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Northeast Florida’s Housing Market Cools Slightly in September

October 17th, 2019 · Leave a Comment

As the year segued into fall, Northeast Florida’s housing market cooled very slightly in September.

There were 2,500 home sales, a 7 percent jump from last September, but less than the number of sales for any month since March according to the Northeast Florida Association of Realtors September Real Estate Market Report. The housing market reports for Northeast Florida are now available on NEFAR.com.

Home prices dipped a bit as well, with the median sales price coming in at $235,00 (June, July, and August hovered around a $242,000 median). The average sales price was higher at $272,154, but was the lowest average since March.

Despite the price drops, competition for available inventory remains a strong market factor, with 12.7 percent of homes being sold for more than their original listing price as a result.

Inventory of homes for sale dropped 11.9 percent from a year ago to reach 8,920. Of the 8,920 in inventory, 4,937 (55 percent) are currently priced below $300,000.  Months’ supply of homes for sale is now at 3.4, whereas a five- to six-months supply is considered balanced.

Homes sold in an average of 67 days.

2019 NEFAR President Jeanne Denton-Scheck said, “Northeast Florida saw a remarkably robust housing market during spring and summer, with sellers having the edge. A slight cooling of prices, should it continue for several months, would be beneficial to more potential buyers.”

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