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Spike in Northeast Florida June real estate prices

July 16th, 2019 · Leave a Comment

Local June 2019 housing market reports 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 and condominium properties.

There were 2,829 sales in June, down from more than 3,200 in May and an 8.5 percent drop from June 2018.

While the number of sales notched down, prices spiked to both the highest monthly median, and monthly average, point within the past 10 years, and likely the highest historically (NEFAR has tracked monthly sales since 2009). The median sales price was $241,000, up 2.6 percent from a year ago, while the average price was $295,386, up 5.2 percent from a year ago. Nearly 14 percent of properties during June sold for more than the original list price.

There were 3,467 new listings added to the market, 11.1 percent fewer than were added in June 2018.

The 9,226 homes in inventory was a 4.7 percent drop year-over-year. This equates to 3.5 months’ supply on hand.

Sales in June were completed in an average of 63 days.

2019 NEFAR President Jeanne Denton-Scheck said, “Despite some reports that the market has shifted to favor buyers, Northeast Florida’s low inventory, climbing prices, and frequently seen multiple offers for properties are a combination that still add up to a seller’s market.”

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