The Market Continues to Show Positive Trends in 2019!!!

April 30, 2019


The Northeast Florida Association of Realtors market stats for March 2019 shows continuing positive trends in the residential real estate market. There were 2,979 pending sales in March which is up 2% over last March. We are up 5% comparing the 1stquarter to the same period last year.


There were 2,459 closings in March which is down 7% from last March. The closings are up 0.4% in the first quarter over the previous year.


The median sales price of $229,900 is up 2% over last March and the average sales price of $267,500 is up 0.1%.


There were 3,908 new listings in March which is up 1% over last March. There were 9,162 homes available for sale in March which is up 4% from last March. Our months supply of inventory available stayed the same at 3.6 months.


A comment from the economist at Nationwide who just completed a Health of Housing Markets Report which is a forward-looking measure of housing sums up what we have been seeing in our market. “The last few years have been difficult for homebuyers.” said David Berson, Nationwide senior vice president and chief economist. “From unsustainably rapid price gains to higher mortgage rates to tight supplies of homes for sale, it’s been an increasingly difficult time to buy a home. But, with slower house price increases and recent declines in mortgage rates, coupled with a still solid job market and rising wages, the spring homebuying season looks pretty positive.”


The number of residential building permits has risen for 7 consecutive years in Northeast Florida according to the Northeast Florida Builders Association. Beginning in 2011 with 3,151 permits, we have come a long way to 8,870 in 2017 and 9,918 in 2018. There is a 13% increase in permits in January and February 2019 compared to the same period in 2018.


The commercial real estate market in Northeast Florida is also looking strong. The industrial vacancy rate is 2.3%, well below the historical average vacancy of 8.1%. The office building vacancy rate is 12.9%, below the 10-year average of 18.3%.


Please let me know if I can help you with any real estate questions or needs. Enjoy the beautiful spring weather!

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Davidson Realty