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Northeast Florida Market Stats | February 2025

March 27, 2025

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“Spring is nature’s way of saying, ‘Let’s party!’” Robin Williams

 

I love this spring weather, March Madness, MLB spring training, and the improving real estate market.

 

The latest market data from the Northeast Florida Association of Realtors indicates promising opportunities for homebuyers in Northeast Florida. With slightly lower prices, increased inventory, and improving interest rates, conditions are becoming more favorable for those looking to purchase a home.

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Northeast Florida Market Stats | January 2025

February 18, 2025

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Posted by in News

“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 | September 2024

November 4, 2024

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“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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Northeast Florida Market Stats | March 2024

April 29, 2024

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Posted by in News

“To be in your children’s memories tomorrow, you have to be in their lives today.” ― Barbara Johnson

 

Wishing all the mothers out there a Happy Mother’s Day!

 

The Northeast Florida Association of Realtors (NEFAR) market review continues to show the median sales price of $360,000 consistent with last month. It was 8.2% higher than last year.

 

There were 2,442 closed sales, which is up 23.5% from last month and down 15.8% from last year. These numbers are affected by the volatile mortgage rates. The average rate on a 30-year mortgage had remained below 7% since early December and began rising in February. According to Freddie Mac, the average rate on a 30-year mortgage rose to 7.1% from 6.88% last week, the highest level since late November. Properties that went under contract in late December, January or early February closed in March.

 

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Northeast Florida Market Update

February 16, 2023

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Posted by in News

“When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.”

Henry Ford

 

In the 2023-2026 Florida and Metro Forecast, Dr. Sean Snaith, the director of the University of Central Florida Institute of Central Forecasting said “The U.S. economy is either in or on the brink of a recession. Because of the forecasted shape of the recession: a gradual decline into recession and 12 or more months in the downturn followed by a gradual climb out of recession, we have dubbed the recession the Pasta Bowl Recession.” If you haven’t heard him speak, take the opportunity. He is very smart and very funny.

 

A few interesting predictions from the forecast are:

 

Real Gross State Product will mildly contract during the recession as growth will slow to -1.3% in 2023, turning positive in 2024 and accelerating in 2025 to reach 1.7% by 2026.

 

The unemployment rate was 2.9% in 2022. The recession will push up the rate to 4.6% in 2023, and to 5.8% in 2024, before easing slightly to 5.4% in 2025 and 5.0% in 2026.

 

Housing starts were 192,294 in 2022 with starts decelerating to 133,829 in 2023 and 134,755 in 2024 before ticking up to 149,920 in 2025 and 152,865 in 2026.

 

The Northeast Florida Association of Realtors (NEFAR) market stats for January 2023 show the median sales price is stable, closed sales are down, pending sales are up and inventory is up slightly from last month.

 

The median sales price of $330,000 is down 2.4% from December and up 3.4% from last January. There were 1,525 closings which is down 30% from last month and 33% from last year. This reflects the last several months of very low buyer demand.

 

There were 2,248 pending sales in January. This was the most since August of 2022. Nationally, pending sales increased for the first time since May.

 

“This recent low point in home sales activity is likely over,” said NAR Chief Economist Lawrence Yun. “Mortgage rates are the dominant factor driving home sales, and recent declines in rates are clearly helping to stabilize the market.”

 

There were 3,451 new listings in January which is 32% higher than the previous month and 19% higher than last year. The active inventory went from 6,231 last month to 6,403. When you read how much inventory has increased, keep in mind how many of the new listings were absorbed. There is plenty of demand and the spring buying season looks to be warming up.

 

I love this time of year with March Madness coming, Baseball Spring Training starting and the real estate market getting back to a more normal rhythm. If we can help you with any of your real estate needs, please let us know.

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