Following a June market that saw substantial spikes in both number of sales and sales prices, July’s real estate market turned up the heat even more. There were 3,514 sales, a 15.8% increase from a year ago and higher than June’s 3,175.

The median sales price was $265,000, a 9.8% increase over July 2019, and up $10,000 from June’s $255,000 median. The average price was 15.3% higher than a year ago, coming in at $325,665. June’s average price was $309,757.

Vigorous demand for homes, coupled with fewer sellers entering the market (3,523 new listings in July, 3.8% fewer than a year ago), continues to create an supply imbalance. While five- to six-months is considered a market that is balanced between buyers and sellers, Northeast Florida’s July market closed with just 2.5 months’ supply, a drop of 34.2% from a year ago.

July 2019 had an inventory of 9,905 homes, whereas this July closed with only 6,943 in the hopper, a 29.9% plunge.

A consequence of the inventory shortage is competitive bidding among buyers vying for the property of their choice. Because of this, 15.8% of home sales in July were for more than the original sales price.

2020 NEFAR President Ron Harris said, “Buyers are taking full advantage of extremely low interest rates, despite dealing with fewer available home choices. If any homeowners are even considering becoming sellers, there couldn’t be a better time for them to make their move.”  

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