

A price range breakdown of the 9,077 properties in inventory is as follows: 3,349 below $200,000; 2,048 between $200,000 and $299,999; 2,054 from $300,000 to $499,999; 1,175 from $500,000 to $999,999; and 451 in the million dollar and up range.

2016 NEFAR President Terrell Newberry said, “While sellers clearly have the advantage in the current real estate market, many homeowners have opted to take advantage of low interest rates and refinance or remodel to stay in place instead, resulting in a scarcity of 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, 2012, 2013, 2014 and 2015 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 nearly 7,000 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.

# # #