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.