NEFAR reports that Northeast Florida is down to a two-month supply of available houses.
Calling it a seller’s market, the Northeast Florida Association of Realtors reported the supply of homes for sale in September fell 44.4% from the year before.
The reduction in supply continues as the residential real estate market continues to surge, leaving a two-month supply in September. In September 2019, it was 3.6 months.
The report also shows an inventory of 5,869 homes listed for sale compared with 9,665 a year ago, down 39%.
Inventory is the number of homes for sale at the end of the month. The months’ supply is calculated by dividing the number of homes for sale at the end of the month by the average monthly pending sales for the past 12 months.
NEFAR reported a 2.5-month home supply in July and 2.3-month supply in August.
“With five- to six-months of inventory being considered a market that is balanced between buyers and sellers, and September closing with only two months of inventory, it is readily apparent that this is still very much a seller’s market in Northeast Florida,” NEFAR President Ron Harris said in a news release.
Most of the listed homes, 4,747, or 81%, are preowned and 1,122, or 19%, are new construction.
NEFAR’s data covers Baker, Clay, Duval, Putnam and parts of Nassau and St. Johns counties.
It compiles its data from member Realtors who report their information as participants of the Northeast Florida Multiple Listing Service, realMLS.
NEFAR said the price ranges of the September inventory were:
• Below $200,000: 1,459 homes
• $200,000 to $299,999 1,556 homes
• $300,000 to $499,999: 1,617 homes
• $500,000 to $999,999: 897 homes
• $1 million and above: 340 homes
The report found that fewer homes are being listed. In September, 3,215 homes were listed, down 6.5% from 3,441 in August and down 8.7% from 3,523 in July.
NEFAR reported 3,102 home sales closed in September, the fourth consecutive month of more than 3,000 homes sold.
From January-September, NEFAR said 25,240 homes were sold, up 2.7% from 24,581 sales the first nine months of 2019.