The Northeast Florida Association of Realtors market stats for May show an increase in new listings which is very good news. There were 3,797 new listings in May which is up 9% over last May and we are up by 7% year to date.

Even with the increase in new listings, the inventory of homes for sale is down 9% from last May to 8,398 properties. There are 3.4 months of supply of inventory which is down 13% from last May. A balanced market is 5 to 6 months of inventory. The shortage of homes for sale is most acute in the price ranges under $300,000.

There is plenty of buyer demand. There were 2,996 contracts written in May which is an 11% increase over last May. Pending sales are up 6% year to date.

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The biggest issue we discuss every month is the homes available for sale in our local market and the nation. The largest shortage continues to be in the lower price homes. Millennials, boomers and investors are all competing for these homes creating a very competitive market.

According to the Northeast Florida Association of Realtors market stats for April 2018, the inventory of homes available for sale is down 9.4% from last year to 8,264 homes. The inventory of homes under $150,000 is down 40% from last April and the homes between $150,000 and $200,000 is down 19%.

There is 3.4 months supply of inventory available which is down 12.8% from last year. A balanced market is 5 to 6 months of inventory available.

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“One thing I can say about George… he may not be able to keep a job, but he’s not boring.” Barbara Bush

Barbara Bush was a great lady who had a great perspective on life and I will miss her.

The Northeast Florida Association of Realtors market stats for March 2018 continue to show strong buyer demand and the inventory of available homes remains tight with a 3.3 months supply. A balanced market is 5 to 6 months of supply.

This continues to cause the significant rise in prices. The median sales price is $224,118 which is up 15% over last March and 14% year to date. The average sales price of $269,415 is up 11% over last March and 12% year to date.

The builders are trying to meet the demand. The Northeast Florida Builders Association reports 1,519 building permits issued in the four county MSA in January and February 2018 compared to 1,289 for the same period last year reflecting a 17.8% increase.

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“My home is in Heaven. I’m just traveling through this world.” Billy Graham
It is hard to be sad at Billy Graham’s passing because he is finally home. He has inspired us for many years and I will miss him.
I wanted to share my thoughts on the local real estate market and the new tax law related to the housing industry.
The Northeast Florida Association of Realtors market stats for February show a very similar trend to last year. January and February historically are less active for contracts and closings with our market heating up in the spring.
Pending sales were up slightly (0.1%) from 2,356 last February to 2,358 this year. Closed sales were down 4.3% from 1,857 last February to 1,778 this year. Read more