January 2021 housing market reports for Northeast Florida are available in the Market Stats section of NEFAR.com. Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.

It appears that 2021 will be an active year for new construction based on robust numbers from December. However, higher material costs and limited supply of building lots should temper the number of new units.

Available inventory saw another steep decline in January decreasing by 51.6 percent topping December’s decline of 46.9 percent.

The Mortgage Bankers Association’s January research estimates approximately 2.7 million homeowners with mortgages are currently in forbearance plans. Some of these homes may eventually come to market, but given the strong appreciation in most market segments in recent years, these eventual home sales are likely to be mostly traditional sellers. However, a modest increase in short sales and foreclosures at some point this year would not be surprising.

January 2021 Highlights

• New Listings in the Northeast Florida region decreased 14.9 percent to 2,989.
• Pending Sales were up 17.9 percent to 2,970.
• Inventory levels fell 51.6 percent to 4,296 units.
• The Median Sales Price increased 10.8 percent to $256,995.
• Month Supply of Inventory was down 57.6 percent to 1.4 months.