All is Well in Northeast Florida Real Estate: August Market Stats

September 24, 2019


I attended a great event hosted by NEFBA this week featuring Robert Dietz, the National Association of Home Builders Chief Economist. He shared some very positive information about the Jacksonville MSA (metropolitan statistical area) performing better than the state and nation in many areas. For instance, the population growth for 2018 in the U.S. was 0.6%, the state of Florida was 1.5% and the Jacksonville MSA was 2.0%.


Robert Dietz also shared that the Builder confidence index rose to 68 in September from an upwardly revised reading of 67 in August. A reading above 50 is considered positive.


Another interesting slide he shared shows the number of young adults between the ages of 25 to 34 living with their parents almost doubled since 2005. Approximately 12% were living with their parents in 2005 and around 22% are living with parents now. Many young adults in this age group have student loans and auto loans which make it difficult to afford housing payments. Student loans are 142% higher since the recession and auto loans are 60% higher. Housing formations for this group are being delayed.


Our local market statistics published by the Northeast Florida Association of Realtors show strong pending sales of 2,864 in August which is up 7% month over month and year-to-date. The median sales price of $242,000 and the average sales price of $290,754 are both up 10% over last August and 3% year-to-date.


There were 2,760 closed sales in August which is down 5% from last August, but up 4% year-to-date. There were a number of closings pushed into September because of the uncertainty of Hurricane Dorian and some buyers had not locked in their homeowners insurance required to close.


The inventory of homes for sale was down 10.5% to 9,054 homes. This is the lowest number we have seen since April 2018. There are 3.4 months supply of inventory which is down 17% from last August.


The real estate trends for Northeast Florida are still positive. Please let me know if our team can assist you with any of your real estate needs. We truly appreciate your business and referrals.

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Davidson Realty