The Northeast Florida Association of Realtors market stats for October continues to show positive trends. New listings are up 11% year to date, which is a good sign. We have had 35,694 new listings in 2018, 26,330 contracts written and 25,085 closings. Even with the increase in new listings, the inventory of homes for sale dropped to 9,238 from 9,469 last month.

We have 3.6 months supply of inventory. A balanced market is 5 to 6 months, so the inventory of homes available is still low until you reach the $500,000 and up price range.

The median sales price of $211,900 is up 9% year to date over the same period last year. The average sales price of $263,043 is up 8% year to date. The days on market until sale is 58 days which is down 11% year to date compared to the same period last year.

Every item being monitored is still positive. Sales and closings are up year to date, prices are up, and days a home is on the market is down.

I am also thankful to see Sean Snaith’s positive comments about the Florida economy and housing market. He is a very respected economist at the University of Central Florida. In his October 2018 Florida forecast, he said, “The fundamental underpinnings of the housing market in Florida continue to strengthen. Economic and job growth in Florida are forecasted to continue to outperform the U. S. labor market. As more Baby Boomers continue to reach the end of their working lives, this bodes well for continued population growth via the in-migration of retirees, not to mention job seekers coming to Florida. The population of Florida is also growing naturally, as birth rates exceed death rates.”

He predicts Real Gross State Product (RGSP) will expand 3.5% in 2018 and 4.3% in 2019 before growth eases to 3.7% in 2020 and then 2.7% in 2021.

As we are getting closer to Thanksgiving, I want to express my gratitude for your friendship and support. I especially want to thank everyone who supported our 2018 Davidson Cares Clay Day. Because of you, the shoot raised over $52,000 which, with some matching funds, will contribute more than $100,000 to St. Augustine Youth Services and Investing in Kids. This is a substantial increase from the results of our 2017 shoot.

The Northeast Florida Association of Realtors market stats for September 2018 continue to be positive despite many national reports of the housing market shifting from a seller’s market to a more balanced market. Most articles I read about the national real estate market discuss days on market increasing and home sales declining.

An article by Florida Realtors says the median time for a home to go to contract remained stable at 38 days for single-family homes showing the continued strength of the state’s housing market. It is interesting to note that the statewide median sales price for single-family existing homes was $251,610 in September and the National Association of Realtors national median sales price for existing single-family homes was $596,410 in August. It looks like some of the markets around the country might be a little overheated after rapid price increases and need an adjustment.

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The Northeast Florida Association of Realtors market stats for August 2018 continue to show the same trends. Pending sales are up and prices are up. New listings are up but the inventory of homes available for sale is down. The closed sales are about the same as last year.

One indicator of a healthy market is the days a property is on the market until sale. In August, a home stayed on the market 59 days on average which is down 9% from 65 days last August. The number is down 12% comparing the current year to date to the previous year to date. It is a good sign for the market when homes listed receive such a quick positive market response.

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