The Northeast Florida Association of Realtors market stats for October continues to show positive trends. New listings are up 11% year to date, which is a good sign. We have had 35,694 new listings in 2018, 26,330 contracts written and 25,085 closings. Even with the increase in new listings, the inventory of homes for sale dropped to 9,238 from 9,469 last month.

We have 3.6 months supply of inventory. A balanced market is 5 to 6 months, so the inventory of homes available is still low until you reach the $500,000 and up price range.

The median sales price of $211,900 is up 9% year to date over the same period last year. The average sales price of $263,043 is up 8% year to date. The days on market until sale is 58 days which is down 11% year to date compared to the same period last year.

Every item being monitored is still positive. Sales and closings are up year to date, prices are up, and days a home is on the market is down.

I am also thankful to see Sean Snaith’s positive comments about the Florida economy and housing market. He is a very respected economist at the University of Central Florida. In his October 2018 Florida forecast, he said, “The fundamental underpinnings of the housing market in Florida continue to strengthen. Economic and job growth in Florida are forecasted to continue to outperform the U. S. labor market. As more Baby Boomers continue to reach the end of their working lives, this bodes well for continued population growth via the in-migration of retirees, not to mention job seekers coming to Florida. The population of Florida is also growing naturally, as birth rates exceed death rates.”

He predicts Real Gross State Product (RGSP) will expand 3.5% in 2018 and 4.3% in 2019 before growth eases to 3.7% in 2020 and then 2.7% in 2021.