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Northeast Florida’s November Real Estate Report

December 16th, 2019 · Leave a Comment

November 2019 housing market reports for Northeast Florida are now available in the Market Stats section of NEFAR.com. Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.

Sales prices for the month increased from November 2018. The median price was $233,845, which is a 6.3 percent increase from a year ago. The average price was $273,633, a 4.7 percent increase year-over-year.

Conversely, the number of homes sold declined 7.5 percent in comparison to November 2018. There were 2,210 November sales this year, as opposed to 2,390 sales a year ago. Year-to-date sales for 2019, however, are at 29,160, which is 4.5 percent more than YTD 2018 at the same time.

Low inventory continues to be a key factor in the housing market. There were 9,961 homes in inventory a year ago, as opposed to 8,427 homes this November – a 15.4 percent drop. This level of inventory equates to just 3.1 months supply, or 20.5 percent fewer homes available for sale than a year ago. The lack of inventory issue is borne out by the number of new listings that were added to the market in November: 2,696, which is 7.6 percent less than 2,919 in November 2018.

Pending sales rallied during the month, with 2,354 contracts signed to purchase homes that have not yet closed. This figure is 10.4 percent more than 2,133 a year ago.

Homes for sale stayed on the market for an average of 65 days until sale.

2019 NEFAR President Jeanne Denton-Scheck said, “Without a steady influx of homes being added to the market, potential homebuyers are finding less options from which to choose, combined with prices that are accelerating.”

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