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Northeast Florida August Real Estate Market Update

September 20th, 2017 · Leave a Comment

August real estate market results are now posted by the Northeast Florida Association of Realtors on NEFAR.com (Market Stats tab). Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.

At the end of August, there were 2,556 closed sales, down 5.2 percent from a year ago but up from July’s 2,451 sales. An additional 2,641 sales were pending, up 11.1 percent from 2,377 pending sales a year ago.

Median sales price for the month was $203,750; up 6.3 from last August but down from July’s highwater mark median of $217,000. Average sales price was higher, reaching $246,569.

Homes sold in an average of 63 days, 12.5 percent faster than 72 days a year ago.

In welcome news, 3,622 new sellers added their properties to market inventory. This figure is 10.4 percent more than new listings in August 2016. Overall, however, inventory plunged 19.9 percent from a year ago, bottoming out at just 8,339 homes available for sale (3.5 months’ worth).

Competitive bidding from sellers, as a result of the low inventory, resulted in 11.2 percent of properties being sold for more than their original listing price.

2017 NEFAR President Marc Jernigan said, “Northeast Florida’s real estate market in August was a case of more of the same – there is strong buyer interest but exceptionally low inventory. It drives prices up and frustrates many home seekers, who are not always able to find what they want.”

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