Northeast Florida’s booming real estate market continued in October with 3,203 homes being sold; a 24.8% increase over the number sold in October 2019. October’s sales quantity also marked the fifth consecutive month where sales topped 3,000.

Prices showed positive upticks from a year ago as well. The $262,500 median sales price was up 11.7% from a year ago, while the $328,891 average spiked up 20.6% over the October 2019 average.

Pending sales (those on which a contract was written but had not yet closed) of 3,145 demonstrate that there is still strong consumer demand for homes. This pending sales number was 18.8% more than a year ago.

One indicator that wasn’t a positive gain was the 3,469 new listings for the month, which was 3.4% fewer homes being made available than October 2019.

Strong consumer demand coupled with fewer listings equated to the inventory of homes plunging 39.6% (to 5,889 properties) versus 9,748 properties that were added to the market last October.

While October 2019’s months’ supply of for-sale homes was at 3.7%, the inventory for October 2020 dropped 45.9%, and ended with just two months’ worth on hand.

Because of competition for available homes, which results in multiple offers for many properties, 18.7% of the sales in October were for more than the original list price.

Homes sold in an average of 60 days.

2020 NEFAR President Ron Harris said, “Consumers looking for a home to buy are finding the market to be highly competitive, fast-moving, and with extremely scarce options from which to choose.”

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