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Northeast Florida October Real Estate Results: Sales Prices On The Upswing, Inventory Needed

November 19th, 2018 · Leave a Comment

Northeast Florida October 2018 housing market reports are available from the Northeast Florida Association of Realtors on NEFAR.com. Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.

More homeowners joined the ranks of sellers last month, to the tune of 3,416 new listings. This welcome infusion was a 13.6 percent increase over new listings a year ago, and brought total inventory to 9,238 homes for sale. This final tally equates to just 3.6 months’ supply, however, down from 3.7 months a year ago and still far short of the five- to six-months of inventory that is considered a balanced market.

There were 2,323 sales in October, little change from 2,329 sales in October 2017. There were also 2,492 pending sales waiting in the wings.

Sales prices are increasing. October’s median price was $211,900, or 3.5 percent more than a year ago. The average price was $263,043, a 4.7 percent increase over last October.

Homes sold in an average of 58 days, 9.4 percent faster than 64 days a year ago.

2018 NEFAR President Ben Bates said, “We are pleased to see new listings being added to the market, but sales are taking place so steadily that a sustained and significant influx of properties is needed to turn the tide away from lower than normal inventory.”  

For these and numerous other real estate market statistics, take advantage of the FREE market reports available on NEFAR.com (Market Stats icon).

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