Davidson Realty, Inc.

Northeast Florida Market Update | February 2023

March 30, 2023

 | 
Posted by in News, Northeast Florida Market Trends

“Progress always involves risk. You can’t steal second base and
keep your foot on first.” – Frederick B. Wilcox

My favorite time of the year is coming, and I am so looking forward to the first baseball game of the season.

 

This is also the best time of year for real estate in the Northeast Florida area. Even with higher interest rates, the buyers have been busy. Closed sales are up in February, pending sales are up and prices are stable.

 

The median sales price for all property types in all 6 counties is $330,000 the same as January. The National Association of Realtors predicts median existing-home prices will be stable compared to the previous year for most markets with the national median home price decreasing by 1.6% in 2023 before regaining positive traction of 3.1% in 2024.

 

There were 1,954 closed sales in February which is up 24.1% from 1,574 closed sales in January. The 2,431 pending sales was up 7.7% from 2,257 in January. Nationally pending home sales improved in January for the second consecutive month.

 

The active inventory of 6,149 homes is up 2.1% from January giving buyers a better selection. However, due to increased sales the months supply of inventory dropped from 3.8 months in January to 3.1 months in February. Five to six months of supply is a balanced market.

 

We saw the frenzied housing market that lasted over a year and then fear set in for buyers and sellers with the drastic home mortgage interest rate increases and national media constantly talking about prices dropping.

 

The spring buying season is looking very promising with sellers now willing to list their homes helping to increase the market inventory. With the more stabilized market, buyers are taking a little more time to make purchase commitments making sure their home includes the features they desire.

 

If you are looking to buy a home or an investment property or sell your home, please give us a call. We would love to share our market knowledge with you.

 

Sincerely,

Sharon P. Davidson
President

(0) Comments
  • Print
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks
  • email
  • LinkedIn
  • StumbleUpon
  • Twitter
  • Yahoo! Bookmarks
  • Yahoo! Buzz
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.

Comments are closed.

Davidson Realty