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29,953 Homes Sales in 2018 Another Northeast Florida Record Breaker

January 14th, 2019 · Leave a Comment

December 2018 and 2018 annual housing market reports for Northeast Florida are now posted by the Northeast Florida Association of Realtors on NEFAR.com.

December 2018 Highlights

  • 2,212 sales took place, down 16 percent from 2,633 in December 2017.
  • Sales took place in an average of 69 days, a very slight difference from 71 days a year ago.
  • The median sales price for the month was $226,243, or 6.7 percent more than a year ago.
  • The average sales price was $267, 318, higher by 3.4 percent over December 2017.
  • Inventory ended the month at 8,414 properties, a 5.5 percent increase from a year ago.
  • Pending sales topped out at 1,905, a 2.6 percent year-over-year drop.
  • 2,048 homeowners joined the ranks of sellers in December, a number which was little difference (2.4 percent less) from the 2,099 new listings a year ago.
  • Inventory of homes for sale in December was 8,414. This equates to 3.3 months’ supply, dead even with months’ supply last December. A balanced market is considered to be five- to six-months of properties on hand.

2018 Annual Report Highlights

  • The year ended with 29,953 sales in Northeast Florida, topping 29,401 sales in 2017 by 1.9 percent. The 2018 sales represent the largest annual number of homes sales on record for Northeast Florida.
  • Average days on market for the year was 64, down from 71 in 2017 (2016 was 76 days, 2015 was 83 days, and 2014 was 85 days). Single-family detached homes sold in an average of 66 days while condo sales averaged 52 days.
  • Median sales price in 2018 was $221,500, up from $205,000 in 2017 and $185,500 in 2016.
  • Average sales price for the year was $266,142, higher than $247,294 in 2017 and $227,505 in 2016.
  • 40,743 homeowners put their home on the market in 2018, up from 36,903 in 2017.
  • By county breakdown for number of sales, Duval led the pack at 16,473, followed by St. Johns at 6,709, Clay at 3,773, Nassau at 1,149, Putnam at 847, and Baker at 297. 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 extent of Realtor sales in those counties.
  • The top five areas in number of sales for 2018 were: 1) 3,777 in Jacksonville’s Southside; 2) 2,951 in Northwest St. Johns County; 3) 2,827 in the Southside/Mandarin/Bartram area; 4) 1,922 in the Arlington/Ft. Caroline area; and 5) 1,702 in West Jacksonville.

2019 NEFAR President Jeanne Denton-Scheck said, “Despite a remarkably low inventory of 8,414 homes at the end of the year, and a low-inventory trend that has been in play for the past couple of years, there were still a record-breaking number of home sales in Northeast Florida in 2018. That speaks to a robust appetite for homeownership and a healthy dose of market confidence among consumers.”

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