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August Real Estate Wrap: Median Sales Price Increases

August 17th, 2017 · Leave a Comment

July real estate market results are now posted by the Northeast Florida Association of Realtors on NEFAR.com. Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.

July’s 2,451 closed sales were down from June’s 2,708 sales and a 4.8 percent drop from 2,575 sales a year ago. Pending sales – those on which a contract has been written but haven’t yet closed – took the opposite track, jumping 13.6 percent higher than a year ago to reach 2,744.

Home prices were also on the rise, with July’s median sales price notching up to $217,000. This figure is 11.6 percent more than the $194,515 median a year ago. The average sales price was also higher, reaching $255,937 for the month; a seven percent spike from July 2016.

Inventory that is well below normal is a trend that shows no sign of change. The month ended with 8,119 homes available for sale, a hefty 22.2 percent drop from the 10,436 homes for sale in July 2016. While five- to six-months of inventory is considered a balanced market, Northeast Florida had only 3.4 months’ supply at the end of July.

New listings to hit the market did increase 2.2 percent from a year ago to reach 3,190, but sales continue to outpace overall demand. As a result, competitive bidding from sellers equates to prices increasing. In July, 12 percent of home sales were for more than the original listing price.

Sales are taking place quickly, with 67 days on market being the average.

2017 NEFAR President Marc Jernigan said, “Northeast Florida’s real estate market could easily absorb a large influx of properties based on the demand from potential buyers. At this time, it’s still very much a seller’s market.”

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