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July Home Sales Exceed Original List Price

August 19th, 2018 · Leave a Comment

July 2018 housing market reports 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 Northeast Florida real estate market indicated no significant changes from spring and early summer. The median sales price for homes was an even $230,000, a seven percent uptick from a year ago but down slightly from last month’s $235,000 median. Average sales price was higher; $275,364 or up 8.4 percent over July 2017.

There were 2,578 closed sales, down 2.5 percent from a year ago and down from last month’s 3,030 sales.

There was also little change seen in the number of new listings being added to the market throughout the spring and summer: 3,807 new listings in July, 3,876 in June, 3,800 in May, 3,820 in April, and 3,860 in March.

Inventory for the month ended with 9,088 homes on hand, or 3.7 months’ worth. A balanced market is considered to be between five- to six-months of inventory.

Homes are selling briskly, with 61 days as the July average.

2018 NEFAR President Ben Bates said, “With the low inventory, competition for available homes is spurring multiple bids on many properties, with the result being that 14.3 percent of all sales in July were for more than the original listing price.”  

For these and numerous other real estate market statistics, take advantage of the FREE market reports available on NEFAR.com (Market Stats icon).

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