Davidson Realty, Inc.

Northeast Florida Real Estate Update

August 22, 2022

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Posted by in News, Northeast Florida Market Trends

“The measure of intelligence is the ability to change” -Albert Einstein

Those of us in the real estate industry must be very intelligent since our market keeps changing continuously. We have gone from calming buyers who lost out on many homes in multiple offer situations to educating sellers that it will take longer to sell their home and it must be priced properly within a matter of weeks.

 

There are positives to the changes we are seeing. Buyers have more choices of homes and can negotiate with the sellers. The sellers are seeing a less hectic sales process.

 

The Northeast Florida Association of Realtors market review for July shows prices are stabilizing, pending and closed sales have dropped, and inventory is increasing.

 

The median sales price for all property types in all local counties is $368,000 which did not change from June. The price is up 20.7% from last July.

 

Nationally, the median sales price of $403,800 for July was 10.8% higher than the previous year. Earlier in 2022, prices were climbing around 20% annually, and before the pandemic prices were rising about 5% annually.

 

There were 2,419 closed sales in July, down 27.4% from last year and 23.3% from June when there were 3,154 closings. There were 2,379 pending sales in July down 32.0% from last year and 12.1% from June when there were 2,707 contracts written.

 

In my opinion, higher housing prices, rapid increase in mortgage rates, stock market adjustment, and the national media scaring everyone with headlines of a housing crash kept most homebuyers on the sidelines. This week our company has seen more contracts written than we have seen in the last few weeks. Not quite sure what to expect next, but it seems like some buyers are coming back into the market.

 

The active inventory is at 6,312 homes which is up 23.1% from last year and 5.9% from June. The months supply of inventory is at 2.6 months which is up 69.7% from last year and 38.1% from June. A 5 to 6 months supply of inventory is considered a balanced market.

 

Change is hard, but a more balanced market is good for everyone. Please let us know if we can help you in any way with your real estate needs.

 

Our Davidson Cares Clay Day is October 20th this year. Please go to DavidsonCares.com to sign up to shoot or buy a raffle ticket supporting several awesome local charities.

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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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