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June real estate: prices up, most monthly sales since July 2019, lowest inventory since pre-2009

July 13th, 2020 · Leave a Comment

While COVID-19 continued to be the hot topic of discussion, Northeast Florida’s real estate market sizzled as well as demonstrated by the Northeast Florida Association of Realtors’ June 2020 real estate market reports.

Spiking up from 2,337 sales in May, 3,021 homes changed hands in June, just three sales less than June 2019. June’s closed sales were also the greatest number of monthly sales since 3,035 sales in July 2019.

Sales prices were equally hot, with a median of $255,000 (up 5.4% from a year ago) and average of $310,822 (up 4.4% from a year ago).

Fewer homeowners opted to become sellers in June, with 3,515 news listings being added (down 1.2% from a year ago).

Demand for homes continues to be strong, however. There was a 21.9% increase in pending sales from a year ago, equating to 3,626 contracts to buy a home being signed that did not yet close.

With demand strong, and less sellers entering the market, inventory tumbled to 7,545, a 24.1% plunge from a year ago. While inventory has been particularly low for several years, 7,545 is less inventory than any month since some point prior to 2009 (NEFAR’s reports documenting inventory levels by month extend back through 2009  ).

Months’ supply of home dropped to just 2.8, which is 26.3% less than June 2019. A balanced market is considered to be between five- and six-months of inventory.

Days on market average for the month was 70, up from 64 days a year ago.

2020 NEFAR President Ron Harris said, “Despite COVID-19, consumers are demonstrating pent-up demand for homes and taking advantage of low interest rates. Sellers are capitalizing on robust sales prices and the lowest inventory in years, with 13.5% of June sales going for more than the original listing price.”  

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

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