Northeast Florida Market Stats | February 2024

March 28, 2024


“Baseball, it is said, is only a game. True. And the Grand Canyon is only a hole in Arizona.” – Journalist & Autor, George Will


I am very excited about Baseball season starting. It is my favorite time of the year.


The February 2024 market review from the Northeast Florida Association of Realtors confirms the ups and downs of our market each month. At least the median price has stayed relatively stable. The median sales price of all property types in February was $359,000. The price has gone up and down monthly but stayed in a consistent range.


There were 1,893 closed sales in February, which is up 29.1% from January and down 7.8% from last year. The National Association of Realtors reported that home buyers who paid cash accounted for 32% of home sales in January, marking the highest cash sales since 2014. Many leveraged the equity from a prior sale.


There were 1,808 pending sales in February, which is down 15.2% from January and 24.6% from last year. The mortgage rates ticked back up in February after dropping in December, which slowed sales. The average 30-year fixed mortgage rate was 6.78% in February, up from 6.64% in January, according to Freddie Mac’s weekly survey.


The active inventory is at 8,329 homes which is up 21.3% from January and 59.2% from last year. Even with the increase in inventory, the months supply of inventory dropped to 4.4 months from 4.7 months last month. The increase in closed sales helped reduce the months supply of inventory.


The Builder Confidence Index rose to 51 in March. It is the fourth consecutive monthly gain for the index and the first time the sentiment level has surpassed the breakeven point of 50 since last July. In March, 24% of builders reported cutting home prices, down from 36% in December 2023. Meanwhile, the use of sales incentives is holding firm with the share of builders offering some form of incentive in March at 60%, this has remained between 58% and 62% since last September.


Many buyers have been holding off purchasing because there has been a strong belief that the mortgage interest rates would come down this year. If they do come down, we will see more buyers in the market. If the narrative changes to rates staying higher for longer, I believe the buyers will adjust to the current rates and move forward with their purchase. It is the uncertainty that is causing buyers to sit on the fence.


Please let us know if we can help you in any way with your real estate needs. Enjoy the beautiful spring weather, March Madness and Major League Baseball.

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Davidson Realty