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Northeast Florida Market Stats | May 2024

June 25, 2024

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Posted by in News, Northeast Florida Market Trends

“Failure will never overtake me if my determination to succeed is strong enough.” Og Mandino

 

Og inspires me every day. He shares so much wisdom.

 

The Northeast Florida Association of Realtors (NEFAR) May market stats show a slight increase in median sales price and a slight increase in closed sales. The median sales price of $375,000 for all property types is 3.2% higher than last month and 5.6% higher than last year. You may have seen articles that the median sales price went over $400,000, which it did for single family homes.

 

There were 2,604 closed sales in May, which is 3.1% higher than last month, but 8.2% lower than last year. We were seeing good sales activity in early April before mortgage interest rates went back above 7%. The properties that went under contract in late March and early April closed in May.

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Northeast Florida Market Stats | April 2024

May 28, 2024

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Posted by in News, Northeast Florida Market Trends

“A father doesn’t tell you that he loves you. He shows you.” —Dimitri the Stoneheart

 

Hope all of you wonderful Dads have an amazing Father’s Day in June. You have such a profound impact on your families.

 

The April 2024 market stats from the Northeast Florida Association of Realtors show continued stability in our prices. The median sales price for all property types in all 6 counties is $362,500 which is 0.7% higher than March and 6.6% higher than last year.

 

St. Johns County median price for all property types is $534,245. The single-family homes median price for St. Johns County is $600,000 which tops the record of $585,000 in July 2022. Just to compare the single-family median price in other counties:

 

Baker $305,000
Clay $352,000
Duval $ 345,500
Nassau $484,995
Putnam $244,950

 

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Northeast Florida Market Stats | March 2024

April 29, 2024

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Posted by in News, Northeast Florida Market Trends

“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.

 

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Northeast Florida Market Stats | February 2024

March 28, 2024

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Posted by in News, Northeast Florida Market Trends

“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.

 

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Northeast Florida Market Stats | January 2024

February 28, 2024

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Posted by in News, Northeast Florida Market Trends

“Always believe that something wonderful is about to happen.” Coco Chanel

 

I am going to believe the spring real estate market is going to be awesome. It has been a tough two years, but Florida Realtors Chief Economist Dr. Brad O’Connor said, “watch for the Florida real estate market to slowly start growing in 2024 as interest rates flatten and consumers begin realizing what they’re seeing is the new normal in prices and interest rates.”
The Northeast Florida Association of Realtors January market review shows continued price stability. The median sales price of $345,000 is down 4.2% from December but up 4.5% from last year. Prices move up and down each month, but they have stayed in a small range.


There were 1,425 closed sales in January, which is down 28.7% from December and down 11.4% from last year. The numbers are not surprising since mortgage interest rates spiked to around 8% last October and there was very little buyer demand through November. December is not usually a strong month for sales with the holiday season; therefore January closings are down.
The pending sales of 1,705 were also down 4.7% from December and 23.9% from last year.


Dr. Brad O’Connor and Dr. Sean Snaith, a well-known economist with the University of Central Florida, both spoke at the recent annual Florida Real Estate Trends Summit. They both agree that signs point to a slowdown in economic growth at the national level, but Florida is prepared to weather any national economic storm. A few reasons are:
• The state’s labor market is strong.
• Florida’s population growth remains strong at about 1,000 new people a day.
• The state is still attractive to “untethered” remote workers.
• Retirees with home equity looking to relocate are unfazed by high interest rates.
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