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Northeast Florida Real Estate Report for February

March 24th, 2018 · Leave a Comment

February 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.

In welcome news, more homeowners entered into the seller’s realm in February, with 3,200 new listings being added to the market. This figure is 10.2 percent more new listings than in February 2017 and pushed the current inventory to 7,713, up very slightly from January’s 7,639. Overall, inventory is at 3.2 months’ worth – a nearly 16 percent drop from a year ago – and still well below the five- to six-months of inventory that is considered a balanced market.

There were 1,778 sales in February, down 4.3 percent from a year ago but up a bit from January’s 1,599. Pending sales of 2,358 were nearly identical to February 2017’s 2,356 pendings.

Median sales price for the month was $215,005; an 11.4 percent increase from a year ago. Average sales price was higher, reaching $256,725, or 12 percent more than a year ago.

Days on market until sale was 73, up a few days from last month but less than the 85 days average a year ago.

2018 NEFAR President Ben Bates said, “We can’t predict what will occur for the remainder of 2018, but seeing more homeowners join the ranks of home sellers and take advantage of the strong seller’s market is encouraging, and speaks well to our economy.”

For these and numerous other real estate market statistics, take advantage of the FREE market reports available on NEFAR.com (Market Stats icon). Three categories of reports are available: 1) The Monthly Indicators and Housing Supply Overview Report summarizes complete activity for NEFAR’s entire service area plus *partial information for St. Johns County and Nassau County. 2) Lender-Mediated sales reports offer a targeted look specifically at lender-mediated sales and how they compare to traditional sales. 3) Annual Reports from 2011 through 2017 are are available – give an extensive year in review, with comparisons from the four preceding years included.

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