October real estate market results 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 (which includes townhomes) and condominium properties. After a sluggish September, thanks to Hurricane Irma, the real estate market was on the upswing again in October. There were 2,181 homes that changed hands; 5.8 percent more than the same month last year. Another 2,387 pending sales were waiting in the wings.

The median sales price for the month was $205,000; 10.8 percent more than October 2016 but the exact same as August this year and little difference from the $207,900 September median. The average price was higher, reaching $252,413; an 11.9 percent jump over last October’s $225,527 average and higher than September’s $247,661. Days on market was brisk, with homes selling in an average of just 64 days. New listings spiked up significantly to reach 2,991. This was especially welcome after a lackluster 2,276 new listings in September. Despite the influx of new listings, overall inventory settled at 7,951; a 19 percent plunge from 9,814 in inventory a year ago. As a result, the months’ supply of homes for sale is now only 3.3 – well below the five- to six-months in inventory that is considered a balanced market.  Competition for available homes resulted in 10.7 percent of homes selling for more than their original listing price.

2017 NEFAR President Marc Jernigan said,

“It is exciting to see that nearly 3,000 Northeast Florida homeowners opted to list their home for sale. We believe this to be an indicator of strong market confidence and hope it continues.”

For these and numerous other real estate market statistics, take advantage of the FREE market reports available on NEFAR.com. 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 2016 are are available – give an extensive year in review, with comparisons from the four preceding years included.

Written and submitted by NEFAR