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NEFAR March Real Estate Overview: Prices and Sales Still Strong Despite COVID-19

April 14th, 2020 · Leave a Comment

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

Despite much of the world being plunged into a vastly altered way of conducting business as a result of COVID-19, Northeast Florida’s real estate results for March showed little effect.

The month closed with 2,672 sales, the greatest number since December’s 2,746, and a 2.1% uptick over 2,617 sales in March 2019.

Sales prices continued on the upswing, with the average coming in at $287,210 and the median at $243,635. These figures are up 6.7% and 5.9% over sales prices a year ago, respectively.

Homes remained on the market an average of 70 days, little difference from 71 days a year ago.

Inventory of homes for sale plunged nearly 15% from a year ago, to bottom out at 8,375. This equates to just 3.1 months on hand, a drop from 3.9 months in March 2019.

With the reduced supply of options, competition for available homes spurred competing offers, with the result being that 14.2% of properties sold for more than their original listing price.

2020 NEFAR President Ron Harris said, “COVID-19s impact on real estate sales in Northeast Florida in March was negligible. What did change, and what the public needs to know, is that the way Realtors are conducting business is drastically altered. NEFAR continues to urge members to follow these best business practices  for the health and safety of their customers, themselves, and our community at large.”  

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