The Northeast Florida Association of Realtors released April housing statistics where low inventory continues to dominate the statistics, with the stats pointing to a market that heavily favors sellers. The Northeast Florida housing market has not been a balanced market since at least September 2014, according to Melanie Green, NEFAR communications director.
Real estate professionals consider a balanced market to be when there are enough homes on the market to supply between five and six months of the average number of pending sales for the previous 12 months. This has caused both average and median sales price to post healthy year-over-year increases.
The average sales price for homes in Northeast Florida increased 7.7 percent from $225,308 in April 2016 to $242,692 in April 2017, with the median sales price increasing by 8.3 percent from $181,000 in April 2016 to $195,990 in April 2017.