Northeast Florida Real Estate Market Update

October 18, 2022

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“When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, ‘I used everything you gave me’.” Erma Bombeck

 

I had to share one of my favorite quotes.

 

The Northeast Florida Association of Realtors (NEFAR) market stats for September 2022 show home prices declining slightly, closed sales and pending sales declining, days on the market, and active inventory increasing.

 

The median sales price for all property types for NEFAR is $347,995 which is down 2% from $355,000 in August. For single-family homes by county compared to the previous month:

 

Duval – $335,000 down 1.5%

 

Clay – $335,990 down 2.9%

 

St. Johns – $561,495 up 1.2%

 

Putnam – $210,725 down 10.3%

 

Nassau – $408,990 up 0.2%

 

Mark Rosener, NEFAR President said, “I anticipate that the median price will continue to fluctuate month to month in the 3-5% range in either direction for the balance of the year.”

 

Closed sales of 2,032 is down 23.2% from 2,647 closings in August. Pending sales of 2,100 are down 17.1% from 2,533 sales in August. Mark said “Closed and pending unit sales suffered from Hurricane Ian’s impact when the powerful storm interrupted services during the last week of the month, a time when many properties close and/or go under contract. Many of the properties scheduled to close in that last week should shift to close in the first half of October.” The insurance companies will not write policies when a storm is near, and some properties must be reinspected before they will insure.

 

The active inventory increased from 6,015 in August to 6,789 in September, a 12.9% increase. The months supply of inventory increased from 2.3 months of supply to 3.3 months, a 47% increase.

 

In summary, the prices have declined slightly, the closings and sales have decreased, and inventory has increased. Home buyers are more cautious and rising mortgage rates have impacted their purchasing power. The buyers have more homes to choose from and more negotiation room. The sellers have lost a little edge, but the prices are still much higher than they were one or two years ago.

 

It is a great time to buy or sell. Please let us know if we can assist you in any way.

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Davidson Realty