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April Real Estate Market: Sales Down, Prices Spike

April Real Estate Market: Sales Down, Prices Spike

As COVID-19 continued to assert itself throughout April, real estate activity in Northeast Florida kept to a steady pace. There were 2,334 closed sales, similar to February (2,348 sales) or November 2019 (2,354 sales), but a 22.9% drop from a year ago in April 2019.

While the quantity of sales were down, pricing took an opposite track. The median for April was $250,000 and the average sales price topped out at $298,438. Of all the sales that occurred in April, 15.2% were for more than the original listing price.

Surprisingly, although Realtors and others involved in the industry were faced with conducting business in vastly different methods than are considered traditional, sales still took place in an average of 67 days, the exact same number of days as a year ago.

Not surprisingly, the number of sellers adding their home to the market in April dropped 22.4% from a year ago, resulting in 3,107 new listings.

Overall inventory dropped to 8,545 properties, or 14.2% less than the same month last year. Here’s a breakdown, by price, of the 8,545 homes in inventory:
2,243 - less than $200,000
2,388 - $200,000 - $299,999
2,263 - $300,000 - $499,999
1,244 - $500,000 - $999,999
407 - $1,000,000 or more

2020 NEFAR President Ron Harris said, “We weren’t sure what to expect from April’s market, considering the enormous impact of COVID-19. I am proud that our members adapted rapidly to serving buyers and sellers using new methods, including a great deal of virtual technology, and 2,334 homes still changed hands.”  

About NEFAR
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 roughly 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). 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.

A wealth of charts, graphs and facts are available by visiting the Market Stats area, where you will find the full April 2020 report, as well as monthly reports from 2009 to present, and annual reports from 2011 to present. Except where otherwise indicated, statistics reflect combined results for single-family residential (which includes townhouses) and condominium properties.