“God has given us two hands – one to receive with and the other to give with. We are not cisterns made for hoarding; we are channels made for sharing.” Billy Graham

The Northeast Florida Association of Realtors market stats continue to show more buyer demand than seller supply. Pending sales were below normal in March, April, and May due to COVID-19; however, the year to date pending sales are up 11.6% over the same period last year. The 2,858 pending sales in November is 21.3% higher than last November.

The 2,680 closings in November are 13% higher than last November. We are up 6.7% year-to-date over the same period last year.

The homes available for sale is the lowest number on any reports I have seen. There are 5,211 homes available in Northeast Florida down 44.7% from 9,418 in November 2019 and 9,976 in November 2018.

There is 1.7 months supply of homes for sale which is down 51.4% from last year. A balanced market is 5 to 6 months of inventory.

The Northeast Florida builders are building more homes than in any year since 2005. There have been 11,343 permits issued in the Jacksonville MSA through November. That is 18% higher than 2019 in the same period. There were 10,345 permits in all 12 months of 2019.

The low supply and increased demand is causing prices to continue to rise. The median sales price of $262,000 is 12.9% higher than last November and we are up 8.8% year-to-date. The average sales price of $317,602 is 17.2% higher than last November and we are up 11.5% year-to-date.

Realtor.com has issued the first predictions for 2021. They are predicting a 7% growth in sales nationally and a 5.7% price increase. The 2021 prediction for the Jacksonville area is 9.4% growth in sales and 5.0% increase in prices.

Realtor.com is predicting more homes will hit the market in 2021, but buyers will struggle with affordability as home prices continue to rise. Mortgage rates will slowly rise toward 3.4%.

· Millennials will continue to drive the market. Older millennials will likely be trade-up buyers while the younger segment of the generation age into their key home-buying years.

· Affordability will become a growing obstacle.

· Inventory will begin the slow road toward recovery.

· Suburbs will shine if remote work stays around.

I wish you a wonderful holiday season and an amazing 2021. This year was full of ups and downs with COVID and the election. I wish you a wonderful and safe New Year!