Davidson Realty, Inc.

Northeast Florida Market Stats | July 2024

August 27, 2024

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Posted by in Northeast Florida Market Trends

“Buyers rejoice! Every single metric in the Northeast Florida Association of REALTORS® (NEFAR) Market Statistics report for July shows the housing market making a shift towards a balanced market. Although the market is not totally balanced yet, stabilization is on its way, and that is good news for buyers.” NEFAR press release.

 

The NEFAR market review for July 2024 median sales price for all property types in the 6-county area is $369,150, which is up 2.5% from the previous year and down 0.2% from the previous month. As we have seen over the past 12 months, there are small moves up and down monthly, but prices are moving within a small range.

There were 2,364 closed sales in July, which is down slightly from last year and last month (2.0% down from last year and 5.6% down from last month). Pending sales were down more significantly. There were 1,778 pending sales, which is down 29.2% from last year and 20.9% from last month.

 

Many buyers are on the sidelines maybe waiting for rates to fall or prices to fall. The inventory continues to increase. Active inventory at the end of July was 10,594 homes, up 105.7% for the year and 11.9% for the month.

The months supply of inventory is 4.5 months, which is very close to a balanced market.

 

Lawrence Yun, The Chief Economist for the National Association of Realtors (NAR) said “generally, the rate-cutting cycle is not one-and-done. Six to eight rounds of rate cuts all through 2025 look likely. Whoever sits in the White House in 2025 will see lower interest rates. However, a super-sized budget deficit could limit the decline in mortgage rates. More government borrowing means less mortgage money to lend. The new normal for mortgage rates will be around 6% and definitely not to 4% as was before COVID.”

 

If the buyers are waiting for lower interest rates, NAR is not predicting them to go too much lower. If they are waiting for prices to come down, it may happen, but has not happened over the last two years. It is a great time to buy right now!

The Jim Davidson’s Annual Clay Day is coming up October 17th. Go to DavidsonCares.com and sign up to shoot or buy a raffle ticket for one of the four great raffle items. If you have questions, please reach out to me at sdavidson@davidsonrealtyinc.com. We have six amazing charities that will benefit from your donation.

 

Have a great Labor Day holiday and let us know if we can help 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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