Davidson Realty, Inc.

Northeast Florida Market Update | August 2023

September 25, 2023

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Posted by in News, Northeast Florida Market Trends

“Do your little bit of good where you are; it’s those little bits of good put together that overwhelm the world.” ― Archbishop Desmond Tutu

Jim Davidson’s Annual Clay Day is coming up October 19th. We renamed our Davidson Cares shoot this year to honor Jim. Through your amazing generosity, we have already raised over $25,000 in contributions in Jim’s memory. Last year the shoot raised $101,000 so this year our donations to Jim’s favorite charities are going to be big.

We have almost sold out of teams, but if you want to participate, please go to DavidsonCares.com and buy a raffle ticket or donate. We have our cooler and cocktail raffle, the shotgun, and this year we have added a $1,000 gift certificate to the Ponte Vedra Spa. Be a part of the donations to our amazing local charities.

The Northeast Florida Association of Realtors (NEFAR) market stats for August show the median sales price of $357,000 has been stable for the last 4 months. It has only moved up or down slightly in the last few months.

There were 2,425 closed sales in August which is up slightly (0.6%) from 2,410 in July. However, the 2,312 contracts written (pending sales) are down 10.4% from July. With mortgage interest rates staying above 7%, it is no surprise that pending sales are down.

There were 3,882 new listings which is up 11.3% from July. The new listings number has bounced around from approximately 3,700 in June to 3,500 in July to 3,900 in August.

The active inventory is at 6,483 which is up 10.7% from July. It sounds like a big jump, but the months supply of inventory moved from 2.4 months in July to 2.7 months in August. Keep in mind a balanced market is 5 to 6 months of inventory.

The northeast Florida real estate market has less transactions because of low inventory numbers and high interest rates. The demand still outweighs supply, and the prices are stable. I don’t think we will see a lot of change unless mortgage interest rates decline to under seven percent.

Enjoy the final baseball games and playoffs (Go Braves!) and the college and professional football games (Go Gators and Jags!). Stay safe through the end of hurricane season and get ready for the best time of the year for Florida weather.

Please let us know if we can help you with any of your real estate needs and thank you so much for your support.

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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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