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December Trends Reflect Seasonal Shifts with Fluctuating Prices and Inventory Growth

January 14th, 2025 · Leave a Comment

With the new year upon us, the Northeast Florida housing market reflects seasonal patterns. In December, the market saw growth in closed sales, which follows annual trends, since homeowners wanted to move into their new homes before the chaos of the holiday season. Meanwhile, pending sales took a dive in December suggesting that the usual slowdown in sales during the early part of 2025.

The median sales price for single-family homes in Northeast Florida’s six-county region increased by 2.3% compared to November, reaching $400,000. However, this brought the Home Affordability Index* down to a score of 65, a 1.5% decrease from November.

“There is a rekindled excitement from many buyers and sellers as we head into 2025 as we are coming out of the uncertainty of an election year.  While we are in the “slow time” that we see annually through the holidays, we are already seeing increased activity,” said 2025 NEFAR President, Mario Gonzalez.

In December, closed sales for single-family homes rose significantly by 23.2% month-over-month, totaling 1,770 transactions, while pending sales saw a steep decline of 32.8%, dropping to 985. New listings fell 12.8% from November to December, recording 2,178 homes.

Since November, the active inventory of single-family homes decreased by 4.5% to 6,883 properties. However, this is a drastic increase from the previous year, as the number of properties has skyrocketed by 66.7% since December 2023. This rise in inventory from 2023 is a welcome development for buyers, providing a wider range of options. The median number of days on the market increased to 55 days, a 14.6% increase from November, indicating slightly slower turnover as the market adjusts to seasonal conditions.

“Increasing the inventory of homes on the market allows buyers a wider selection to choose from, as compared to the craziness during COVID when competition was incredibly difficult for buyers, so much so that many buyers abandoned their home search journey altogether,” said Gonzalez.

 

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