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Jacksonville Real Estate News

Northeast Florida Home Sales On An Upswing

By Allison Colburn
Real Estate & Economic Development, Jacksonville Business Journal
Jun 15, 2018

After a nine-month slowdown, home sales are picking up again, according to NEFAR data released Tuesday.

In May, northeast Florida saw a 6.1 percent drop in the number of homes sold compared to May 2017, but the 2,748 homes sold this past month was the largest number of sales since August. Pending sales were up 10.8 percent compared to a year ago.

About every other indicator shows that the housing market is continuing its hot streak.

On average, homes in northeast Florida are spending 60 days on the market until they're sold, a number that drops to 53 days in Duval County. At this time last year, homes in northeast Florida were selling in an average of 73 days. Long-term data shows that homes are selling faster than they have since 2006.

The supply of inventory, a measure of how many months it would take for the current number of homes on the market to sell, was at 3.4 months, despite 3,797 new listings in May. A balanced housing market has between five and six months of supply. The sellers' market is being felt more acutely in Duval County, which had 2.8 months of supply in May.

May's median sales price of $225,000, a more than $100,000 increase since 2012, increased 5.8 percent increase since last year. Likewise, the housing affordability index dropped by 11.7 percent since last year.