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April Real Estate: Inventory Low, It’s a Seller’s Market

May 23rd, 2017 · Leave a Comment

Low inventory continues to be a long-running, key factor in Northeast Florida’s housing market, according to the April real estate market results now posted by the Northeast Florida Association of Realtors on NEFAR.com.

While a market is considered to be balanced equally between buyers and sellers when there is five- to six-months of inventory on hand, Northeast Florida’s real estate market hasn’t been within that balanced range since September, 2014. Inventory on hand for both March and April of 2017 was only 3.5 months.

There were 2,294 closed sales in April, down 7.2 percent from 2,473 in April 2016. Homes are selling more quickly, with 75 days being the average (it was 78 days a year ago).

Median sales price for the month was $195,990, an 8.3 percent increase from the $181,000 median in April 2016. Average sales price was higher, at $242,692, up 7.7 percent from a year ago.

Competition for the low available inventory spurs buyers to submit higher offers and 13 percent of homes were sold for more than their original listing price as a result.

At month end, there were 8,348 homes for sale. This figure is a hefty 20.5 percent less than the number of homes for sale in April 2016.

The number of sellers adding to the inventory during April was 3,368; nine percent less than a year ago.

2017 NEFAR President Marc Jernigan said, “Anyone who is considering selling their home should consult with a Realtor to fully understand the nature of the current real estate market in Northeast Florida. Likewise, buyers should educate and prepare themselves, particularly with regards to their credit and obtaining a mortgage, so that they are ready to move quickly and knowledgeably when they find a home they want.”

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