Davidson Realty, Inc.

Northeast Florida Market Stats | June 2024

July 30, 2024

 | 
Posted by in News, Northeast Florida Market Trends

“In any given moment we have two options: to step forward into growth or step back into safety.” Abraham Maslow

 

The National Association of Realtors settlement will require growth and moving out of our comfort zone for most Realtors in the country.   However, the team at Davidson Realty is educated, prepared for change and will continue to take the best care of our customers with knowledge and expertise.

 

The Northeast Florida Association of Realtors market stats for June 2024 show stability in the median sales price and the number of new listings. Due to the decrease in closed sales and pending sales, the active inventory continues to grow.

 

The growth in available inventory is positive. We have been at low levels of inventory for a long time and buyer demand is very low because of the high interest rates. If mortgage rates drop and buyer demand increases, it will be great to have more properties for buyers to purchase, which should keep prices from rising too quickly.

 

Freddie Mac reports the national average for 30-year fixed-rate mortgage rates for the week ending July 11 averaged 6.89%, falling from last week’s 6.95% average. A year ago, 30-year rates averaged 6.96%. While I don’t pretend to be able to predict interest rates, there have been encouraging signs that mortgage rates will not be so volatile.

 

The median sales price for all properties in all 6 counties of Northeast Florida is $370,000. That is an increase of 3.5% from last year and a decrease of 1.3% from May. Prices continue to stay stable.

 

There were 2,438 closed sales in June, which is down 15.6% from last year and down 9.6% from May. There were 1,670 pending sales, which is down 31.0% from last year and 32.5% from May. The buyer demand is very low due to affordability with high prices and high mortgage rates and uncertainty in world events. Many cash buyers are also in a wait and see mode.

 

The active inventory is 10,263, which is up 96.0% from last year and 15.8% from May. These are very healthy inventory levels and below the levels before COVID.

 

There are 4.2 months supply of inventory which is an increase of 132.2% from last year and 28.1% from May. A balanced market is 5 to 6 months of inventory.

 

Many locals have sticker shock at the sales prices we are seeing, but compared to many areas of the country, the Jacksonville area is still very affordable. In March 2024, the Jacksonville area median home price was $390,000. The national home price was $385,100.

 

A few other cities:

Miami-Ft. Lauderdale          $625,000

Boston MA                              $701,400

Naples FL                               $850,000

Seattle WA                              $924,200

Manhattan NY                        $1,006,100

San Jose CA                             $1,422,600

 

In comparison, we live in an amazing area with beaches and rivers, and it is much more affordable.

 

Enjoy your summer and please let us know if we can assist you in any way. Thank you for all of your past 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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