Drew Dixon
Northeast Florida is seeing an even more depleted inventory of homes as housing sales remain robust, but are starting to decline, according to Northeast Florida Association of Realtors data released this week.
The number of homes on the market along the First Coast dropped to 5,211 in November. That’s yet another drop in inventory in the region, falling from the October figure of 5,889. The number of homes for sale in Northeast Florida has been dropping every month this year.
In January, inventory was 7,980, making November’s figure a 45% drop so far this year. In Nov. 2019 there were 9,418 homes on the market in the region.
Since there are fewer homes on the market, fewer houses are being sold. NEFAR reports there were 2,680 homes sold in November. That’s the first time in five months that home sales did not exceed 3,000, down from October’s figure of 3,203 homes sold. Yet, that’s a 13% increase over November, 2019, when 2,772 homes were sold.
NEFAR President Ron Harris said the demand for homes in the region is outstripping supply, which is producing a mixed impact.
“Northeast Florida’s housing market desperately needs a significant influx of homes for sale. The depleted supply is not even close to being able to support the demand,” Harris said.
The average price for homes has been fluctuating throughout the summer months this year well into the fall. November’s average price for a residential dwelling on the First Coast was $317,602, which is down from October’s average figure of $328,450. November’s average price is a whopping 12.9% increase over a year ago.
The average price has been bouncing back and forth in that range for most of the second half of 2020. Prior to 2020, the average price for a home in Northeast Florida had never exceeded $300,000.
The increased demand is also leading to homes for sale remaining on the market for fewer days. The average number of days a house remained on the market in November was 54, down from 65 days a year ago, a decrease of 17%.
NEFAR officials project the trend of a strong seller’s market will most likely continue into 2021 as 19% of all homes for sale are fetching more than the asking price.
