Davidson Realty, Inc.

Northeast Florida Real Estate Market Update

November 22, 2022

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Posted by in News, Northeast Florida Market Trends

“Reflect upon your present blessings—of which every man has many—not on your past misfortunes, of which all men have some.” —Charles Dickens

Thanksgiving is my favorite holiday; I love to reflect upon my blessings.

 

The Northeast Florida Association of Realtors (NEFAR) market stats for October continue to show the median sales price stabilizing. Since April, the median price has gone slightly above or below $350,000 each month and ended at $355,000 for October.

 

NAR Chief Economist Lawrence Yun recently spoke at the NAR conference and said “For most parts of the country, home price are holding steady since available inventory is extremely low. Some places are experiencing price gains, while some places, most notably in California, are seeing prices pull back.”

 

Yun mentioned the difference between current market conditions and the Great Recession. “Housing inventory is about a quarter of what it was in 2008. Distressed property sales are almost non-existent, at just 2%, and nowhere near the 30% mark seen during the housing crash. Short sales are almost impossible because of the significant price appreciation of the last two years.”

 

There were 2,344 closed sales in October which is down 27.1% from last year but an increase of 11% from September when Hurricane Ian had some impact. Pending Sales of 1,968 were almost the same as September when we had 2,029 pending sales.

 

Active inventory is at 7,237 properties which is up 18.2% from the 6,125 properties in September. We now have 3.1 months supply of inventory compared to 2.9 months in September. Five to six months of inventory is a balanced market.

 

Lawrence Yun expects home sales to decline by 7% in 2023 with the national median home price increasing by 1%, with some markets experiencing price gains and others price declines.

 

The prices are stabilizing, the closings and pending sales are down, inventory is up but still below pre-pandemic norms. It appears that buyers are continuing to buy homes just not at the frenetic pace we have seen for the last two years.

 

Wishing you and your family a wonderful Thanksgiving holiday!

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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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