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February Real Estate: Prices Moving Up, Inventory 17 percent less than a year ago

March 16th, 2020 · Leave a Comment

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

After the typical January slump in number of sales (1,893), February notched upward to finalize at 2,201 sales, up 4.1 percent from the prior February.

Sales prices were on the upswing. The median sales price was $239,700, up from $230,000 in January and a 6.6 percent increase over February 2019’s $224,900. The $287,068 average sales price was up 12.2 percent from a year ago, and more than January’s $272,856.

There were 3,282 new listings added to the market, or 3 percent less than 3,383 new listings a year ago.

An inventory of 7,949 homes at month-end was a 17.2 percent nosedive from 9,600 units in February 2019 and the lowest inventory in more than a year. The 7,949 homes for sale are broken down into price ranges as follows:

  • 2,107 priced below $200,000
  • 2,062 priced between $200,000 – $299,999
  • 2,168 priced between $300,000 – $499,999
  • 1,176 priced between $500,000 – $999,999
  • 436 priced at $1,000,000 or more.

Months’ supply of homes was 2.9, down 23.7 percent from 3.8 a year ago.

Days on market average for the month was 73, little difference from 74 days in January and 71 days in December, but down slightly from 76 days a year ago.

2020 NEFAR President Ron Harris said, “In a time where both interest rates and inventory are exceedingly low, it will be interesting to see how the real estate market will play out as a result of first-time buyers who want to take advantage of the low rates, and homeowners who decide to refinance versus viewing the low rates as a catalyst to sell and make their move into a different home.”

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