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.

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April 2020 Northeast Florida Market Stats: How is COVID-19 Impacting our Market.

May 22, 2020

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Posted by in News

The market stats for April 2020 from the Northeast Florida Association of Realtors show new listings of 3,107 are down 22% compared to April 2019. Pending sales of 2,339 are down 27% and 2,334 closings are down 23%. The sales price is up over last April and the last several months. The median price of $250,000 is up 11% and the average sales price of $298,438 is up 8%.

 

According to the Florida Realtors Chief Economist Dr. Brad O’Connor, “drops in both new pending sales and new listings indicate that both demand and supply are in decline, at least in the short run.” This seems to be causing sales prices to be more stable.

 

The graph below is a great depiction of showings through ShowingTime. It compares the change from the first week of 2020 which is the line at 0%. As you can see on March 11, the 2020 showings were slightly above 2019. The showings immediately dropped to 49% of the first week while the 2019 showings had been 39% higher than the first week for a difference of 88%. However, on May 12th the 2020 showings were up 11% and the 2019 showings were up 31% for a difference of only 20%. I just wanted you to visually see how showings dropped when the stay at home orders first started and the number of showings has recovered dramatically. The customers out right now are serious buyers.

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March 2020 Northeast Florida Market Stats: How is COVID-19 Impacting our Market.

April 23, 2020

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Posted by in News

I want to share the latest market stats from the Northeast Florida Association of Realtors and the thoughts of other Realtors and Builders on how the COVID-19 Pandemic is impacting our market.

 

The March 2020 market stats are surprisingly still positive because so many of the listings and sales were already in the works when we began seeing impacts from the virus in mid-March. There were 3,976 new listings compared to 3,963 last March for a 0.3% increase.

 

There were 2,832 pending sales down 5.9% from 3,010 last March as we began to see less buyers out in the last half of the month. There were 2,672 closed sales which is an increase of 2.1% over 2,617 last March. It seems most people under contract were able to close in March. We only lost a couple of transactions that were to close at the end of March.

 

We haven’t seen any impact on prices from the Pandemic yet. The median sales price of $243,635 was up 5.9% over last March and the average sales price of $287,210 was up 6.7%.

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The Northeast Florida February 2020 Market Stats Show the Same Positive Trends.

March 25, 2020

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As I write this letter, there is a lot of uncertainty and concern over the Coronavirus. I do not pretend to know the impact we will see on the real estate market or the economy, but I know God is in control and I will take one day at a time.

 

I can tell you the Northeast Florida Association of Realtors market stats report for February 2020 shows the same trends I have been repeating every month. Pending sales, closed sales, median and average sales prices are up and inventory of homes available is down. These are all very positive trends.

 

From the NEFAR report, “The recently released January ShowingTime Showing Index saw a 20.2 percent year-over-year increase in showing traffic nationwide. All regions of the country were up double digits from the year before. As showing activity is a leading indicator for future home sales, the 2020 housing market is off to a strong start, though it will be important to watch the spread of COVID-19 and its potential impacts to the overall economy in the coming months.”

 

There were 2,743 contracts written and pending sales were up 10.3% month-over-month and year-to-date. There were 2,201 closings which is up 4.1% for the month and 6.7% for the year.

 

The median sales price is $239,700 which is up 6.6% over last February and the average sales price is $287,068 which is up 12.2% for the same period.

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The Northeast Florida Association of Realtors market stats for January also show very positive trends!

February 25, 2020

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The recent Florida Realtors Real Estate Trends summit had great speakers including Dr. Sean Snaith, director of the University of Central Florida’s Institute for Economic Forecasting. Dr. Snaith said, “We’re in the 11th year of the U.S. economic recovery – the longest economic recovery in U.S. history – and there are no indications that’s going to end any time soon.”

 

“Florida’s economy is doing even better than the national economy as a whole and it has been since 2012. Our unemployment rate is down to 3.3%. Florida’s GDP (Gross Domestic Product) continues to grow faster than the U.S.’s GDP, and our job growth rate is almost twice the national rate. Florida’s population growth is solid – the birth rates are better than the death rates, so we’re making new residents faster than we’re losing them.”

 

Another great speaker was Florida Realtors Chief Economist, Dr. Brad O’Connor. He agreed with Dr. Snaith and said he anticipates a robust outlook for the state’s housing market. He said, “Overall, I think we can expect to see a similar amount of price appreciation over the coming year, at about 4%, and I think we’ll see a similar amount of growth in closed sales for 2020 at about 4%.”

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