March real estate market results are now posted by the Northeast Florida Association of Realtors on NEFAR.com. Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.
After a cooling of sales in January and February (1,603 and 1,702, respectively), March sales rebounded soundly, finishing the month with 2,502 homes changing hands.
While 3,657 sellers added new listings to the market, it wasn’t enough to bump inventory into the balanced-market zone. Inventory that is well below the normal range of five- to six-months is a continuing saga, with only 8,277 properties in inventory (3.5 months’ supply) at month end.
In addition to the closed sales, there were 2,893 pending sales waiting in the wings. These are properties on which a contract has been written but have not yet closed.
The median sales price in March was $195,000; an 8.3 percent increase from a year ago. The average sales price was $242,979; a 13.1 percent jump from a year ago. With competition for homes driving prices up, 10.4 percent of the sales were for more than the original listing price.
Sales closed in an average of 83 days, little difference from 81 days in March 2016.
2017 NEFAR President Marc Jernigan said, “With 2,502 closed sales plus nearly 3,000 pending sales in March, the demand is evident. Adequate supply to fulfill the demand, however, continues to be elusive.”