The region saw 34,932 homes sold in 2020, a new high and an increase of 8.2% over 2019.
The average price for homes on the First Coast skyrocketed to $309,001 per unit, and several months saw that figure surpass $330,000. Prior to 2020, the average price for a home in the region never exceeded $300,000. The average price for a home in 2019 was $276,377.
A major factor in driving that average price up was a severe drop in inventory in homes for sale. At year’s end, there were 4,549 residential properties for sale in the area. That’s a staggering drop of nearly 50% as 2019 ended with 8,569 homes for sale.
“2020 was a wild ride in many areas, and that certainly included housing sales,” said NEFAR President Missi Howell. “Despite the coronavirus raging throughout a large chunk of the year, and Realtors working under substantially different protocols as a result, the end result was a clear demonstration from buyers of the vital importance of housing.”
On a monthly level, December reflected the robust seller’s market in Northeast Florida. There was a bump in homes sold last month for a total of 3,187 residences purchased. That’s up from 2,680 in November. It’s also a 15.2% increase over home sales in the region for December 2019.
The average home price spiked to $330,000 again in December. That price was $331,242 for the average house, up from $317,602 in November and a 14.6% jump from December, 2019.
The amount of homes being sold for more than the original asking price was 18.6%, which is a 55% increase from December, 2019.
Houses are not remaining on the market for very long on the First Coast, either. The average number of days between listings and sales was 52 days. That’s 26.8% quicker than a year ago when residential properties were on the market for an average of 71 days.