Realtors say the market “desperately needs” more homes for sale.
The Northeast Florida residential real estate inventory hit its lowest point this year in November, with 5,211 properties on the market, 44.7% fewer than the same period in 2019.
The inventory equates to about a 1.7-month supply, according to a Northeast Florida Association of Realtors news release.
A balanced market is considered to be between five and six months’ supply.
“Northeast Florida’s housing market desperately needs a significant influx of homes for sale,” NEFAR President Ron Harris said in a news release. “The depleted supply is not even close to being able to support the demand.”
November saw 2,680 homes sold in Northeast Florida, which is 13% higher than November 2019, the release said. Only 2,657 new listings were added to the market, which did not exceed the number of homes sold.
The median sales price was $262,000, down from $263,000 in October 2020 but 12.9% higher than November 2019 median sales price.
The average sales price for the month was $317,602, which was 17.2% higher than November 2019. That’s slightly less than October 2020’s average sale price of $328,450.
Around 19% of properties sold in November for higher than the asking price. Homes sold in 54 days on average, 17% faster than the same time last year.