Davidson Realty, Inc.

Northeast Florida Real Estate Market Update

June 29, 2022

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Posted by in News, Northeast Florida Market Trends

“My father gave me the greatest gift anyone could give another person, he believed in me.” Jim Valvano

 

The Northeast Florida Association of Realtors (NEFAR) market stats for May are not showing many changes in the local real estate market, but I believe we will see a moderation in the market in future reports.

 

The median sales price for all property types in all 6 counties is $360,000 which is up 24.6% over last year and 2.9% over April. Lawrence Yun, chief economist at the National Association of Realtors (NAR) said recently “Home prices are still hitting new highs, but the pace of appreciation is not likely to continue. It’s just inevitable that home price appreciation will slow down in upcoming months.”

 

We are seeing sellers reduce prices if they are starting out with unrealistic pricing. Fewer buyers are offering extra incentives such as waiving appraisal contingencies and seller closings costs. I agree that we will see slower price appreciation in the coming months.

 

There were 41.3 % of the closings over list price. This is up 13.2% from last year and up slightly from 41.2% last month. This percentage should also come down in the future.

 

There were 4,002 new listings in May up 4.4% from last year and 7.1% from April. The active inventory of homes available were 4,233 which is still down 4.4% from last year but up 11.2% from last month. The months supply of inventory moved from 1.3 months in April up to 1.4 months.

 

I continue to see headlines of the number of resales and new homes dropping; however, it is hard for me to really understand clearly because inventory is so constrained. It is difficult to know if there would be more sales if there were more homes available.

 

There were 2,936 closed sales in May which is down 14.8% from last year and up 0.4% from April. There were 3,097 pending sales which is down 14.3% from last year and up 1.4% from April.

 

To summarize, while the supply of homes available and the days on market are still very low and home prices continuing to increase; the market is showing signs of change with higher interest rates and the stock market moving into bear market territory. In my opinion, It is very hard to predict the amount of change we will see since we are still in such a low inventory situation.

 

Happy Independence Day! Have a wonderful summer and please let us know if we can help you with any real estate needs.

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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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