Northeast Florida Real Estate Market Update

September 16, 2022

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“Kindness is the language which the deaf can hear and the blind can see.” Mark Twain

 

We continue to see a transition in our local housing market. The Northeast Florida Association of Realtors market review for August shows a slight decline in median prices and more time on the market to sell a home.

 

The median sales price of $358,740 is down 1.9% from last month’s price of $365,750. However, we are still up 18.4% over last year. Only 19.1% of properties closed over list price in August compared to 26.2% in July. The buyers have more options and more bargaining power as the market changes.

 

Moody’s Analytics Chief Economist, Mark Zandi predicts the interest rate increases will cause a housing correction, but not a crash. He said the fundamentals remain strong with vacancy rates at all-time lows, mortgage underwriting quality high and most loans are 30-year or 15-year fixed loans.

 

Closed sales in August of 2,522 were flat with closings in July of 2,517. We did see more buyers coming into the market with pending sales of 2,561 an increase of 7.6% over July’s 2,380.

 

Active inventory moved up slightly from 6,716 homes in July to 6,756 in August. We still have 2.7 months supply of inventory the same as July. Five to six months of inventory is a balanced market.

 

The median days on the market went from 24 days in July to 31 days in August. Sellers are having to adjust their mindset and price their home in line with current comparable sales. Many sellers don’t see this at first and must reduce their price to get showings and offers.

 

Many buyers are in a wait-and-see mode and may stay that way until after the mid-term elections, but supply is still very low and the market continues to adjust.

 

We have sold out the sporting clay teams for our Davidson Cares Clay Day on October 20th; however, you can still show your kindness to five local charities by purchasing a raffle ticket at DavidsonCares.com. We have our YETI cooler with adult beverages and a 12-gauge Beretta shotgun. Only 100 tickets are being sold for each. You do not have to be present to win when we draw at the shoot. Thank you to everyone who supports us every year!

 

Football is back and baseball is getting close to the playoffs. It is a great time of the year to live in northeast Florida. If we can assist you with any of your real estate needs, please let us know.

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