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Hurricane Irma Knocks Wind Out of September Real Estate Sales

October 16th, 2017 · Leave a Comment

September’s final tally was a reduction in number of sales and new listings added to market. Sales prices remain strong, with median of $208,000 and average of $247,291

September real estate market results are now posted by the Northeast Florida Association of Realtors on NEFAR.com (Market Stats tab). Except where otherwise indicated, statistics reflect combined results for single-family residential (which includes townhomes) and condominium properties.

Hurricane Irma can be credited with knocking some of the wind out of Northeast Florida’s September real estate sales. The month ended with 1,835 sales, down 24.8 percent from a year ago and a sharp drop from 2,712 sales in August. Pending sales also took a hit, dropping from 2,603 in August to close out the month at 1,973 (a 10.2 percent drop from a year ago).

The median sales price was $208,000, up from $205,000 in August and up 9.5 percent from $190,000 in September 2016. The average sales price was higher, reaching $247,291.

Homeowners added 2,271 new listings to the market, the lowest number of new listings for any month this year and 20.9 percent less than September 2016.

The homes that did sell did so quickly, in just 66 days on average (down from 73 days a year ago).

Low real estate inventory continues to plague much of the nation and Northeast Florida is no exception. The 7,985 in inventory at month-end September is the lowest number for inventory throughout 2017. It equates to only 3.4 months’ worth on hand, a 22.7 percent plunge from a year ago. A market that is balanced is considered to be between five- and six-months of inventory.

Competition for the low number of available homes was reflected in 11.7 percent of sales going for more than their original listing price.

2017 NEFAR President Marc Jernigan said, “Potential buyers are keeping up the demand, but with inventory already well below normal and a big drop in new listings during September – not to mention the negative effects of Hurricane Irma – the real estate market in Northeast Florida had some of the wind knocked out of it in September.”

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