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November Real Estate Wrap-Up

A wealth of charts, graphs and facts are available by visiting the Market Stats icon for the full November, and all monthly and annual, reports. Except where otherwise indicated, statistics reflect combined results for single-family residential (which includes townhouses) and condominium properties.

Home sales cooled a bit in November, dropping 2.9 percent from a year ago to settle at 2,173. This number is also down from October’s 2,466 sales.

While number of sales declined, prices were on the increase, with $216,000 being the median price for the month. This is 3.8 percent more than a year ago. Median prices are up 7.8 percent year to date. The average sales price was higher, reaching $258,803, or 3.4 percent more than November 2017.

There were 2,911 new listings added to the market in November, up 12.1 percent from a year ago, but down from 3,420 last month.

The amount of homes in inventory at month end was 9,132 – equating to 3.6 months on hand – still sharply below the five- to six-months inventory that is considered a balanced market.

Due to the low inventory, interested potential buyers continue to submit offers in a competitive bidding situation, in an attempt to gain the home of their choice. As a result, 13.2 percent of homes sold in November were for more than their original listing price.

Days on market until sale was 61 days on average.

2018 NEFAR President Ben Bates said, “There were 2,191 pending sales in November, meaning that a contract to buy had been signed, so the demand for a piece of the American Dream is still evident in Northeast Florida.”