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Strong Home Sale Prices Benefit Sellers in July

August 16th, 2019 · Leave a Comment

Local July 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.

Despite the heat, real estate activity wasn’t sluggish in July. There were 2,820 homes sold, notching up 1.4 percent from last July, but dropping from 2,977 sales last month.

For the second consecutive month, the median sales price was $242,000, a 5.2 percent increase from a year ago. The average sales price was higher, at $283,038, also higher than last July by 3.1 percent.

The robust pricing resulted in 13.5 percent of sales going for more than their original listed price, as home buyers upped the ante with competing offers.

Homes sold in an average of 63 days, the same time frame as June.

There were 3,593 new properties added to the market in July, more than last month but a 6.3% drop from a year ago.

Inventory was 9,173 properties, or 7.4% less than last year. This equates to 3.5 months of properties on hand.

2019 NEFAR President Jeanne Denton-Scheck said, “Rising prices and ongoing low inventory are advantageous for sellers, while making the search and buying process more competitive for buyers.”

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