“Discipline is choosing between what you want now and what you want most.” Abraham Lincoln

The Northeast Florida Association of Realtors market stats continues to present a unique real estate market in 2023. The median sales price of $360,000 is up slightly (1.4%) from May and down 1.6% from last year. The prices bottomed out at $330,705 in January 2023 and have been steadily rising since. Prices are dictated by supply and demand. Our supply is low, and demand continues to be steady.

You may have seen the article in the Daily Record by Gregg Cohen with JWB Companies. He listed several factors that indicate real estate in Northeast Florida is not likely to crash.

• Low inventory levels
• Surging population growth
• Strong job market
• High equity levels in existing homes

Brian Buffini also talked about high equity levels in his recent Bold Predictions. He said nationally 39% of homes are owned free and clear, 29% have 50% or more equity in their home which leaves 32% of owners with less than 50% equity. These stats don’t look anything like the Great recession.

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“Intelligence is the ability to adapt to change.” Stephen Hawking

The real estate market has given us an incredible opportunity to adapt to change over the last few years.

The Northeast Florida Association of Realtors market stats for April show a slight increase in prices of homes, fewer closed and pending sales and a small increase in inventory.

The median sales price for April is $339,995 which is down 2.9% from last April and up 2.4% from March. In the National Association of Realtors first-quarter report, nearly seven out of 10 metro markets had home price gains.

Locally, active inventory of 5,938 homes is up 4.5% from March. Many of those homes are new construction and not completed. The supply of existing homes is very low because many homeowners with loans well below current mortgage rates are electing to stay in their homes.

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