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September Northeast Florida Real Estate: Months’ Supply of Inventory Down 44.4% From A Year Ago

October 14th, 2020 · Leave a Comment

 As September technically ushered in fall, Northeast Florida’s residential real estate market remained a hot spot, with 3,102 homes being sold.

This number of sales is a 16.6% increase from 2,660 sales the prior September, although down from the prior three months: 3,208 in August, 3,678 in July, and 3,202 in June. September is the fourth consecutive month where sales have topped 3,000.

The median sales price was $255,250, an 8.6% increase over last September, but down slightly from $260,750 in August and $264,881 in July. As is typical, the average sales price was higher at $319,618; a 17.6% upward spike from a year ago, although not differing much from a $318,398 average in August. July’s average price was $323,634.

Homes sold in an average of 62 days.

The biggest change from a year ago, and a key indicator of the market, was a 44.4% plunge in months’ supply of homes from a year ago. At month end, inventory was a flat 2.0 months on hand. This equates to 5,869 homes in inventory, or 39.3% less than 9,665 in inventory a year ago.

While 3,215 new sellers entered the market in September, for a 6.1% increase over September 2019, it was also the lowest amount of new listings since 3,170 in April (which was likely due to COVID-19 concerns).

By price range among the 5,869 in inventory, there are:

  • 1,459 homes below $200,000
  • 1,556 priced from $200,000 – $299,999
  • 1,617 priced from $300,000 – $499,999
  • 897 priced from $500,000 – $999,999
  • and 340 priced at $1 million or more.

Breaking down the 5,869 inventory by construction status, there are 4,747 previously owned homes, and 1,122 new construction homes.

2020 NEFAR President Ron Harris said, “With five- to six-months of inventory being considered a market that is balanced between buyers and sellers, and September closing with only two months of inventory, it is readily apparent that this is still very much a seller’s market in Northeast Florida.”

September 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.

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