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April housing inventory rises slightly, but so do prices

May 11th, 2022 · Leave a Comment

The good news is there were slightly more Northeast Florida homes on the market in April. However, prices have continued to rise, and homes are becoming increasingly less affordable.

In April, the active inventory of single-family homes in the region increased 6% since the month before to 2,724 houses, but that is still nearly 20% less than were on the market a year ago. Meanwhile, the median price of single-family homes weighed in at $380,000, a 2.3% increase since March and a 23.8% rise since the year before. Sales remained brisk with single-family homes selling within a median of 13 days.

“As anticipated, the April increase in median price for single-family homes is moderating, edging up just slightly at a 2.3% increase over March,” said Mark Rosener, president of the Northeast Florida Association of REALTORS® (NEFAR).  “This is very much which in line with historical average movement month-to-month in a spring-selling season. Buyers still need to move quickly when a new home comes on the market, as we are still experiencing a very fast pace with just 13 days on the market and only a 1.2 month’s supply.  There is not much negotiating room for the buyers with just over 100% of list price received and nearly 42% of homes selling over list price.  Buyers must be prepared to make a strong offer right from the start,” he said.

The combined median sales price of townhouses, and condominiums in Northeast Florida in April was $262,500, a 5.3% increase from last month. Contrary to the single-family home market, active inventory for condos and townhouses dropped 8.6% from 488 units to 446. Again, sales remained brisk with a median of 12 days on the market, virtually no change from the month before.

“The residential (single family, condo, and townhouse) real estate market is moving into the spring selling season in much the same manner as has been anticipated.  Northeast Florida is still experiencing a strong market for sellers although buyers are beginning to see slightly more inventory to choose from,” Rosener said, noting there was a combined inventory of 3,170 of single-family homes, condos, and townhouses available at the end of April. “Pending sales were basically flat to last month and new listings are 6.7% more than in March leaving our active inventory 3.7% higher.  Obviously, inventory is still below last year’s levels, but the region is beginning to see some progress with more homes becoming available for sale.” 

The Home Affordability Index for single-family homes fell to 82, from 84 in March. An index of 82 means that median household income was only 82% of what is necessary to qualify for a median-priced home under prevailing interest rates. Higher numbers mean greater affordability.

NEFAR’s market reports are available at nefar.com.

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