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March 2018: The Scoop on Northeast Florida Real Estate

April 17th, 2018 · 1 Comment

March 2018 housing market reports 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.

Closed sales ended the month at 2,389 units, up from 1,894 in February and 1,610 in January, although down 9.4 percent from March 2017’s 2,636 sales. Pending sales – those on which a contract has been signed but have not yet closed – rose to 2,921, a 4.8 percent increase from a year ago.

The median sales price for the month was $224,118, which represents a 15.1 percent spike over last March’s $194,700 median. The average sales price was higher, reaching $269,415, for an 11.3 percent increase over a year ago.

A key indicator for the month was 3,846 new listings; up nearly five percent from 3,667 new listings in March 2017. With persistent low inventory being the dominant trend in Northeast Florida, and in much of the nation, for the past couple of years, an increase in listings is worth watching. The final inventory tally, however, was 8,021 – down 11.7 percent from a year ago and representative of only 3.3 months’ worth of supply on hand (five- to six-months in inventory is considered a balanced market).

Due to demand, 12.4 percent of all sales for the month were for more than the original listing price. This occurs when multiple buyers, eager to secure their choice of home, place ever increasing offers on listed properties and driving up sales prices.

Sales are taking place briskly, with 70 days being the average number of days on market. This figure is 15.7 percent faster than the 83 days average last March.

2018 NEFAR President Ben Bates said, “Northeast Florida continues to be a robust seller’s market. More homeowners recognized that and became home sellers in March.”

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