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Northeast Florida’s June Estate Report: Prices Increase, Home Sales Brisk

July 22nd, 2018 · Leave a Comment

June 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.

Despite inventory hobbling along at record lows for an extended number of months, there were 2,873 homes that changed hands in June. This number was a 3.6 percent drop from a year ago but still one of the highest two months for sales this year.

Sales prices continue to increase as a result of the sharply reduced inventory and competition for available homes. Median price for the month was $234,900; a 10.3 percent increase over last June. Average price was even higher, at $282,008 – 9.8 percent more than a year ago. More than 12 percent of sales in June were for more than the original listing price.

Conversely, the amount of time in which homes are selling on average is decreasing. In June, homes sold in an average of 59 days, down from 66 days a year ago.

Inventory of homes for the month was 8,923, or 3.5 percent less than June 2017. With a balanced market considered to be between five- and six-months of supply available, June’s 3.6 months supply is far below that balanced range.

2018 NEFAR President Ben Bates said, “The seller’s market trend shows no sign of changing unless a strong and sustained influx of properties are added to the market. If ever there was a time for homeowners considering selling to make a move, it’s now.”  

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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