May 2020 Northeast Florida Market Stats: How Has COIVD-19 Impacted Our Market

June 24, 2020

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Posted by in News

The Northeast Florida Association of Realtors Market Stats for May 2020 shows a dramatic increase in sales in May (3,063) compared to April (2,368). Pending sales were down 2.6% from last May, but it appears the housing market reached its low point during mid-April and began to strengthen in May.

 

Closed sales of 2,244 were down 33% from 3,346 last May which is not surprising since people were staying at home late March and most of April and not out looking at homes and writing contracts that would close in May.

 

The average sales price of $287,842 is up 5% over last May and the median sales price of $247,484 is up 7%. The prices have not dropped during COVID because there is more demand for homes than supply of homes for sale.

 

There were 3,257 new listings in May which is down 19% from 4,042 last May. Realtor.com’s May Monthly Housing Trends showed new listings were down 44.1% in April nationally. The new listings were only down 22.9% the week of May 30.

 

The inventory of homes for sale of 8,246 is down 18% from 10,044 last May. The months supply of homes for sale is 3.1 months down 21% from 3.9 months last May.

 

Realtor.com also reported “Researchers found that views of online home listings in suburban areas grew 13% in May 2020 compared to May 2019 – roughly double the rate of urban areas.” “This migration to the suburbs is not a new trend, but it has become more pronounced this spring.” Says Javier Vivas, director of economic research at Realtor.com. “After several months of shelter-in-place orders, the desire to have more space and the potential for more people to work remotely are likely two of the factors contributing to the popularity of the burbs.”

 

We are seeing more customers listing their homes in June and there are many buyers in the market. Mortgage rates are extremely low and it is a great time to sell your home or find that home that better fits your family. All indications are for a strong real estate market this summer.

 

Many great local businesses joined Davidson Realty to purchase gift cards from favorite local shops and restaurants. The gift cards were raffled off to benefit local charities. We raised $6,000 and are donating $500 to 12 different local charities. Thanks to everyone that gave back to our community!

 

Please let me know if you have any real estate needs, we would love to help you.

 

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About Sherry Davidson, President of Davidson Realty
Since launching Davidson Realty in 1989, Sherry Davidson has built the firm to include nearly 60 agents and exceed $100 million in annual sales. She is known throughout the First Coast as an authority on all things residential real estate, having served on the Board of Directors for Northeast Florida Association of Realtors, Florida Realtors® (a division of the National Association of Realtors), and Builders Care (charitable arm of Northeast Florida Builders Association).

Thanks to Sherry’s leadership, Davidson Realty has been recognized as one of the state’s Best Companies to Work For (Florida Trend Magazine), as well as one of the region’s Best Places to Work and 50 Fastest Growing Companies (Jacksonville Business Journal). Get to know Davidson Realty’s talented team of agents by clicking here or call us at (904) 940-5000.

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