In November, with more than 5,200 properties on the market (44.7 percent less than the same period in 2019), the Northeast Florida residential real estate inventory dropped to its lowest point in 2020.
Per a Northeast Florida Association of Realtors news release, the existing inventory means there is a supply of just over a month. A balanced market is considered to be one where there is a five to six-month inventory supply.
In Northeast Florida, which is 13 percent higher than November 2019, November saw 2,680 homes sold, the release said. Only 2,657 new listings, which did not exceed the number of homes sold, were added to the market.
The median sales price was $262,000, a drop when compared to the $263,000 in October, but just 12 percent higher than the median sales when compared to November 2019.
Most homes sold for an average of about $317,602, which was a little over 17 percent higher than November of last year. That is a tad less than the average October sale price of $328,450.
In November, close to 20 percent of the properties sold were higher than the price they were listed for. The average home was sold within a 54 day period, more than 15 percent faster than the same time when compared to 2019.
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