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May Real Estate Results: Largest Number of Monthly Sales to Date in 2017

June 15th, 2017 · Leave a Comment

May 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.

Buyers made their move in May, resulting in 2,693 closed sales. This is the largest number of monthly sales to date in 2017 and a 5.3 percent increase over May 2016.

Sales prices rose in May, with a median price of $210,000 and an average price of $252,741. Both median and average prices were greater (9.4 percent and 8.7 percent, respectively) than May 2016.

Homes sold in an average of 73 days. Pending sales were 6.2 percent more this year than last May, topping out at 2,839.

There were 2.6 percent more homeowners this May than last May that decided to join the ranks of home sellers, with 3,479 new listings being added. Solid demand from buyers, however, meant that the final tally for inventory remained exceptionally low; just 3.5 month’s supply on hand for the third consecutive month. This equated to 8,371 homes available for purchase, which is a 20.5 percent drop from 10,535 in inventory a year ago.

Low inventory, and the resulting competition for available homes, continues to drive prices up. In May, 12.2 percent of sales were for more than the original listing price.

2017 NEFAR President Marc Jernigan said, “Home buyers are demonstrating robust consumer confidence but new listings hitting the market aren’t keeping pace. The market advantage is tipped toward sellers.”

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