Northeast Florida single-family monthly home sales fall 26.7% in November

The drop, along with a 2% decline in prices, is considered a sign of “a more stabilized market.”

  • By Dan Macdonald
  • | 12:20 a.m. December 13, 2022
  • | 5 Free Articles Remaining!
  • Real Estate
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Considered a traditional seasonal slowdown, a dampening of volatility and a storm reaction, the number of single-family housing sales that closed in November fell 26.7% from October and 43.9% from the previous year in Northeast Florida.

The Northeast Florida Association of Realtors said there were 1,367 closings in November in Baker, Clay, Duval, Nassau, Putnam and St. Johns counties. 

That compares with 1,866 closings in October 2022 and 2,435 in November 2021. 

NEFAR President Mark Rosener said in a news release that hurricanes Ian and Nicole interrupted the writing of contracts that normally would have closed in November.

Prices for single-family homes fell too, by 2% in November to a median $376,385. 

The median price — meaning half sold for more and half for less — is still 8.2% higher than a year ago.

“November’s month-end statistics for the Northeast Florida real estate market provide more evidence of a normalizing market,” Rosener said.

“Real estate is not only local but it is seasonal. The spring and summer months tend to be more active, while November and December are more subdued with folks focused on the holidays. Things begin to pick up in January and February.”

The falling prices also indicate the traditional seasonal slowdown in the housing market is underway, NEFAR said in the release.

The slowdown comes as inventory is building and prices are dropping, Rosener said.

Inventory rose to 5,503, up 1.5% over October’s 5,423. There are 130.5% more homes on the market now than in November 2021.

The market started the year with 1,914 houses available for sale. 

The number of days a home was on the market increased by 18.4% to 45 days. By contrast, during the sales frenzy in January, a house was on the market for 21 days.

The Federal Reserve also has been increasing interest rates to cool inflation. The average 30-year fixed rate on a mortgage now averages 6.33%. A year ago, it was 3.11%.

The Housing Affordability Index rose a point to 68. 

The index measures whether a typical family earns enough to qualify for a mortgage on a typical home based on interest rate, mortgage rates, median income and median home prices. 

The closer the index is to 100 or higher the better, according to NEFAR.

When condos and town home sales are added to the single-family numbers, the median price for the three home types combined was $348,783, down 3.1% from October. The median price was up 6.7% from a year ago.

The median days on market for all three categories was 46 days.

Rosener sees the results as evidence of a less volatile market.

“The median price activity reinforces the premise of a more stabilized market in Northeast Florida for now and also going into 2023.”

Around the region

Duval County: The median price of a single-family home in November fell 2.1% to $325,000. The report said the median number of days on the market increased to 40, and inventory rose 5.7% to 2,738 homes. The Housing Affordability Index was 79, an increase of 2.6%.

Clay: The median price increased about half of a percentage point to $359,363. The median number of days on the market rose to 61 from 38 in October, and the supply increased to 4.6 months from 3.2 months.  The affordability index was 71, a 1.4% drop.

St. Johns: The most expensive in the six-county market, the median price dipped 4.3% to $529,990. There were 298 pending sales in November, compared with 355 in October. The affordability index rose to 48 from 46.

Putnam: The median price fell 2 percent to $235,000. Active inventory dropped to 173 from 183. The affordability index rose from 107 to 109.

Nassau: The median price rose 2.5% to $417, 513. Inventory increased from 381 to 390 with a 4.4-month supply. The affordability index fell from 63 to 61.5.

Baker: The median price increase rose 32.7% to $364,900. There were 106 homes on the market in November compared with 84 in October. The affordability index dropped to 70 from 93.




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