Davidson Realty, Inc.

Northeast Florida Market Stats | November 2024

December 27, 2024

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Posted by in Northeast Florida Market Trends

“It is Christmas in the heart that puts Christmas in the air.” W.T. Ellis

 

Everyone at the Davidson Companies wishes you a Merry Christmas!

 

The November 2024 Market Review from the Northeast Florida Association of Realtors looks a lot like the October Review. The median sales price for all property types in all 6 counties is $350,000 which is down 4.1% from last year and up 1.4% from last month. The median sales price has remained stable all year.

 

There were 1,846 closed sales which is up 0.3% from last year and down 12.58% from last month. Pending sales of 1,502 are down 12.8% from last year and down 19.8% from last month.

 

Active inventory of 10,556 homes is up 74% from last year and 8% from last month. This is a huge increase but between 2012 and 2019 active inventory stayed in the range of 8,000 to 10,000 homes. This inventory level is being compared to very low levels after the pandemic.

 

Months supply of inventory is 5.37 months. Five to six months of inventory is considered a balanced market.

 

In summary, the sales price is stable. Sales and closings have remained low for the past 2 years. Inventory continues to grow. When mortgage interest rates were low, the inventory was low. As interest rates have stayed higher, inventory is growing.

 

I have listened to predictions from multiple economists recently from the Realtor Associations, the Homebuilders Association and several independent companies. Most economists are predicting mortgage interest rates to be near 6% in 2025. Even if short-term interest rates drop, they are not predicting large drops in mortgage interest rates.

 

Dr. Lawrence Yun, the NAR chief economist is predicting existing home sales to grow 7 to 12% in 2025 and new homes sales to grow 11%. A few economists are predicting smaller growth, and a few are predicting more.

 

Most of the economist are predicting median home prices to rise slightly. Dr. Yun is predicting a 2% rise in prices nationally. Some local markets will do a little better and some worse, but I haven’t seen anyone predicting large price decreases.

 

With the election behind us and a little more stability in mortgage interest rates, I expect 2025 to be a better year for the real estate industry.

 

Thank you for your support this year and please let me know if we can help with any of your real estate needs. Wishing you a wonderful 2025!

 

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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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