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Record Breaking 28,824 Northeast Florida Home Sales in 2017

January 16th, 2018 · 1 Comment

December 2017 and 2017 annual 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. As demonstrated in the reports, robust demand for Northeast Florida homes has driven the number of sales higher than any previous year and kept inventory well below normal. The median sales price in 2017 was $205,000.

December 2017 Highlights

  • 2,419 sales, up 4.8 percent from 2,308 in December 2016.
  • 71 days on market average, a 9 percent quicker timeframe than a year ago.
  • Median sales price of $213,000; a 9.2 percent increase from December 2016’s $195,000.
  • Average sales price was $261,947; a 12.4 percent increase from $233,096 in December 2016.
  • Inventory plunged 19.4 percent from a year ago to bottom out at 7,062.
  • Pending sales were 1,996 or 7.4 percent more than last December.
  • 2,093 sellers added homes to inventory (up 1 percent over December 2016), yet months’ supply on hand, which should be between five- and six-months to be considered a balanced market, was far below that at only 2.9 months.
  • Total inventory ended the month at 7,062 homes.

2017 Annual Report Highlights

  • The tally for sales was 28,824; the greatest annual number of homes sales on record for Northeast Florida.
  • Average days on market until sale was 71, down from 76 in 2016 (2013 was 87 days, 2014 was 85 days, 2015 was 83 days). Single-family detached homes sold in an average of 73 days and condos in 62 days.
  • Median sales price in 2017 was $205,000, up from $185,900 in 2016 and $170,000 in 2015.
  • Average sales price for the year was $247,783, higher than $227,556 in 2016 and $212,134 in 2015.
  • 36,615 sellers added homes to inventory in 2017, up slightly from 32,259 new listings in 2016 and down slightly from 36,805 in 2015.
  • By county breakdown, Duval had the greatest number of sales at 15,862, followed by St. Johns at 6,234, Clay at 3,896, Nassau at 1,106, Putnam at 889 and Baker at 272. Note: as all Nassau and St. Johns County Realtors are not members of the Northeast Florida Multiple Listing Service, reports do not represent the full extend of Realtor sales in those counties.
  • Areas that saw the largest percentile increase in median sales price from 2016 were: 1) Northeast St. Johns County – Ponte Vedra Beach North; 2) St. Johns County SW; 3) Springfield / Downtown / Paxon / Trout River S. / Downtown Jacksonville; 4) Putnam County W., and 5) Keystone Heights vicinity.

2018 NEFAR President Ben Bates said, “Northeast Florida’s 2017 real estate market was a solid year of strong buyer demand coupled with exceedingly low inventory. Homes sold quickly and at increasing prices, encouraging sellers and making it more difficult for first-time and low-income home buyers.”

For these and numerous other real estate market statistics, take advantage of the FREE market reports available on NEFAR.com (Market Stats icon). Three categories of reports are available: 1) The Monthly Indicators and Housing Supply Overview Report summarizes complete activity for NEFAR’s entire service area plus *partial information for St. Johns County and Nassau County. 2) Lender-Mediated sales reports offer a targeted look specifically at lender-mediated sales and how they compare to traditional sales. 3) Annual Reports from 2011 through 2017 are are available – give an extensive year in review, with comparisons from the four preceding years included.

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1 response so far ↓

  • 1 owner // Jan 20, 2018 at 8:19 pm

    Sounds really interesting!!!

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