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April real estate market includes prices spikes and fewer sales

May 12th, 2020 · Leave a Comment

April 2020 real estate market reports for Northeast Florida are now on NEFAR.com (Market Stats tab). Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.

 As COVID-19 continued to assert itself throughout April, real estate activity in Northeast Florida kept to a steady pace. There were 2,334 closed sales, similar to February (2,348 sales) or November 2019 (2,354 sales), but a 22.9% drop from a year ago in April 2019.

While the quantity of sales were down, pricing took an opposite track. The median for April was $250,000 and the average sales price topped out at $298,438. Of all the sales that occurred in April, 15.2% were for more than the original listing price.

Surprisingly, although Realtors and others involved in the industry were faced with conducting business in vastly different methods than are considered traditional, sales still took place in an average of 67 days, the exact same number of days as a year ago.

Not surprisingly, the number of sellers adding their home to the market in April dropped 22.4% from a year ago, resulting in 3,107 new listings.

Overall inventory dropped to 8,545 properties, or 14.2% less than the same month last year. Here’s a breakdown, by price, of the 8,545 homes in inventory:

  • 2,243 – less than $200,000
  • 2,388 – $200,000 – $299,999
  • 2,263 – $300,000 – $499,999
  • 1,244 – $500,000 – $999,999
  • 407 – $1,000,000 or more

2020 NEFAR President Ron Harris said, “We weren’t sure what to expect from April’s market, considering the enormous impact of COVID-19. I am proud that our members adapted rapidly to serving buyers and sellers using new methods, including a great deal of virtual technology, and 2,334 homes still changed hands.”

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