Davidson Realty, Inc.

Northeast Florida Market Stats | May 2024

June 25, 2024

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Posted by in News, Northeast Florida Market Trends

“Failure will never overtake me if my determination to succeed is strong enough.” Og Mandino

 

Og inspires me every day. He shares so much wisdom.

 

The Northeast Florida Association of Realtors (NEFAR) May market stats show a slight increase in median sales price and a slight increase in closed sales. The median sales price of $375,000 for all property types is 3.2% higher than last month and 5.6% higher than last year. You may have seen articles that the median sales price went over $400,000, which it did for single family homes.

 

There were 2,604 closed sales in May, which is 3.1% higher than last month, but 8.2% lower than last year. We were seeing good sales activity in early April before mortgage interest rates went back above 7%. The properties that went under contract in late March and early April closed in May.

Active inventory has risen to 10,052 properties, which is up 19.8% over last month and 104.8% over last year. The supply of inventory is still only 3.9 months of inventory. A 5 to 6-month supply is considered a balanced market.

 

The increase in inventory is a positive sign for our market, giving buyers more properties to choose from and a little more time to decide. The buyers are taking their time to find the right home for their family.

Many sellers haven’t adjusted to the slower market and have been pricing their homes based on real estate values from many months ago. Pricing homes over the current market conditions usually brings a lower purchase price because the home stays on the market and buyers wonder what is wrong with it.

Pending sales declined again in May. There were 1,919 pending sales in May, which is down 20.9% from last month and 29.8% from last year.

 

The Fannie Mae Home Purchase Sentiment Index® (HPSI) decreased 2.5 points in May to 69.4 as the component measuring consumer attitudes toward homebuying conditions fell markedly, reaching an all-time survey low. Only 14% of consumers indicated that it’s a good time to buy a home, down from 20% last month, while the share believing it’s a good time to sell fell from 67% to 64%. Potential buyers are very frustrated with the lack of affordability and mortgage interest rates.

 

The consumer price index released this morning was slightly better than expected, which brought the 10-year treasury yield down. Even though mortgage rates are influenced by many factors, hopefully this will bring rates down some.

 

Please save the date of October 17, 2024, for Jim Davidson’s Annual Clay Day. We are looking for sponsors for our raffle items. If you have an interest, please let me know.

 

We are happy to assist you with any real estate needs or just questions. Let us know if we can help.

Have a wonderful Independence Day!

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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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