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Northeast Florida Market Stats | January 2025

February 18, 2025

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Posted by in News, Northeast Florida Market Trends

“I have learned that success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome while trying to succeed.” – Booker T. Washington

 

The real estate market has experienced significant obstacles over the past few years, from the post-COVID buying frenzy to the recent slowdown in buyer activity. However, every market presents opportunities for both buyers and sellers.

 

The January 2025 Northeast Florida Association of Realtors Market Review suggests we may be transitioning into a buyer’s market. Here are some key insights:

 

  • Median Sales Price: The median sales price across all property types in the six-county area declined to $315,000 from $350,000 in December 2024, a 10% drop.

 

  • Closed Sales: There were 1,628 closed sales, up 0.4% from last January but down 33.0% from December.

 

  • Pending Sales: A total of 1,636 pending sales were recorded, down 30.3% from last January and 8.9% from December.

 

  • Months’ Supply of Inventory: Inventory levels rose to 6.5 months, an increase of 73.6% from last January and 70.5% from December. A balanced market typically falls within a five- to six-month supply.

 

  • Active Inventory: There were 10,644 homes available for sale, up 74.3% from last January and 14.2% from December.

Over the past few years, home prices have risen significantly, but we are now seeing signs of decline as sellers adjust to higher interest rates and reduced buyer demand. While monthly price fluctuations are common, the current trend suggests increased price reductions.

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Northeast Florida Market Stats | December 2024

January 28, 2025

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Posted by in Northeast Florida Market Trends

“You are never too old to set another goal or to dream a new dream.” – C.S. Lewis

 

I hope your 2025 goals and dreams all come true.

 

As we look back on December 2024, the real estate market in Northeast Florida continues to demonstrate its resilience and evolving dynamics. According to the latest data from the Northeast Florida Association of Realtors (NEFAR), here are the key highlights from last month’s performance:

 

  • Median Sales Price: The median sales price across all property types in the six counties remained steady at $350,000, marking no change from November but reflecting a slight 2.8% decrease from December 2023.

 

  • Closed Sales: There were 2,349 closed sales which is up 22.2% from 1,922 in November and 17.0% from December 2023.

 

  • Pending Sales: Pending sales dropped to 1,435, down 26.0% from last month and 20.2% from last December. This dip aligns with typical holiday trends, compounded by rising mortgage interest rates during the same period.

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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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Northeast Florida Market Stats | October 2024

November 26, 2024

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Posted by in Northeast Florida Market Trends

“We often take for granted the very things that most deserve our gratitude.” – Cynthia Ozick

 

I do not take for granted all of you that have supported and encouraged me for years. Thank you!

The October 2024 market review from the Northeast Florida Association of Realtors (NEFAR) shows continued price stability, closings and pending sales are down and inventory of available homes is up.

The median sales price for all types of homes in all 6 counties is $345,125. The median price has hovered slightly above or below $350,000 for many months. It is down 1.4% from last year and up 0.9% from last month.

 

There were 2,026 closed sales, which is down 5% from last year and down 5.7% from last month. Some homebuyers began looking at homes when rates dipped in September, but did not lock in an interest rate and the rates increased and now, they are looking at rates closer to 7% than 6%.

 

Some homebuyers got cold feet due to mortgage interest rates, economic uncertainty, and election jitters gripped the country; nationally roughly 53,000 home purchases were canceled in October, equal to 15.5% of homes that went under contract last month. That’s the highest percentage in nearly a year.

 

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Northeast Florida Market Stats | September 2024

November 4, 2024

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Posted by in Northeast Florida Market Trends

“Spread love everywhere you go. Let no one ever come to you without leaving happier.”
— Mother Teresa

 

We all need to spread a little extra love right now with the hurricane damage and the election craziness. It is wonderful to see all the people helping each other.

 

The Northeast Florida Association of Realtors (NEFAR) market review for September shows our home prices continue to be stable. The median sales price for all types of properties in all 6 counties is $349,000 which is down 0.3% from last year and last month. The median price in August was $350,000.

 

There were 2,027 closed sales in September which is down 9.8% from last year and down 15% from last month. Pending sales in September of 1,500 are down 24.8% from last year and 31.7% from last month.

The mortgage interest rate dropped some in mid-September but has increased slightly since. The market is still looking for some stability in rates.

 

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