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November Real Estate Market: Increased Prices and Fewer Homes For Sale Trend Continues

December 21st, 2017 · Leave a Comment

November real estate market results are now posted by the Northeast Florida Association of Realtors on NEFAR.com (Market Stats tab). Except where otherwise indicated, statistics reflect combined results for single-family residential (which includes townhomes) and condominium properties.

Northeast Florida’s real estate market in November saw 2,028 homes change hands, with another 2,242 homes sales being in pending status.

Homes sold for a median price of $210,350; a nearly 15 percent spike up from the $183,000 median last November. The average sales price was also higher, reaching $254,947; a 14 percent increase over November 2016.

Sales moved briskly, with the average number of days on market dropping to just 67.

A short supply of available homes for sale remains the major trend for the year. November finished with only 7,594 homes listed. This figure is 20 percent less than last November’s inventory. As a result, the overall month’s supply of homes for sale is now only 3.1; far short of the five- to six-month’s on hand that is considered to be a balanced market. While 2,556 new listings were added to the market in November, it wasn’t nearly enough to turn the tide.

2017 NEFAR President Marc Jernigan said, “Our market continues to experience low inventory, which spurs competition for available homes. The competition in turn causes rising home prices, as buyers outbid each each in an attempt to get the home they desire. In November, 11.6 percent of our Northeast Florida home sales were for more than the original listing price.”

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