Jacksonville Real Estate Trends: The Housing Market Is Blooming For Spring Time

March 25, 2019


The northeast Florida real estate market seems to be coming out of the winter doldrums and heating up for spring. We have written more contracts in the first two weeks of March in our office than in the entire month of February.


In the Northeast Florida Association of Realtors Market Stats for February 2019, pending sales of 2,454 are up 5% over February 2018. There were 1,956 closings which is up 1%.


There were 3,351 new listings which is up 4% over last February. The inventory of homes for sale is 8,942 which is up 5% over last February. We continue to have a 3.5 months supply of inventory which is still a little below a balanced market of 5 to 6 months supply.


The median sales price of $221,000 is up 1% over last February. There is a substantial difference between new homes and resales. New construction homes bring a median sales price of $298,000 while previously owned homes have a median price of $206,000.


The one indicator that is not as positive is the days on market which went from 73 days last February to 77 days in 2019. Through the summer as prices kept going higher and inventory was lower than normal, it wasn’t unusual to see multiple offers on a property. In the fall interest rates began rising, the stock market saw daily drastic swings, trade issues with China continued and the government shutdown made news. As a result, the market adjusted, and sellers are having to price their properties more carefully to move them quickly.


I constantly read articles about student loans hampering millennials from buying a home, but Realtor.com just completed a study showing that millennials account for 42 percent of all new-home loans, surpassing baby boomers and Generation X. “The study found that millennials have a median purchase price of $238,000, compared with $289,000 for Gen Xers and $264,000 for baby boomers.”


It appears we will have a strong real estate market this spring and summer. If you are interested in buying, selling or renting your property, please give me a call.

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Davidson Realty