Davidson Realty, Inc.

Northeast Florida Real Estate Market Update

February 25, 2022

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Posted by in News, Northeast Florida Market Trends

“I will love the light for it shows me the way, yet I will endure the darkness because it shows me the stars.” Og Mandino

 

The Northeast Florida Association of Realtors market review shows some moderation in median sales price increases since November. The median sales price of $320,000 is still 25% higher than last January. Most economists are predicting 3% to 5% price increases nationally this year.

 

The percentage of closings over list price has also stabilized for a few months at around 30% of closings over list price. We are beginning to see more sellers pricing their homes substantially over market price. Those homes sit on the market longer than the homes priced correctly.

 

The 2,126 closed sales are down 8% from last year and the 2,857 pending sales are down 3%. You may recall that December 2020 and January 2021 had inflated post-COVID lockdown demand. I would like to add that we are seeing new construction closings getting pushed out due to supply constraints and labor shortages. Additionally, low inventory is still holding back many buyers.

 

There is active inventory of 3,105 counting all 9 property types which is down 35.1% from last year. There is active inventory for single-family homes of 2,389 for our entire market including 6 counties.

 

The builders are trying to keep pace with demand. January 2022 had 1,457 permits which set a record for the number of permits issued in a single month. The annual total of permits in 2021 was 16,138 compared to 12,555 in 2020.

 

A recent article from Lawrence Yun with the National Association of Realtors stated “Home sales are at their best in 15 years. Once all the data are tallied up, more than 6 million existing homes and about 800,000 newly constructed homes will have been sold in 2021 – the best performance since 2006.”

 

To sum up, demand is still very strong, supply is very low and prices haven’t been rising as quickly in the last few months.

 

Thank you for all the support and referrals! If you know anyone we can help to sell, buy or rent, please let me know.

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About the Author
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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