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June Another Hot Month for Northeast Florida Real Estate Sales

July 14th, 2017 · Leave a Comment

2,708 homes sold with median sales price increasing to $215,000. Low inventory trend continues.

June 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.

Northeast Florida experienced another hot market for real estate sales in June, with 2,708 homes changing hands. This number was up slightly from 2,693 sales in May, but down 6.7 percent from 2,902 sales a year ago.

While 3,393 sellers added properties to inventory, robust sales didn’t let inventory rise above the 3.5 months-on hand mark; well below a balanced inventory of five- to six-months. Overall inventory at month end was 8,364, down a significant 20.8 percent from -10,557 in inventory in June 2016.

Competition for properties continues to push prices up. The median sales price in June was $215,000, 9.7 percent more than June 2016 and a 10.1 percent jump year-to-date. The average sales price in June was even higher; $258,376. As a result of the competitive offers from buyers, 12.6 percent of sales were for more than the original listing price.

Homes sold rapidly in June, with an average 67 days on market.

2017 NEFAR President Marc Jernigan said, “Despite it being a seller’s market, there’s simply not enough homes being added to the market to keep up with the level of demand. With 2,741 pending sales in June, the American dream of homeownership isn’t waning.”

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