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Home Sales in 2020 Break All Prior Records

January 18th, 2021 · Leave a Comment

Despite the pandemic, 2020 was record-breaking year for home sales in Northeast Florida. The number of 2020 sales is an 8.2% increase over 2019 sales.

The Northeast Florida Association of Realtors reported the following highlights in December 2020:

  • There were 3,187 homes sales in December, a 15.2% increase over December 2019.
  • Median sales price for the month was $267,000, or 11.3% more than the $240,000 median a year ago.
  • Average sales price was $331,242, up 14.6% from $288,931 in December 2019.
  • Months’ supply of homes for sale closed out at 1.5, down sharply from 3.2 months’ supply a year prior. With a balanced market considered to be between five- and six-month of supply on hand, an inventory of only 1.5 months is exceptionally low.
  • The percent of properties that sold above the original listing price was 18.6%, 55% higher than December 2019.
  • Homes sold in an average of 52 days, or 26.8% quicker than 71 days in December 2019.

The 2020 Annual Report highlights included:

  • There were 34,932 closed sales, up 8.2% from 32,289 sales the prior year.
  • Median sales price was $255,000, up 9% from 2019s $233,990.
  • Average price was $309,001, an increase of 11.8% from $276,377 in 2019.
  • There were 40,408 new listings added to the market during the year, down 1.8% from 41,130 in 2019.
  • Inventory of homes at year-end 2020 was 4,549, an extreme drop from 8,569 a year prior.
  • The percentage of properties sold that were lender-mediated was 2.8, down from 4.7% in 2019.
  • Homes stayed on the market an average of 64 days in 2020 versus 67 days in 2019.

2021 NEFAR President Missi Howell said, “2020 was a wild ride in many areas, and that certainly included housing sales. Despite the coronavirus raging throughout a large chunk of the year, and Realtors working under substantially different protocols as a result, the end result was a clear demonstration from buyers of the vital importance of housing.”

December 2020 and 2020 annual housing market reports for Northeast Florida are now available in the Market Stats section of NEFAR.com. Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.

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