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March Real Estate Recap - Northeast Florida

March Real Estate Recap - Northeast Florida

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

March ushered in warmer weather, but no significant changes in Northeast Florida’s real estate market. While the number of closed sales (2,459) was the largest since October 2018, it was also a 6.6% drop from last March.

Sales prices were up. The $229,900 median price was the highest since July 2018 and a 2.2% increase from a year ago. The average sales price was $267,500, also the highest since July 2018, but an increase of just .1% from last March.

Homes continued to sell briskly, in an average of 71 days.

With a scarcity of inventory, multiple offers are taking place in many cases, with the result that 15.4% of sales in March were for more than the original listing price.

The month ended was 3.6 months’ supply of homes for sale, whereas five- to six-months is considered a market that is balanced between buyers and sellers.

2019 NEFAR President Jeanne Denton-Scheck said, “The pace of home sales in Northeast Florida is rapid, and a great situation for sellers, while buyers are having to be prepared to move quickly when they enter the market.”