The August 2018 housing market reports 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.

The pace at which homes are selling in Northeast Florida continues to accelerate. In August 2017, 65 days was the average for a home to go under contract. That figure dropped by 9.2 percent in August 2018, with homes selling in an average of just 59 days.

Concurrent with the sped-up cycle, the trajectory of sales prices is tracking upward. The median price for August sales was $220,000, or a 7.3 percent increase over a year ago. Average sales price was higher at $265,477, a 7.4 percent increase year-over-year.

Conversely, the number of August sales was 2,656, or a 6.2 percent drop from August 2017.

While 3,744 new listings were added to the market, overall inventory was just 9,237, which equated to 3.7 months on hand (a balanced market is considered to be five- to six-months on hand).

2018 NEFAR President Ben Bates said, “Demand by buyers is still strong, with 2,673 pending sales in the wings in August. A shortage in available inventory for sale is still the element having the most impact on the housing market.”  

For these and numerous other real estate market statistics, visit www.NEFAR.com.