Davidson Realty, Inc.

April Market Stats: Florida is growing Fast!!

May 31, 2019

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Posted by in Ask Sherry, News, Northeast Florida Market Trends

The National Association of Realtors annual meeting in Washington DC just wrapped up and Dr. Lawrence Yun, chief economist at the National Association of Realtors made an interesting prediction of changing future migration patterns of buyers. “Because of significant differences in home prices between metro markets, he says there may be a steady shift in the relocation of people and companies into more affordable regions of the country. Housing affordability has been falling according to NAR’s Housing Affordability Index.” Florida Realtors

 

Another Florida Realtors article discusses the 2018 American Community Survey state-to-state migration flows. Florida had the most domestic in-movers, with 566,476 people moving from another state within the past year. The states with the next highest in-migration flows are Texas with 524,511 and California with 523,131.

 

New York lost the most residents to Florida, with 63,722 ex-New Yorkers becoming Floridians. The second-highest contributor was Georgia with 38,800 in-movers.

 

California had the most domestic out-movers, with 661,026 people leaving the state within the past year.

 

These migration patterns are contributing to our local real estate market’s health. The Northeast Florida Association of Realtors market stats for April 2019 show a continued strong local market. There were 3,171 pending sales for April which is the highest number we have seen in many years. Pending sales are up 6% over last April and year-to-date.

 

There were 2,889 closed sales which is up almost 7% from last April and 4% year-to-date. The median sales price of $225,000 is up 2% over last April and year-to-date. The average sales price of $276,712 is up 3% over last April and 1% year-to-date.

 

A number to watch closely is days on market until sale. Properties stayed on the market 67 days in April. The number of days has varied between 59 and 73 days for the last 2 years and was over 70 days for the last 3 months. If we see a market shift, the days on the market until sale will begin to get longer.

 

The inventory of homes for sale of 9,313 and the month’s supply of inventory of 3.6 are very stable. All positive signs for our local northeast Florida real estate market.

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About the Author
Sherry Davidson
President of Davidson Realty

Since launching Davidson Realty in 1989, Sherry Davidson has built the firm to include nearly 60 agents and exceed $100 million in annual sales. She is known throughout the First Coast as an authority on all things residential real estate, having served on the Board of Directors for Northeast Florida Association of Realtors, Florida Realtors® (a division of the National Association of Realtors), and Builders Care (charitable arm of Northeast Florida Builders Association).

Thanks to Sherry’s leadership, Davidson Realty has been recognized as one of the state’s Best Companies to Work For (Florida Trend Magazine), as well as one of the region's Best Places to Work and 50 Fastest Growing Companies (Jacksonville Business Journal). Get to know Davidson Realty’s talented team of agents by clicking here or call us at (904) 940-5000.

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