Northeast Florida Market Update | March 2023

April 20, 2023


“Your talent is God’s gift to you. What you do with it is your gift back to God.” Leo Buscaglia


Hope you had a wonderful Easter and are using your talents wisely.


The Northeast Florida Association of Realtors market review for March 2023 shows continued progress towards a more normal real estate market. The median sales price, closed sales, pending sales and inventory are up from last month, but days on market and months supply of inventory are down. All of these trends are positive for our market.


The median sales price for all types of properties in all 6 counties is $335,000 which is up 0.9% from the February median of $332,000. The headline for a Wall Street Journal article from March 27 is: “It’s a Tale of Two Housing Markets: East vs. West -With only one metro exception, the 12 major housing markets west of Texas saw price drops in Jan., while the 37 biggest metros east of Texas saw price increases.” This is a great reminder that real estate is very local and all the national headlines you see don’t always apply to our local market.


There were 2,801 closed sales in March up 37.2% from 2,041 in February. Pending sales of 2,865 are up 17.4% from February’s 2,440. It is great to see our spring buying season looking strong.


Active inventory went from 5,682 in February to 6,057 in March, a 6.6% increase. However, the months supply of inventory is down from 2.8 months in February to 2.2 months in March. Another positive sign. The buyers have more homes to choose from but the months of inventory available is not rising.


The 2023 Home Buyers and Sellers Generational Trends report from the National Association of Realtors shows that Boomers (age 58-76) are the largest generation of home buyers rising to 39% of the total in 2022 from 29% in 2021. Millennials (24 to 42 years old) have been the top group of buyers since 2014, but dropped from 43% of buyers in 2021 to 28% last year. The Baby Boomers have the advantage of being repeat buyers who have housing equity.


Twenty-six percent of all buyers were first-time buyers, the lowest since NAR began tracking the data and a decrease from 34% last year. Boomers remained the largest home seller generation, jumping from 42% in 2021 to 52% in 2022.


If you have a reason to move, it is a great time to sell because most homeowners have seen large price increases and have plenty of equity. If you are buying, there is more inventory, and most sellers are being reasonable with negotiations.


Enjoy the beautiful Northeast Florida weather and please let us know if we can help with any real estate needs this spring.


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Davidson Realty