Northeast Florida Market Stats | March 2024

April 29, 2024


“To be in your children’s memories tomorrow, you have to be in their lives today.” ― Barbara Johnson


Wishing all the mothers out there a Happy Mother’s Day!


The Northeast Florida Association of Realtors (NEFAR) market review continues to show the median sales price of $360,000 consistent with last month. It was 8.2% higher than last year.


There were 2,442 closed sales, which is up 23.5% from last month and down 15.8% from last year. These numbers are affected by the volatile mortgage rates. The average rate on a 30-year mortgage had remained below 7% since early December and began rising in February. According to Freddie Mac, the average rate on a 30-year mortgage rose to 7.1% from 6.88% last week, the highest level since late November. Properties that went under contract in late December, January or early February closed in March.


There were 1,996 contracts written in March, which is down 16.5% from February and 27.8% from last year. As the mortgage interest rates increased, the sales slowed down in March.


The active inventory of 7,840 homes is up 0.8% from February only 66 homes different. However, inventory is up 50.6% compared to last year.


Many costs of homeownership have been rising including insurance. There is some good news in a Florida Sun-Sentinel article saying participants at last month’s Florida Insurance Market Summit voiced confidence that we’ve weathered the insurance storm. “They believe that after increasing slightly this year, rates will begin stabilizing or begin decreasing next year as a result of lower litigation rates, price competition among new carriers entering the Florida market, and lower costs for reinsurance – that’s insurance that insurers buy to make sure they can pay all claims after a catastrophe.” They cautioned that a major hurricane hitting could change things.


Other positive news is the state commercial lease sales tax rate will be reduced from 4.5% to 2.0% beginning June 1st. This is great news for most business owners.


To recap, the prices and inventory level remained stable in March. The closed sales were up, and pending sales were down. It seems we will continue the roller coaster ride with volatile mortgage interest rates.


I got to attend an Atlanta Braves game last week. I hope you are enjoying all the great sports being played right now. Please let us know if we can help you with any real estate needs. Happy Mother’s Day!

Comments are closed.

Davidson Realty