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Housing Sales Dip Slightly in October

November 15th, 2019 · Leave a Comment

October 2019 housing market reports for Northeast Florida are now available on NEFAR.com.  

Homes sales in Northeast Florida closed out at 2,375, down 6.6 percent from a year ago and a drop from September’s 2,618 sales. Pending sales – those on which a contract has been placed but has not yet closed – were stronger at 2,639, up 6.3 percent from a year ago.

October’s median sales price was $235,550, little difference from September’s $235,000 median but 11.1 percent more than a median of $212,000 in October 2018.

As is typical, the average sales price was greater, reaching $274,173. This figure is up 4.1 percent from a year ago and also up from September’s $271,456 average. The amount of properties that sold over their original listing price was 11.5 percent.

Days on market until sale was an average of 66. Inventory remains low at 8,807, nearly 12 percent less than a year ago. This equates to 3.3 months on hand. A balanced market is considered to be five- to six months of inventory.

Here is a closer look at the listing prices of the 8,807 homes in inventory:

  • 2,438 – priced below $200,000
  • 2,390 – priced from $200,000 – $299,999
  • 2,230 – priced from $300,000 – $499,999
  • 1,261 – priced from $500,000 – $999,999
  •   488 – priced at $1,000,000 or more

2019 NEFAR President Jeanne Denton-Scheck said, “The number of homes sold during the past two months has slowed a bit since spring, yet low inventory persists.”

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