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November Northeast Florida Real Estate: Inventory Hits Lowest Point All Year

December 16th, 2020 · Leave a Comment

The 2,680 homes sold in Northeast Florida was a 13% uptick over November 2019, but a decrease from each of the previous five months, where sales exceeded 3,000, in the latest market report from the Northeast Florida Association of Realtors.

Exacerbating the already dwindling inventory, only 2,657 new listings were added to the market – less than the number of homes sold.

Inventory plummeted to only 5,211 properties, a massive 44.7% drop from a year ago. This equates to only 1.7 months on hand, whereas a balanced market is considered to be between five- and six-months of homes for sale.

The median sales price was $262,000, down from $263,000 last month, but nearly 13% (12.9) more than a year ago. Likewise, the $317,602 average sales price was less than October’s $328,450, but was an increase of 17.2% compared to November 2019.

In a pattern that shows no signs of abating, the diminished inventory coupled with solid demand resulted in competitive bidding for available properties, with 19% of properties going for more than the original list price.

Homes sold in an average of 54 days, nearly 17% faster than a year ago.

2020 NEFAR President Ron Harris said, “Northeast Florida’s housing market desperately needs a significant influx of homes for sale. The depleted supply is not even close to being able to support the demand.”  

November 2020 real estate market reports for Northeast Florida are available NEFAR.com, Market Stats tab. Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.

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