The First Coast housing market showed a dip in the number of homes sold, but the value of each of house is going up, despite the coronavirus outbreak.
The Northeast Florida Association of Realtors released its latest figures Monday on home sales in April showing a still-strong regional market. The total number of homes sold in April fell to 2,334, down from 2,672 in March.
Despite COVID-19 restrictions though, the value of each house went up. NEFAR said reduced inventory translates to a spike in value.
The median price for a home in Northeast Florida jumped to $250,000, an 11% increase from the March median value of $243,634.
Home sales remained brisk in Duval, Baker, Clay, Nassau, Putnam and St. Johns counties. NEFAR officials credited the demand for homes as the main factor for the housing market withstanding the COVID-19 impacts.
The inventory of homes on the First Coast is shrinking, creating a sellers market. April saw a sharp drop in the number of homes for sale falling from 9,370 in March to 8,277 in April. April inventory was down 14.2% from one year ago.
“We weren’t sure what to expect from April’s market, considering the enormous impact of COVID-19. I am proud that our members adapted rapidly to serving buyers and sellers using new methods, including a great deal of virtual technology, and 2,334 homes still changed hands,” said NEFAR President Ron Harris.
Many realtors were already using online technology to help communicate with home buyers and sellers. But most of those agents switched to full online capabilities once the pandemic took hold.
The number of days a house was for sale on the market decreased to 67 in April, down from 70 in March.