Davidson Realty, Inc.

Northeast Florida Real Estate Market Update

July 18, 2022

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Posted by in News, Northeast Florida Market Trends

“If you don’t like something, change it. If you can’t change it, change your attitude.” — Maya Angelou

Every headline seems to be negative about the economy and the housing market. If we can’t change the situation, we need to change our attitude about it.

 

This morning we saw that the Consumer Price Index (CPI) rose 9.1% from a year earlier. Housing has the largest impact of any input on the CPI at roughly 40%. The Federal Reserve is very focused on bringing down inflation. As such, they are determined to bring down housing prices by raising interest rates.

 

The June market review from the Northeast Florida Association of Realtors does show signs of the market slowing. Closed and pending sales are down this month and inventory has increased. However, the median sales price for all property types in Northeast Florida of $369,229 continues to rise. It is up 23.1% over last year and 2.6% over May.

 

Experts are not expecting prices to decline but rather that they may increase at a more moderate rate. Forecasts from seven major industry groups were predicting an average of 8% increase in prices for 2022.

 

The median days on the market increased from 13 days to 19 days. This is still very low compared to historical data.

 

The closed sales of 2,968 is down 18.8% from last year and 3.1% from May when there were 3,062 closed sales. Pending sales of 2,748 are down 19.4% from last year and 11.6% from May’s 3,109.

 

The active inventory is 5,508 homes up 15.2% from last year and 20.6% from May’s 4,566. This equates to 1.9 months supply of homes up 24.5% from 1.5 months in May.

 

This is good news for buyers as they have more homes to choose from and not as many competing offers. Sellers may see their home stay on the market a little longer and not have as many offers, but there is still strong demand and low inventory.

 

If you have a change in your circumstances and need to buy or sell, don’t let all the negative headlines keep you from making the correct life decisions. Enjoy your summer and please let us know if we can assist you in any way.

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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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