“Dad: A son’s first hero, a daughter’s first love.” —Unknown

I want to wish a Happy Father’s Day to every Dad because you are incredibly special.

The Northeast Florida Association of Realtors market stats show that new listings of 3,785 are up 12.7% over last May and we are up 1.9% year-to-date. The Northeast Florida Builders Association shows building permits through April of 5,170 permits which is a 45% increase over the same period last year.

While new listings and new construction is great news, the inventory of available homes continues to fall. There were 3,847 homes available for sale in May compared to 9,147 last May for a 57.9% reduction. There is 1.1 months supply of inventory available. A balanced market is 5 to 6 months of inventory.

The reason inventory continues to fall is the increased demand. There were 3,672 pending sales in May which is up 18.5% over last May. Pending sales are up 25.5% over the same period year-to-date. The 3,276 closed sales are up 37.2% over last May and 25.0% over same period year-to-date.

The median sales price of $290,000 is up 16.9% over last May and the average sales price of $363,044 is up 26.1% over last May. A staggering 41% of homes closed in May sold over their list price.

The median sales price in May by county:

Baker $264,900

Clay $277,500

Duval $260,000

Nassau $344,893

Putnam $156,000

St. Johns $415,000

Many of the builders are limiting their sales currently due to supply and labor issues. While we keep hearing about lumber shortages, the National Association of Home Builders reports that appliances are the biggest issue with lumber a very close second. A key reason for the appliance shortage is the computer chips, which most now require.

The market still favors sellers; however, with some persistence, many buyers are successfully getting the home they want under contract. If we can help you with a purchase or a sale of your home, please let us know.

Please save the date for our Davidson Cares Clay Day 2021. Our event is October 21, 2021 at Jacksonville Clay Target Sports.

Happy Father’s Day!