Home sales set a record in 2019 in Northeast Florida.
The Northeast Florida Association of Realtors reported that 31,881 homes were sold, up 5.4% from the 30,258 homes sold in 2018.
“Despite low inventory being a constant, significant factor in the housing market the past several years, buyer demand has not waned, resulting in a record-breaking 31,881 home sales in Northeast Florida in 2019,” said Ron Harris, 2020 NEFAR president.
NEFAR sees continued optimism in the residential real estate market, strengthened by a healthy economy, record low unemployment, wage growth and low mortgage interest rates.
NEFAR housing data is from the Northeast Florida Multiple Listing Service and covers Baker, Clay, Duval, Nassau, Putnam and St. Johns counties. Not all Realtors in the counties are participants in the NEFMLS.
Housing by the numbers
The average sale price was up 4% from $266,055 in 2018.
The median home sale price rose 5.4% from $222,000 in 2018 and 37.6% from $170,000 in 2015.
• Single-family prices rose 3.4% while condominium and townhome prices rose 5.3%.
• The supply of existing homes dropped to 2.6 months from 3.5 months in 2018. NEFAR said the housing inventory is considered balanced with a five- to six-month supply, or the time it would take the home inventory to sell.
The percentage increase in new listings over 2018, with the largest gain in the Green Cove Springs region, up 34%.
The Northeast Florida Builders Association said the number of new residential building permits issued in Clay, Duval, Nassau and St. Johns counties rose 4.3% to 10,345 permits in 2019 from 9,918 in 2018.
• Permits were up 228% from the recession low of 3,151 in 2011.
The percentage of home sales that were new construction, up from 15.7% from 2018.
• The supply of newly constructed homes ended the year at 3.7 months, down from 4.4 months in 2018.
