Real Estate in Northeast Florida and Around the World

The Northeast Florida Association of REALTORS® report recently released reflecting September data continues to show encouraging, yet slow, improvement in the housing market.  Closed sales increased .09% over the same period last year, the median (or middle, not average) sales price decreased only 4.6% from the same time last year - compared to a 5.6% decrease posted this past July.  The inventory level change continues to be most reflective of a housing market trying to recover.  The inventory has dropped 32.4% in Northeast Florida from this same time last year - and the months' supply of inventory is down to 7.7 months.  Remembering that a 6 month supply is considered to be a "normal" supply, we are seeing the levels decrease ever so slightly every month now.  Even in July, we saw the supply at 8.2%, so month over month, this trend is continuing.

Distressed sales are also showing signs of reducing.  Still, 46.7% of the sales that closed in September were distressed sales.  However, the number of lender-mediated sales decreased 14.2% from the same time last year, and this is encouraging. 

You can see more details on your neighborhood of interest in the report published by NEFAR, which I have made available through my website at this link:

http://www.missihowell.com/NEFLMktData