Drew Dixon
The Northeast Florida housing market cooled in November, yet the value of homes saw an upward bump, according to a report released this week by the Northeast Florida Association of Realtors (NEFAR).
The number of closed homes sales in a six-county swath of North Florida fell by 14.5% last month, bringing down the total number of house sales to 1,384. While the total number of home sales dropped, the value of those houses jumped to a median price of $390,280, just off the record high median price of $395,000 set in July.
The median price jump is largely due to a corresponding drop in the number of home sale listings in November, NEFAR officials said. There were only 2,418 listings of homes up for sale in Northeast Florida in November, a drop of 5.8% from October, meaning the available inventory is tightening.
“Not only were buyers pausing, so were sellers,” said NEFAR President Diana Galavis. “New listings slid down slightly from the previous month.”
She added the 2023 November figures compared to the same time in 2022 remain encouraging, though.
“But if you compare year over year there are more new listings on the market in November 2023 than at the same time last year. The monthly supply of inventory for November was up to four months, and this is a significant increase from 3.2 months in October,” Galavis said.
“A stable market is six months’ worth of inventory. More available inventory on the market is good for buyers as they search for a home in North Florida.”
While those upbeat figures sound good for those buying homes, Galavis said the power position in the market is going to remain in the seller’s corner and buyers will find it challenging to get the exact house they want. She said the Northeast Florida housing scene will remain a seller’s market for the foreseeable future.
Galavis said the fact remains that the housing boom in Northeast Florida is going to remain hot while more and more people are flooding into the region, despite mortgage rates remaining high for the moment.
“Even with higher interest rates and a significant dip in closed sales, the median sales price increased by 4%. Buyers are finding that North Florida is a place where they want to work, play, and call home,” Galavis said.
NEFAR officials also broke down some figures for individual Northeast Florida counties which include:
— Johns County claimed the highest Northeast Florida median home sale price at $510,000, a 5.6% hike from the October figure.
— Nassau County wasn’t that far off from St. Johns County’s price range as Nassau registered a median home price of $458,475, a whopping 13.9% jump over the October median price, the biggest percentage increase in Northeast Florida.
— Duval County saw a 5.1% median housing price jump to $334,075 in November compared to October.
— Clay County experienced a dip in the median house price, dropping by 0.7% from October to $355,243.
— Baker County saw a median home price tag of $294,990 in November.
— Putnam County came in with the lowest median home price at $230,000, a 1.7% drop in median price from October.
